Regenerative Medicine Market Size to Surpass US$ 33.57 Bn by 2029

According to Report, the regenerative medicine market size is predicted to surpass around USD 33.57 billion by 2029 and growing at a CAGR of 16.2% from 2021 to 2030.

The rising prevalence of genetic disorders and chronic diseases, increasing pipeline of regenerative medicines, and surging investments in the research are the major factors that drives the growth of the global regenerative medicine market. The surging prevalence of various chronic diseases such as cancer, diabetes, CVDs, ulcers, and cystic fibrosis is expected to spur the demand for the regenerative medicines across the globe.

According to the International Diabetes Federation, around 537 million adults are living with diabetes and this number is projected to reach 783 million by 2045.As per the GLOBOCAN, around 19.3 million new cancer cases and 10 million cancer deaths were reported across the globe, in 2020. According to the WHO, cardiovascular diseases is the leading cause of death across the globe. The growing prevalence of various chronic diseases coupled with the rising healthcare expenditure is expected to drive the growth of the global regenerative medicine market during the forecast period.

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Report Coverage of Regenerative Medicine Market

Report Highlights:

• Based on the product, the tissue engineering segment dominated the global regenerative medicine market in 2019. The tissue engineering can replace the defective structure with a living structure and the potential of the tissue engineering to develop treatments for certain untreatable medical conditions has resulted in the dominance of this segment in the past few years.

• Based on the application, the musculoskeletal was the dominating segment in 2019. The cellular therapy in the regenerative medicine has the ability to treat various diseases and disorders including musculoskeletal disorders. The extensive adoption of the regenerative medicines for the treatment of musculoskeletal disorders has fostered the growth of this segment. Furthermore, the ongoing investments in the research and development on the potential applications of the regenerative medicines is expected to offer lucrative growth opportunities to the market players in the forthcoming future.

• North America dominated the global regenerative medicine market in 2019. This is attributed to the huge demand for the regenerative medicines in the region. The higher prevalence of various chronic diseases and access to the better healthcare facilities has fostered the market growth in North America. It is estimated that more than half of the US population is suffering from one or more chronic conditions. Furthermore, the increased healthcare expenditure and the favorable reimbursement policies of the government has positively supported the growth of the North America regenerative medicine market.

• Asia Pacific is expected to be the fastest-growing market during the forecast period. The rising healthcare expenditure and the new product launches by the top manufacturers is expected to boost the market growth. The regulatory frameworks of the government is also supporting the market growth. For instance, in Japan, Ministry of Health, Labor and Welfare has given approval to the Regenerative Medicine law in April 2013.

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Future of the Regenerative Medicine Market

The governments across the various countries are focusing on the amendment of old regulations and formulation of new regulations pertaining to the medical and healthcare sector. These regulations are expected to play a crucial role in the growth of the regenerative medicine market in the foreseeable future. For instance, the implementation of the 21st Century Cures Act in 2016 in US, favors the research works in the advancements in the regenerative medicine and affects the product innovations and approvals. These favorable government frameworks pertaining to the regenerative medicines will augment the growth of the global regenerative medicine market.

COVID-19 Impact Analysis:

• The sudden outbreak of the COVID-19 pandemic in 2020 created a lucrative growth opportunity for the market players owing to the surging need for the development of new and innovative therapies against the COVID-19 disease.
• The increased investments in the regenerative medicine industry for the research and development of medicines for the treatment of COVID-19 diseases had a positive effect on the global regenerative medicine market in 2020.

Key Developments in the Marketplace:

• In July 2021, Pharming Group N.V. and Orchard Therapeutics entered into a collaboration for developing and commercializing a HSC gene therapy named OTL-105 for the treatment of Hereditary Angioedema.
• In November 2019, Stryker Corporation completed the acquisition of Wright Medical that helped Stryker Corporation to strengthen its product portfolio.
• In February 2020, Integra Lifesciences introduced its allograft membrane calledAmnioExcelPlus Placental.
• In March 2019, Smith & Nephew completed the acquisition of Osiris Therapeutics to expand its portfolio in the market.

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