The report segments the world regenerative medicine market based on product type, material, application, and geography. Based on product type, it is categorized intcell therapy, gene therapy, tissue engineering, and small molecules & biologics. Cell therapy dominated the market among all other products owing tits efficiency trestore the lost function of any tissue or organ. However, the small molecules & biologics segment is anticipated tgrow at a highest CAGR of 34.2% from 2016 t2022, due tits potential tstimulate dormant or endogenous cells tregain their regenerative properties.
Based on material, the market is classified intsynthetic materials, biologically derived materials, genetically engineered materials, and pharmaceuticals. The world regenerative medicine market is expected treach $30,237 million by 2022 at a CAGR of 33.1% during 2016-2022. These materials are further subcategorized intdifferent segments. The biologically derived materials accounted for about 4/7th of total market share in 2015, and is estimated tretain its position during the analysis period. The increasing demand for genetically engineered materials specially due ttheir unique properties such as promotion of increased proliferation, cellular interactions, and differentiation of cells that facilitates self-assembly intorganized structures, and controlling the manipulation of cellular behavior.
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On the basis of application, Regenerative medicine market is segmented as cardiovascular, oncology, dermatology, musculoskeletal, wound healing, ophthalmology, neurology, and others. The musculoskeletal application accounted for the largest share in 2015, whereas cardiovascular is expected tbe the fastest growing segment at a CAGR of 35.3% during the analysis period.
Geographically, the market is divided intNorth America, Europe, Asia-Pacific, and LAMEA regions. North America is projected tdominate the overall market owing tthe rising incidence of chronic disorders, growing demand for artificial organs due tthe rise in the cases of organ failure, and presence of highly sophisticated healthcare infrastructure. Asia-Pacific is projected temerge as the region with maximum growth potential, with a CAGR of 39.9% during the forecast period, due tthe presence of high unmet medical needs and persistently improving healthcare infrastructure. In addition, chief countries such as India, China, Australia and Japan contribute tthe market growth due thigh population base, rising demand for tissue-engineered and regenerative medicine products. These countries have varying demographic and cultural conditions, which highly influence their respective markets.
Key players operating in the regenerative medicine market include Stryker Corporation, Zimmer Biomet Holdings, Inc., Medtronic plc, Baxter International Inc., DePuy Synthes, Organogenesis Inc. (Advanced Biohealing), Integra Lifesciences Holdings Corporation, Acelity Holdings, Inc., Ocata Therapeutics Inc. (Astellas Pharma Inc.), and CryoLife Inc.
Regenerative medicines hold the ability treplace, repair, and regenerate tissues and organs that are affected due tsome disease, injury, or natural ageing process. These medicines are capable of restoring the functionality of tissues & cells applicable in a wide range of degenerative disorders such as neurodegenerative diseases, dermatology, cardiovascular and orthopedic applications. Researchers have been focusing on the development of advanced technologies based on genes, biologics, somatic cells and stem cells. Stem cells have the capability tproliferate and differentiate owing twhich they are of importance in this field. Currently, predominant treatments available for degenerative or life-threatening diseases dnot provide a treatment or are palliative; however, regenerative medicines have the ability treplace or regenerate the tissues and organs suffering from injury or disease. Moreover, the exploitation of nano-materials in drug delivery, wound care and immunomodulation are opportunistic for the regenerative medicine market.
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The growth of this market is attributed by the factors such as an emergence of stem cell technology, valuable potential of nanotechnology, rising prevalence of chronic diseases & trauma emergencies, innovation in monitoring devices and surgical technologies. Moreover, rising incidence of degenerative diseases specifically and shortage for organ transplants has boosted the market growth. Furthermore, the increasing focus on stem cells with new source, and getting core competency in the emerging economies are expected tsupplement the growth in future. The developing nations are adopting technological advanced treatment modalities at a rapid pace, which is expected tassist in the market expansion worldwide. However, operational inefficiency, stringent regulations, and the high cost of the treatment through regenerative medicine deters the market progression.