Musculoskeletal and wound healing application together accounted for over 60% share of the total market in 2015. Cell therapies are mostly utilized for the treatment of musculoskeletal diseases such as a bone tissue replacement, cartilage, and tendon and ligament repair & replacement. In addition, osteoporosis is one of the most prevalent disease that requires tissue engineering, and more than 75 million people suffer from osteoporosis in Europe, U.S., and Japan; thus increasing the demand for regenerative medicine.
Global Regenerative Medicine Market to reach $30,237 Million, by 2022, projects that the market would reach $30,237 million by 2022, according to new research published by Allied Market Research. Cell therapy segment is expected to dominate the market throughout the forecast period. North America led the global market in 2015, and is expected to remain dominant during the 2015-2022.
Major factors boosting the market growth include technological advancements in tissue & organ regeneration, increase in prevalence of chronic diseases & trauma emergencies, prominent potential of nanotechnology, and emergence of stem cell technology. In addition, increase in incidence of degenerative diseases and limited availability of organs for transplants are expected to boost the market growth. The ability of regenerative medicine to replace, repair, and regenerate damaged tissues & organs stimulated the market growth.
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The major factors boosting the market growth include technological advancements in tissue and organ regeneration, increasing prevalence of chronic diseases and trauma emergencies, prominent potential of nanotechnology, and emergence of stem cell technology. In addition, increasing incidence of degenerative diseases and shortage of organs for transplantation are expected to boost the growth of the market. The prominent potential of regenerative medicine to replace, repair, and regenerate damaged tissues and organs has boosted the market growth. Moreover, utilization of nanomaterials in wound care, drug delivery, and immunomodulation has opened growth avenues for the regenerative medicines market. However, stringent regulatory barriers and high cost of the treatment are likely to hinder the market growth.
Top investment pockets
North America is the most attractive region in the global regenerative medicines market and is expected to be the first preference for new entrants due to the increasing end-use applications in the region. The North American regenerative medicines market is in its growing phase and is expected to exhibit high potential in future, as most of the therapies are in the 3rd phase of clinical trials. This shows the intervention of companies for commercialization of regenerative medicine products. Favorable regulatory and reimbursement policies for tissue engineering shows interest of government authorities fulfilling the growing need of regenerative products.
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However, stringent regulatory policies pertaining to stem cell technologies have posed major challenges for the adoption of embryonic stem cells, owing to ethical issues and controversies regarding its source; thereby, restricting the market growth. Consumer awareness regarding the benefits of regenerative medicine has increased in the recent years, which has influenced the demand. The North American regenerative market is expected to grow at a CAGR of 32.5% from 2016 to 2022. Europe is the second most attractive market for new entrants in the regenerative medicine market, which is expected to grow at a CAGR of 31.2%. Asia-Pacific region is growing at a CAGR of 39.9%.
Key players in the regenerative medicine market are highly focused on expanding their business operations in the emerging countries with new product launches as a preferred strategy. Leading players profiled in the report 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.