Growing Stem Cell, Biobanking Industry to Drive Regenerative Medicine Market
The global regenerative medicine market is expected to exhibit a CAGR of 25.4% over the forecast period from 2016 to 2022, according to a new report from Market Research Future (MRFR). The global regenerative medicine market is driven mainly by the growing demand for tissue regeneration procedures and growing research into the application of stem cells in creating tissue substitutes. The global regenerative medicine sector is likely to grow rapidly over the next few years due to the growing demand for tissue regeneration and the increasing technological sophistication of the sector, which has allowed market players to plumb the depths of medical knowledge and reach new horizons in a relatively short period of time.
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The growing efforts being taken in the stem cell field are likely to be a major driver for the global regenerative medicine market over the forecast period. Stem cells are pluripotent cells that can be developed into any type of human body cell, with some exceptions. This makes them highly valued in the regenerative medicine field, as they represent an entirely organic way to create tissue substitutes. The growing emphasis on stem cell research in a number of developed economies is likely to lead to strong progress of the regenerative medicine market over the next few years. The development of a robust biobanking network in developed regions of the world has also helped the regenerative medicine market, as it has never been easier to acquire untainted human tissues on demand.
The increasing development in material sciences is also likely to be a major driver for the global regenerative medicine market over the forecast period, as the development of organic as well as inorganic substitutes for the bones and the skin plays a crucial role in the development of the regenerative medicine market. The increasing development of stable, biocompatible tissue substitutes is likely to be a major driver for the global regenerative medicine market over the forecast period.
The rising prevalence of chronic diseases is also likely to be a major driver for the global regenerative medicine over the forecast period, as the loss of tissues in a progressive, chronic manner is a major driver for the demand from the regenerative medicine market.
Competitive Analysis:
Leading players in the global regenerative medicine market include Cook Biotech, Organogenesis, Baxter International Inc., Advanced Cell Technology, Sanofi, StemCellsInc., LifeCell Kinetic Concepts, Medtronic, BioMimetic Therapeutics, CryoLife, LifeSciences, Stryker and RTI Surgical, and Osiris Therapeutics.
In March 2019, Smith & Nephew acquired Osiris Therapeutics in a deal valued at USD 660 million. The deal is expected to further strengthen Smith & Nephew’s position in the global regenerative medicine market over the forecast period and beyond.
Segmentation:
The global regenerative medicine market has been segmented on the basis of material, therapy, application, and region.
On the basis of material, the global regenerative medicine market is segmented into synthetic materials, genetically engineered materials, pharmaceuticals, biologically derived materials, and others.
On the basis of therapy, the regenerative medicine market is segmented into stem cell biology, cellular therapy, tissue engineering, and others.
On the basis of application, the market is segmented into cord blood, oncology, urology, orthopedics, neurology, dermatology, cardiovascular, orthopedics, and others.
Regional Analysis:
The global regenerative medicine market is segmented into North America, Europe, Asia Pacific, and rest of the world on the basis of region. The global regenerative medicine market is set to be dominated by North America over the forecast period due to the growing support to advanced medical research aimed at coming up with new product formulations in the regenerative medicine market. North America accounted for more than 44% of the global regenerative medicine market in 2015 and is expected to exhibit a strong 22.3% CAGR over the forecast period. Europe is also expected to exhibit a strong growth over the forecast period at a 22.5% CAGR. Europe and North America are likely to dominate the global regenerative medicine market over the forecast period due to the widespread presence of major medical industry innovators in the region.
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