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(IT-NEWSWIRE.COM, April 15, 2020 ) Market Overview
• The Global Regenerative Medicine Market is expected to grow at a CAGR of 26.70% during the forecasting period (2019-2026).
• Tissue and organ loss through disease and injury motivate the development of therapies that can regenerate tissues and also decrease reliance on transplantations. Regenerative medicine is an interdisciplinary field that applies engineering and life science principles to encourage regeneration. It can restore diseased and injured tissues and whole organs.
• The tools used to realize these outcomes are tissue engineering, cellular therapies, and medical devices. Combinations of these approaches can promote the natural healing process in the places most needed.
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Market Dynamics
• The primary drivers for the growth of the regenerative medicine market can be attributed to the rising prevalence of chronic diseases and genetic disorders. Other factors are the increase in global healthcare expenditure, rapid growth in the aging population, an increase in the government & private funding to support the development of regenerative medicine.
• Technological advances in regenerative medicine in tissue engineering, nanotechnology and the increasing adoption of stem cell technology and emerging applications of gene therapy in regenerative medicine are some of the driving factors for the global regenerative medicine market.
• Gene therapy is expected to witness a substantial growth owing to the number of products in clinical trials and the subsequent launch of the products.
• However, the ethical concerns with the use of embryonic stem cell for R&D and the lack of clear regulatory guidelines may hinder the growth of the regenerative medicine market. Less awareness about regenerative medicine among people and the high cost of treatments and are further limiting the market.
Segmentation Analysis
• By therapy type, the regenerative medicine market is segmented into cell therapy, gene therapy, tissue engineering, stem cell, and others. Stem cells are a crucial component of regenerative medicine and hold significant shares in the therapy type segment.
• They can develop into many different types of cells, such as brain cells, skin cells, lung cells, etc. Stem cells open the door to new clinical applications. Regenerative medicine teams study various types of progenitor cells, such as those found in umbilical cord blood, and bioengineered cells called induced pluripotent stem cells. Each case has unique qualities, with some being more versatile than others.
• By product, the regenerative medicine market segments include autologous cell-based products, allogeneic cell-based products, and acellular products.
• Autologous cell-based products hold substantial shares of the product segment as they are used in autologous cell therapy (ACT). The ACT is a novel therapeutic intervention that uses an individual’s cells, which are cultured and expanded outside the body, and reintroduced into the donor. Autologous cell-based products have successfully been used to bioengineer skin substitutes and aid wound healing.
• Its advantages such as the minimization of risks from systemic immunological reactions, bio-incompatibility, and disease transmission associated with grafts further help expand its market share in regenerative medicine.
• By application, the regenerative medicine market segments include cardiovascular, oncology, musculoskeletal, dermatology, neurology, and others. The dermatology segment holds the most significant share and is expected to witness rapid growth owing to the presence of easy grafting techniques for dermatological diseases and wound. For instance, according to Intermountain Healthcare, 2017, 6.5 million people in the US suffer from chronic wounds.
Geographical Share
• North America dominates the regenerative medicine market by region-wise. It is a crucial contributor, and it can be attributed to the rapid technological advancements and is a developed region.
• Moreover, its broad base of the patient population and the presence of significant medical companies along with the extensive research activities are undertaken by a majority of prominent local players contribute to the growth of North America’s share in the regenerative medicine market. Other factors that propel this market are the availability of high investment and funding to support the development of regenerative medicine.
• The Asia Pacific is expected to witness significant growth in the regenerative medicine market, owing it to the increasing accessibility to healthcare facilities in the region, surging economic, favorable government norms, and the initiatives taken by different countries in the area in various medical fields connected to the regenerative medicine market. For instance, Singapore has been dubbed “Asia’s stem cell center,” with over 40 stem cell research groups in the country.
Competitive Analysis
• Several companies have adopted merger and acquisitions policies and collaborations to help them to stand out as strong competitors in the market and also expand its sales in the global regenerative medicine market.
• The increase in corporate partnerships to accelerate the development and commercialization of regenerative medicine are other strategies used by key market players to expand their presence in the regenerative medicine market. Some major key market player are Bio-Rad Laboratories, Medtronic, Zimmer Biomet Holdings, Japan Tissue Engineering, and Osiris Therapeutics.
• January 2019, Medovex Corporation closed the acquisition of substantially all of the assets of Regenerative Medicine Solutions (RMS). RMS is a Florida-based pulmonary biomedical service and a leader in regenerative medicine specializing in cellular therapies to treat chronic obstructive pulmonary disease (COPD) and other chronic lung diseases.
• January 2018, RepliCel Life Sciences Inc. formed a partnership with the private firm, China-based Yofoto Health Industry Co. Ltd for regenerative medicine. This partnership builds on RepliCel’s existing alliance in Japan with Shiseido. Yofoto intends to expand into more scientifically sophisticated markets, including gene-based blood testing and regenerative medicine, and in establishing its network of wellness clinics in partnered geographies.
• In 2016, the Canadian not-for-profit organization Centre for Commercialization of Regenerative Medicine (CCRM) had partnered with GE Healthcare to industrialize regenerative medicine technologies and cell and gene therapies. CCRM focuses on developing and commercializing regenerative medicine technologies and cell and gene therapies.
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