Regenerative medicines are those, which replace, repair, and regenerate organs and tissues affected due to the disease, injury, and natural ageing process. Regenerative medicines have wide range of applications and used in the neurodegenerative, cardiovascular, orthopaedic, and dermatological disorders. Regenerative medicines also include the possibility of growing organs and tissues in laboratory and implanted them when body cannot heal itself. The major biomedical approaches in regenerative medicines are stem cells which have ability of differentiation and proliferation of cells.
Increase in the prevalence of genetic disorders, rise in funding from public and private sectors for the R&D activities in regenerative medicines, increase in healthcare expenditure, and various products in the pipeline are expected to fuel the regenerative medicines market over the forecast period. Furthermore, technological advancements in stem cell therapy and nanotechnology, growing need of orthopaedic surgeries, and increase in awareness about regenerative medicines among key stakeholders might propel the market growth over the forecast period. However, stringent regulatory policies for regenerative medicines approval, high cost for the treatment, and ethical issues might hamper the regenerative medicines market over the forecast timeframe.
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Regenerative medicines market segmented on the basis of product type, technology, application, and end user
Based on the product type, regenerative medicines segmented into the following:
- Biologically derived materials
- Genetically engineered materials
- Synthetic materials
- Pharmaceuticals
- Others
Based on the technology, regenerative medicines market segmented into the following:
- Gene therapy
- Small molecules and biologicals
- Cell therapy
- Tissue engineering
Based on application, tissue regenerative medicines market segmented into the following:
- Dermatology
- Cardiovascular
- Orthopaedic
- Oncology
- Wound healing
- Neurology
- Ophthalmology
- Others
Based on the end user, regenerative medicines market segmented into the following:
- Hospitals
- Clinics
- Research laboratories
- Others
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Regenerative medicines market is growing at a significant CAGR owing to increase in the prevalence of chronic diseases such as cancer, cardiovascular, and neurological disorders. Increase in the number of organ transplantation and surgery procedures is expected to drive the market growth over the forecast period. Acquisitions, mergers, and collaborations between the companies, and introduction technologically advanced products might increase the competitor’s revenue share in the regenerative medicines market. For instance, in December 2016, Allergan has acquired Lifecell for expanding its product portfolio in hernia and breast reduction surgeries. Similarly, in June 2014, Aastrom Biosciences acquired the Sanofi’s cell therapy and regenerative business segment for strengthening its cell therapy portfolio. Moreover, in March 2016, Hitachi Chemical and Caladrius Biosciences PCT inked an agreement for the manufacturing of regenerative medicine cells.
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Geographically, regenerative medicines market is segmented into North America, Latin America, Europe, Middle East & Africa, and Asia Pacific. North America expected to hold a major share in global market owing to technological advancements in the newer products, presence of major key players, adoption of regenerative medicines and increase in funding from public and private sectors in the region. Europe regenerative medicines market is growing at significant rate over the forecast period owing to increase in the prevalence of cancer and other chronic diseases, rise in focus on the R&D activities, and technological developments in the region. However, Asia Pacific expected to exhibit lucrative growth owing to collaborations between the organizations for the regenerative medicines development, favourable regulatory guidelines for clinical adoption in Japan & China, and increase in the R&D investment expected to boost the regenerative market growth over the forecast timeframe.
Some of the players in regenerative medicines market are Osiris Therapeutics, Inc. (U.S.), Organogenesis Inc. (U.S.), NuVasive, Inc. (U.S.), Acelity (KCI Concepts) (U.S.), Stryker Corporation (U.S.), Integra LifeSciences (U.S.), Hitachi, Ltd. (Japan), Vericel Corporation (U.S.), C.R. Bard (U.S.), Allergan (Ireland), and Caladrius Biosciences (U.S.) to name a few.
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