DUBLIN–(BUSINESS WIRE)–The “Regenerative Medicine Market Research Report: By Type (Cell Therapy, Gene Therapy, Tissue Engineered Products), Application (Musculoskeletal, Wound Care, Oncology, Dental, Ocular) – Global Industry Analysis and Demand Forecast to 2030” report has been added to ResearchAndMarkets.com’s offering.
Over 17.9 million people die of cardiovascular diseases (CVDs) and 9.6 million of cancer each year, says the World Health Organization (WHO). With the mortality rate increasing every year, the global regenerative medicine market revenue is likely to grow to $39,012.0 million by 2030 from $8,186.9 million in 2019, at a 16.3% CAGR between 2020 and 2030.
This is because regenerative medicine is focused on repairing and recreating the tissues and cells destroyed by such diseases. In this regard, the regenerative medicine market is being driven by the rising geriatric population, as the elderly are more prone to chronic diseases than younger people. From 703 million in 2019, the number of people aged 65 and above around the world is set to reach 1.5 billion in 2050, as per the United Nations (UN).
The COVID-19 pandemic initially hurt the regenerative medicine market growth prospects, as most of the non-essential hospital departments were shut down and much of the staff was redirected to COVID care. However, the race to find a novel treatment for the infection has led to a massive increase in the demand for regenerative medicine, especially cell-based therapies, across the globe.
In the past, the regenerative medicine market was dominated by the cell therapy category, based on type. Due to the havoc being wreaked by the COVID-19 pandemic, the number of clinical trials involving cell therapies as a potential treatment has risen manifold in the past few months.
The musculoskeletal category, under the application segment of the regenerative medicine market, is predicted to witness the fastest growth in the coming years. With the rising geriatric population, the prevalence of orthopedic diseases is increasing. Since such diseases often result in the wastage of the muscle and bone, regenerative medicine is proving essential for patients to live a normal life, by helping restore the bone and muscle density.
In the years to come, the highest CAGR in the regenerative medicine market will be seen in the Asia-Pacific (APAC) region. Economic growth, surging private and public funding in medical research, rising incidence of chronic diseases, increasing population of the elderly, and growing medical tourism industry are driving the market in regional countries.
Market Dynamics
Trends
- Increasing number of collaborations and partnerships
- Evolution of the market with product launches
Drivers
- Technological advancements
- Increasing interest of government research institutes to establish regenerative medicine as a new medical discipline
- Rising prevalence of chronic diseases and genetic disorders
- Shifting demographics are creating higher burden of chronic diseases
- Involvement of various healthcare companies
- Increasing demand for organ transplantation
- Impact analysis of drivers on market forecast
Restraints
- Cost-ineffectiveness of regenerative medicine therapies
- Lack of attention from pricing and reimbursement authorities
- Limited access to stem cells
- Protection of intellectual property rights
- Safety and ethical issues surrounding stem cell-based therapy
- Impact analysis of restraints on market forecast
Opportunities
- Emerging economies are key opportunities area for market players
Companies Mentioned
- Smith & Nephew plc
- 3M Company
- Integra LifeSciences Holdings Corporation
- Wright Medical Group N.V.
- Stryker Corporation
- Zimmer Biomet Holdings Inc.
- Novartis AG
- Amgen Inc.
- Allergan plc
- Medtronic plc
- MiMedx Group Inc.
- Vericel Corporation
- Organogenesis Holdings Inc.
- Misonix Inc.
- Takeda Pharmaceutical Company Limited
For more information about this report visit https://www.researchandmarkets.com/r/sm1vyu
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