Exploring the disruptive potential of 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 Publisher. 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 utilization of nano-materials in wound care, drug delivery, and immunomodulation would create new growth opportunities for the market. However, stringent regulations, operational inefficiency, lack of awareness about tissue engineering & regenerative medicine-based products and high cost restricts its growth. An analyst at Publisher states, Advancements in stem cell technology and growing demand of regenerative medicine in the emerging economies would fuel the market growth. In addition, the developed nations are adopting technological advancements in tissue engineering and regenerative medicine field at a rapid pace, which is expected to aid market expansion worldwide.
The cell therapy segment accounted for over three-fifths of the overall regenerative medicine market in 2015. This was due to the wide adoption of cell therapy for the treatment of several diseases such as musculoskeletal, cardiovascular, oncology, wound healing, and others. Small molecules & biologics has emerged as the fastest growing segment and is projected to register a CAGR of 34.2% during the forecast period. This is due to biologics, which is a classic active substance, delivering a better overall economic return. These molecules have revolutionized the treatment of specific diseases such as cancer, musculoskeletal diseases, rheumatoid arthritis, and non-healing wounds.
Biologically derived materials, such as collagen and xenogeneic, are majorly applicable in the construction of protein membranes in connective tissues, surgical procedures for valvular diseases, liver tissue engineering, construction of biopolymer scaffolds for tissue engineering, and others. The growing demand for these biologically derived materials further boosts the market growth. The biologically derived material segment accounted for the major share in 2015, whereas, the synthetic material is expected to grow at a significant CAGR of 35.5% during the forecast period.
Geographically, North America accounted for the majority of the market share in 2015, and is expected to maintain its lead throughout. This is attributed to the presence of higher capital investment, high disposable income of patients (increasing the buying potential), rise in clinical studies, and favorable government policies for the commercialization of tissue engineering and regenerative medicine products. However, Asia-Pacific is projected to be the fastest growing region, owing to the improving healthcare infrastructure and healthcare expenditures in the emerging markets (such as India and China) to overcome the unmet medical needs. In addition, tissue engineering and regenerative medicine market is growing substantially due to the increasing incidence of accidental trauma injuries in this region. Increasing incidences of injuries and the ageing population also contributes to the market growth.