SAN FRANCISCO, Aug. 12, 2021 /PRNewswire/ --The global regenerative medicine market size is expected to reach USD 57.08 billion by 2027, growing at a CAGR of 11.27% over the forecast period, according to a new report by Grand View Research, Inc. Recent advancements in biological therapies have resulted in a gradual shift in preference toward personalized medicinal strategies over the conventional treatment approach. This has resulted in rising R&D activities in the regenerative medicine arena for the development of novel regenerative therapies.
Key Insights & Findings:
The number of companies engaged in the development of advanced therapies is continuously increasing over the past few years. This is anticipated to increase the competition among companies to create a specific and efficient pipeline
The therapeutics segment dominated the market in 2020 due to the high usage of primary cell-based therapies along with advances in stem cell and progenitor cell therapies. The implementation of these therapies in dermatological, musculoskeletal, and dental application results in the highest share of this segment
Stem cell and progenitor cell-based therapies are anticipated to witness rapid growth due to high investments in this research space and an increasing number of stem cell banks
With the rise in R&D and clinical trials of regenerative medicines, key players are offering several consulting services leading to lucrative growth of the services segment
The oncology segment is estimated to account for the largest revenue share by 2027 owing to the high prevalence of cancer indications, which drives the demand for better solutions. The presence of a strong pipeline of regenerative medicines for cancer treatment also supplements the segment growth
North America dominated the market in 2020 and is projected to continue its dominance over the forecast period. A significant number of universities and research organizations investigating various stem cell-based approaches for regenerative apposition in the U.S. propels the region's growth
Asia Pacific is projected to witness the fastest CAGR over the forecast period due to the emergence of key players and rapid adoption of cell-based approaches in the healthcare.
Furthermore, advancements in cell biology, genomics research, and gene-editing technology are anticipated to fuel the growth of the industry. Stem cell-based regenerative therapies are in clinical trials, which may help restore damaged specialized cells in many serious and fatal diseases, such as cancer, Alzheimer's, neurodegenerative diseases, and spinal cord injuries. For instance, various research institutes have adopted Human Embryonic Stem Cells (hESCs) to develop a treatment for Age-related Macular Degeneration (AMD).
Constant advancements in molecular medicines have led to the development of gene-based therapy, which utilizes targeted delivery of DNA as a medicine to fight against various disorders. Gene therapy developments are high in oncology due to the rising prevalence and genetically driven pathophysiology of cancer. The steady commercial success of gene therapies is expected to accelerate the growth of the global market over the forecast period.
Grand View Research has segmented the global regenerative medicine market on the basis of product, therapeutic category, and region:
Regenerative Medicine Product Outlook (Revenue, USD Million, 2018 - 2027)
Primary Cell-based Therapeutics
Stem Cell & Progenitor Cell-based Therapeutics
Regenerative Medicine Therapeutic Category Outlook (Revenue, USD Million, 2018 - 2027)
Immunology & Inflammation
Regenerative Medicine Regional Outlook (Revenue, USD Million, 2018 - 2027)
Middle East & Africa
List of Key Players of Regenerative Medicine Market
Tissue Engineering Market– The global tissue engineering market size was computed at USD 9.9 billion in 2019 and is expected to witness a CAGR of 14.2% from 2020 to 2027. Rise in demand for regenerative medicine and tissue engineering procedures to treat damaged tissues further supplements this growth.
Human Embryonic Stem Cells Market– The global Human Embryonic Stem Cells market size was valued at USD 494.7 million in 2015. Rising demand owing to the increasing incidence of genetic disorders is anticipated to boost growth.
Nanomedicine Market– The global nanomedicine market size was estimated at USD 138.8 billion in 2016. Technological advancements coupled with relevant applications in early disease diagnosis, preventive intervention, and prophylaxis of chronic as well as acute disorders are expected to bolster growth in this market.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.