The market for Regenerative Medicine Market is expected to reach USD$ 782 million in 2023.
Regenerative medicine is an interdisciplinary field that makes use of both engineering and life science knowledge to regenerate and restore diseased and injured tissues and whole organs. This would aid in overcoming the hurdles caused during the transplantation of intact organs and tissues to treat organ and tissue failure and loss caused by limited donor supply and often severe immune complications. Regenerative medicine is an evolving field able to recreate or harness the body's innate healing capacity as well as normalize congenital defects.
Regenerative medicine represents a new paradigm shift in the healthcare sector with the potential to address unmet needs by focusing on the underlying causes of disease. The surge in the prevalence of degenerative diseases is one key driver of growth. For most economical diseases that are chronic and disproportionately affect the elderly, such as diabetes, neurodegenerative disorders, stroke, cardiovascular disease, etc., regenerative medicine would help to alter the course of treatment and lower the healthcare cost.
The development of stem cell therapies, which are being applied in various medical conditions to restore body function and improve the quality of patients' lives, is a driving force for the regenerative medicine market. Looking at this transformative future in the field of medicine, many research centers, disease foundations, and pharmaceutical and biotechnology companies have made investments in regenerative medicine.
In terms of economic benefits, regenerative medicine has the edge over the existing treatments because it is curative in nature rather than palliative or aims at delaying the progression of the disease rather than addressing the underlying cause. Though challenges exist in terms of stringent legislation and delays in regulatory affairs, which need to be addressed for the smooth entry of regenerative products into the market,
According to a report by Tufts University School of Medicine, the regenerative medicine sector in Europe, Japan, and the U.S. include more than 640 privately held and publicly traded companies. In the US, a number of mergers and acquisitions by leading vendors have recently taken place, thus attracting public as well as private funding in the regenerative medicine field. For instance, in November 2012, Smith & Nephew acquired Healthpoint Biotherapeutics for US$782 million. These acquisitions have resulted in a better vendor product portfolio and have had a positive impact on the growth of the market.
Japan and the Asia-Pacific region will be the fastest-growing markets for regenerative medicine therapies through 2020. The major driver in Japan is new legislation and the relaxation of regulation, which would help with the safer and faster provision of innovative products. The key drivers for the Asia Pacific market include increased awareness, advancement in nanotechnology, technological innovations in stem cell therapy and tissue engineering, the growing prevalence of bone and joint diseases, and the need for orthopedic surgeries.
Type of Technology
Type of Material
Type of Application
Geography
Baxter International Inc., Johnson & Johnson Ltd., Kinetic Concepts Inc., Medtronic Inc., Stryker Corp., Zimmer Biomet, Acelity, MiMedx Group, UniQure, DePuy Synthes, and Arthrex, Inc. Smith & Nephew plc, Japan Tissue Engineering Co., Ltd., Celgene Corporation, StemCells, Inc., and Vericel Corporation
The market for Regenerative Medicine Market is expected to reach USD$ 782 million in 2023.
The Regenerative Medicine Market is expected to see significant CAGR growth over the coming years, at XX% .
The report is forecasted from 2016 -2023.
The base year of this report is 2015.
Baxter International Inc., Johnson & Johnson Ltd., Kinetic Concepts Inc., Medtronic Inc., Stryker Corp., Zimmer Biomet, Acelity, MiMedx Group, UniQure, DePuy Synthes, and Arthrex, Inc. are some of the major players in the global market.