The global Regenerative Medicine Market is poised for substantial growth over the next five years, according to a new report titled "Regenerative Medicine Market by Product (Stem Cell [Autologous, Allogenic], Immunotherapy, Gene Therapy, Tissue Engineering), Application (Musculoskeletal, Cancer, Dermatology, Wound Care, Cardiovascular Diseases, Eye Disorders) - Global Forecast to 2028." The market, valued at USD 16.0 billion in 2023, is projected to reach USD 49.0 billion by 2028, expanding at an impressive CAGR of 25.1% during the forecast period.
The report highlights the growing demand for regenerative therapies, which harness the body’s own mechanisms to heal or replace damaged tissues and organs. Key drivers of this growth include the increasing prevalence of chronic diseases, advancements in stem cell research, and breakthroughs in gene therapy.
Download an Illustrative overview
Key Market Segments:
By Product:
· Stem Cells (Autologous, Allogenic)
· Immunotherapy
· Gene Therapy
· Tissue Engineering
By Application:
· Musculoskeletal Disorders
· Cancer Treatment
· Dermatological Applications
· Wound Care
· Cardiovascular Diseases
· Eye Disorders
Industry Growth Factors:
Rising Prevalence of Chronic Diseases: The global burden of diseases like cancer, cardiovascular conditions, and musculoskeletal disorders is pushing the need for innovative therapeutic solutions.
Advancements in Technology: Breakthroughs in stem cell research, gene therapy, and tissue engineering are accelerating the pace of product development.
Increasing Government and Private Funding: Support for regenerative medicine is growing worldwide, with increasing investment in clinical trials and research.
Global Regenerative medicine market Dynamics
Driver: Focus on Personalized Medicine
The global market is expected to benefit from the focus on personalized medicines. Precision medicine is an approach to medical treatment that tailors therapeutics, and interventions for individual patients or a subpopulation based on their unique genetic, environmental, and lifestyle characteristics. In 2022, the FDA approved 12 personalized medications, representing approximately 34% of all newly approved therapeutic molecular entities. Personalized treatments account for at least a quarter of new drug approvals since 2015. Moreover, five new gene or cell-based therapies were approved in 2022. These include treatment of rare genetic disorders with few other treatment options – beta thalassemia, hemophilia B, and cerebral adrenoleukodystrophy, refractory multiple myeloma, and certain types of non-muscle invasive bladder cancer.
Restraint: Ethical and Legal concerns and high cost of regenerative medicines
Several ethical issues are associated with the use of stem cells, as these cells are derived by destroying the human embryo. The human embryo is viewed as a potential life, and destroying it is considered unethical even if it can save a human life. Such concerns related to embryonic stem cells for developing stem cell therapy are factors restraining market growth globally. Furthermore, the adoption of stem cells in Middle Eastern countries raises ethical considerations rooted in cultural, religious, and social perspectives. Religious beliefs, particularly in Islam, may influence opinions on the use of embryonic stem cells, posing a challenge as it involves the destruction of embryos. Additionally, due to budget constraints, various research institutes and small-scale companies find it difficult to afford expensive products. In emerging economies, underdeveloped infrastructure facilities and low healthcare expenditure restrict the use of advanced equipment.
Opportunity: Harnessing the Potential of 3D Printing
Technological advancements play a pivotal role in propelling the growth of the tissue engineering market, fostering innovation and expanding the scope of applications within the field. The continual evolution of materials science, bioengineering techniques, and imaging technologies has enabled researchers and engineers to develop sophisticated tissue-engineered products with enhanced functionalities. 3D bioprinting is used for the development of biostructure for orthopedic tissues, bones, and associated organs. In 3D bioprinting, a small unit of living cells, biomaterials, and biochemicals are positioned with the functional components to form tissue like 3D structures. The 3D bioprinting technology offers various advantages, including accurate cell distribution, scalability, high-resolution cell deposition, and cost-effectiveness.
Challenge: Lack of favorable reimbursement policies across various regions
The global market faces a significant hurdle in its growth trajectory due to inadequate or lack of reimbursement policies. The absence of clear reimbursement frameworks for regenerative therapies poses a challenge for both healthcare providers and patients. The inconsistent and complex nature of reimbursement policies across various regions hampers the widespread adoption of these innovative treatments. This factor is likely to restrain the growth of the market.
Conclusion:
With regenerative medicine becoming a focal point for medical advancements, the sector is expected to see remarkable growth in the coming years. The rising demand for effective therapies for chronic diseases, coupled with continued innovation, makes the global regenerative medicine market a space to watch.
Asia Pacific region of the regenerative medicine industry is predicted to exhibit highest CAGR during the forecast period of 2023-2028.
There are six main regional segmentations for the regenerative medicine market—North America, Europe, the Asia Pacific, Latin America, Middle East and Africa. In 2022, North America dominated the global market with the highest market share. Rising investments in tissue engineering, stem cell banking, and drug discovery, coupled with an expanding healthcare sector and high adoption of cell immunotherapies for cancer and chronic diseases and stem cell therapy, are driving the North American market's robust growth. Additionally, Asia Pacific exhibited the highest CAGR which can be attributed to the rising new technologies demand, increasing per capita income and increasing burden of chronic diseases.
Key players in the regenerative medicine market include Novartis AG (Switzerland), Biogen, Inc. (US), Sarepta Therapeutics, Inc. (US), Gilead Sciences, Inc. (US), Amgen Inc. (US), Smith+Nephew (UK), MEDIPOST Co., Ltd. (Korea), JCR Pharmaceuticals Co., Ltd. (Japan), Takeda Pharmaceutical Company Limited (Japan), and CORESTEM, Inc (South Korea).
Content Source:
https://www.marketsandmarkets.com/PressReleases/regenerative-medicine.asp
https://www.marketsandmarkets.com/ResearchInsight/regenerative-medicine-market.asp
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