Regenerative Medicines Market: Introduction
According to the report, the global regenerative medicine market was valued at US$ 6 Bn in 2020 and is projected to expand at a CAGR of 10.3% from 2021 to 2028. Regenerative medicine is a discipline of medicine that focuses on finding ways to regrow, repair, or replace cells, organs, and tissues that have been damaged or diseased. The development and use of therapeutic stem cells, tissue engineering, and the creation of artificial organs are examples of regenerative medicine.
Regenerative medicine has the ability to mend or replace tissues and organs that have been destroyed by age, disease, or trauma, as well as to correct congenital flaws. In contrast to the present clinical strategy, which focuses mostly on treating symptoms, regenerative medicine aims to restore tissue or organs that have been damaged by disease, trauma, or congenital abnormalities. Tissue engineering, cellular therapies, medicinal gadgets, and artificial organs are among the technologies employed to achieve the desired results. A combination of these treatments can speed up natural healing process in areas where it is most required, or take over the function of an organ that has been irreversibly damaged. Regenerative medicine is a relatively new field that brings together professionals from biology, chemistry, computer science, engineering, genetics, medicine, robotics, and other domains to solve some of humanity’s most difficult medical challenges.
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Rise in Prevalence of Chronic Diseases, Genetic Disorders, and Cancer
The incidence and prevalence of chronic diseases such as CVD, cancer, diabetes, ulcers, and genetic disorders such as cystic fibrosis have increased across the globe. Diabetes and obesity can result in increase in incidence and complexity of wounds such as infections, ulcerations, and surgical wounds, which require treatments and incur exorbitant medical expenses. Beyond established applications in treating multiple myeloma, lymphoma, leukemia, and autoimmune diseases, stem cells derived from adult sources are considered a novel treatment for diverse indications, including cardiovascular, musculoskeletal, endocrine, and neurologic disorders.
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Biomaterial to be Highly Lucrative Segment
In terms of technology, the global regenerative medicine market has been classified into biomaterials, stem cells, and tissue engineering. The biomaterial segment held major share of the market in 2020. Biomaterials have been investigated for several years in tissue engineering and regenerative medicine strategies to cure vision loss caused by injury to tissues in the anterior portion of the eye. This has largely entailed cornea and conjunctiva repair and support. Moreover, technological breakthroughs in stem cell-based therapy have changed researchers’ perspectives on regenerative medicine.
The progress of regenerative medicine has been driven by advances in stem cell therapy. Haematogenic stem cells, for example, are currently being employed to treat leukemia and blood diseases. Nanotechnology is also a great tool for stem cell engineering and regenerative medicine.
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Bone Graft Substitutes Application to Dominate Market
Based on application, the global regenerative medicine market has been categorized into bone graft substitutes, osteoarticular diseases, allogeneic bones, and autogenic bones. The bone graft substitutes segment is likely to account for major share of the global market during the forecast period. The interdisciplinary field of tissue engineering seeks to combine bone graft substitutes to stimulatory effects of growth factors, (bone morphogenetic proteins and osteogenic proteins) to provide structural support and promote more rapid bone growth and healing.
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North America to Lead Global Market
In terms of region, the global regenerative medicine market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is a major contributor to the global regenerative medicine market, owing to the presence of large number of leading companies, which has resulted in patients having access to the most recent breakthroughs in the field. The U.S.’s well-funded R&D environment is also a key driver of the bone and joint regenerative medicine industry in North America, which is expected to continue to lead the global regenerative medicine market in the next few years.
Asia Pacific is likely to become a key market for bone and joint regenerative medicine in the near future. Increase in patient pool of bone and joint conditions and steady rise in healthcare expenditure are the major factors projected to fuel the growth of the regenerative medicine market in Asia Pacific in the next few years.
Key players in the regenerative medicine market have identified Asia Pacific as a high-potential market for the future and have accordingly taken strategic initiatives to expand their presence in the region.
The global regenerative medicine market is fragmented in terms of number of players. Major players in the global market include Smith & Nephew plc, Anika Therapeutics Inc., DePuy Synthes, Inc., Baxter International, Inc., Stryker Corporation, Medtronic, Inc., Arthrex, Inc., Zimmer Holdings, Inc., and CONMED Corporation.
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