(PharmaNewsWire.Com, November 20, 2019 ) Growth in the Regenerative Medicine Market is largely driven by the introduction of Cures Act for regenerative medicine by FDA, increased funding for regenerative medicine research, development of CAR-T cell therapies and increasing demand for regenerative medicine for the treatment of cancer, orthopedic disorders, and chronic wounds among others.
Worldwide Growth Opportunities in Terms of Revenue for Regenerative Medicine:
The Regenerative Medicine Market is expected to reach USD 38.7 billion by 2024 from USD 13.3 billion in 2019, at a CAGR of 23.8%.
Cell-based immunotherapy & cell therapy products segment dominated the Regenerative Medicine Market in 2019.
On the basis of type, the Regenerative Medicine Market is classified into cell-based immunotherapy & cell therapy products, gene therapy products, and tissue-engineered products. The cell-based immunotherapy & cell therapy products segment accounted for the largest market share in 2019 owing to increasing demand for cell-based immunotherapies, the establishment of cures act by FDA to streamline the regenerative medicine approval are the major factors driving the growth of this market segment.
Musculoskeletal disorders applications segment likely to dominate the market in 2019.
On the basis of application, the Regenerative Medicine Market is categorized into musculoskeletal disorders, wound care, oncology, ocular disorders, diabetes, and other applications. In 2019, the musculoskeletal disorders segment accounted for the largest market share. The large share of this segment can mainly be attributed to the rising incidence rate of orthopedic diseases with the rising geriatric population.
Global Geographical Analysis for Regenerative Medicine Market:
North America anticipated accounting for the largest share of the Regenerative Medicine Market in 2019.
The Regenerative Medicine Market in North America is expected to account for the largest share globally and also grow at a faster rate during the forecast period. Surging research activities in the field of regenerative medicine, the introduction of CAR-T cell therapies and growing awareness of personalized medicine have also resulted in the establishment of stem cell banking and tissue engineering.
The Major Recent Developments in the Regenerative Medicine Market:
• In 2018, Novartis received EU approval for one-time gene therapy Luxturna, which has been developed to restore vision in people with rare and genetically associated retinal disease
• In 2018, Novartis received EU approval for its CAR-T cell therapy, Kymriah.
• In 2017, Integra Life Sciences launched its product, Integra Dermal Regeneration Template Single Layer "Thin" for dermal repair defects reconstruction in a one-step procedure.
The major players in this market are Kite Pharma (US), Novartis (Switzerland), Vericel Corporation (US), Integra LifeSciences (US), Wright Medical (US), MiMedx (US), Osiris Therapeutics (US), Stryker Corporation (US), and Spark Therapeutics (US). Product launches and acquisitions are the key growth strategies followed by most players in this market.
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