(PharmaNewsWire.Com, November 11, 2020 ) According to the new market research report "Regenerative Medicine Market by Product (Cell Therapies (Autologous, Allogenic), Stemcell Therapy, Tissue-engineering, Gene Therapy), Application (Wound Care, Musculoskeletal, Oncology, Dental, Ocular), Geography - Global Forecast to 2025" published by MarketsandMarkets™.
The Global Regenerative Medicine Market is expected to reach USD 17.9 billion by 2025 from USD 8.5 billion in 2020, at a CAGR of 15.9%.
Growth Driver in Depth:
- Rising prevalence of chronic diseases, genetic disorders, and cancer - Rising investments in regenerative medicine research - Growing pipeline of regenerative medicine products - Rising demand for organ transplantations
COVID-19 Impact on Global Regenerative medicine market;
COVID-19 is an infectious disease caused by the most recently discovered novel coronavirus. The World Health Organization (WHO) declared COVID-19 as a pandemic on March 11, 2020. This pandemic has disrupted growth in many economies across various domains. The COVID-19 outbreak will impact the market in the initial phase of the forecast period. Due to nationwide lockdowns, denied wound care services, cancelled or postponed elective surgeries, and increasing skin injuries in COVID-19 medical care providers, the regenerative medicines market is expected to register a certain decline during the forecast period. However, during the latter half of the forecast period, the demand for regenerative medicine products is expected to rise drastically.
Based on products, the regenerative medicines market is segmented into tissue-engineered products, cell therapies, gene therapies, and progenitor and stem cell therapies. The tissue-engineered products segment accounted for the largest share in the market in 2019. The increasing adoption of tissue-engineered products for the treatment of chronic wounds and musculoskeletal disorders and the rising funding for the R&D of regenerative medicine products and therapies are the major factors driving the growth of this segment.
Based on applications, the regenerative medicine market is segmented into musculoskeletal disorders, wound care, oncology, ocular disorders, dental, and other applications. In 2019, the oncology segment accounted for the highest growth rate. This can be attributed to the rising prevalence of orthopedic diseases, growing geriatric population, increasing number of stem cell research projects, growing number of clinical researches/trials, and the rich pipeline of stem cell products for the treatment of musculoskeletal disorders.
The regenerative medicine market is segmented into four major regions, namely, North America, Europe, Asia Pacific, and the Rest of the World (RoW). In 2019, North America accounted for the largest share in the market. The growth in the North American regenerative medicines market can be attributed to rising stem cell banking, tissue engineering, and drug discovery in the region; expansion of the healthcare sector; and the high adoption of stem cell therapy and cell immunotherapies for the treatment of cancer and chronic diseases.
Leading Key Players in the Worldwide Industry:
The major players operating in this market are 3M (US), Allergan plc (Ireland), Amgen, Inc. (US), Aspect Biosystems (Canada), bluebird bio (US), Kite Pharma (US), Integra LifeSciences Holdings Corporation (US), MEDIPOST Co., Ltd. (South Korea), Medtronic plc (Ireland), Anterogen Co., Ltd. (South Korea), MiMedx Group (US), Misonix (US), Novartis AG (Switzerland), Organogenesis Inc. (US), Orthocell Limited (Australia), Corestem, Inc. (South Korea), Spark Therapeutics (US), APAC Biotech (India), Shenzhen Sibiono GeneTech Co., Ltd. (China), Smith & Nephew plc (UK), Stryker Corporation (US), Takeda Pharmaceutical Company Limited (Japan), Tego Science (South Korea), Vericel Corporation (US), and Zimmer Biomet (US).
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