Regenerative medicines have the capability to replace, repair, and regenerate organs and tissues affected owing to disease, natural ageing process or injury. These regenerative medicines are able to restore the functionality of tissues and cells and are applicable in a broad range of degenerative diseases such as neurodegenerative diseases, dermatology, cardiovascular and orthopedic applications. Researchers are emphasizing on developing technologies based on gene, biologics, somatic and stem cells. Stem cells are capable of differentiation and proliferation due to which they are of significance in this field. Presently, majority of treatments accessible for life-threatening diseases or degenerative do not provide a cure or are palliative; however, these have the ability to regenerate or replace the organ and tissues suffering from injury or disorder.
The factors driving the market growth for regenerative medicine are technological developments in organ and tissue regeneration, increasing incidences of chronic disorders and trauma emergencies, noticeable potential of nanotechnology, and growing popularity of stem cell technology. Furthermore, increasing prevalence of degenerative disorders and scarcity of organs for transplantation are anticipated to fuel the growth of this market. The noticeable potential of regenerative medicine to repair, replace, and regenerate damaged organs and tissues has fueled the market growth. Moreover, use of nanomaterials in drug delivery, wound care, and immunomodulation has opened growth paths for the regenerative medicines market. However, strict regulatory hurdles and high cost of treatment are expected to hamper the market growth.
The global regenerative medicine market, based on materials, is bifurcated into three wide categories, namely, biologically derived materials, synthetic materials, and genetically engineered materials. The demand for biological and injury, or derived materials is more in the market owing to the presence of notable characteristics such as higher immune response and cellular adoption. Regenerative medicine and tissue engineering are usually used in the biomedical area for repair and regeneration of trauma tissues or deceased tissue. Tissue regeneration can be conducted both in vivo and vitro conditions. Tissue engineering needs artificial medium for regeneration of tissues. This artificial medium helps in differentiation and proliferation of cells, leading to regeneration of tissues. The adoption of synthetic tissue engineering materials is presently high owing as it offers improved competence in comparison to other naturally derived materials.
In term of geography, the market for the global regenerative medicine is bifurcated into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA). North America is the most prominent region in the worldwide regenerative medicines industry and is anticipated to be the most preferred for new entrants due to the presence of large number of applications in the region. The regenerative medicines market in North America is in its mounting phase and is anticipated to show high potential during the forecast period, as maximum remedies are in the 3rd phase of clinical trials. This shows the involvement of firms for commercialization of regenerative medicine products. Promising regulatory and reimbursement guidelines for tissue engineering displays interest of government establishments fulfilling the mounting need of regenerative products. However, strict regulatory guidelines relating to stem cell technologies have created major challenges for the acceptance of embryonic stem cells, due to moral issues and controversies about its source; thus, hampering the market growth. Consumer awareness about the benefits of regenerative medicine has escalated in the recent years, which has increased the demand. Followed by North America, Europe is the most attractive market for new entrants in the global regenerative medicine market. Asia-Pacific is anticipated to be the fastest growing region.
Prominent players in the market are investing large sum in research and development activities to develop superior products, in order to cater to the current demand. Some of the key players in the global regenerative medicines market are Zimmer Biomet Holdings, Inc., Stryker Corporation, Medtronic plc, Organogenesis, Inc. (Advanced Biohealing), Baxter International, Inc., DePuySynthes, Acelity Holdings, Inc., Integra Lifesciences Holdings Corporation, Ocata Therapeutics, Inc. (Astellas Pharma, Inc.), CryoLife, Inc. among others.
Market by Material
· Biologically derived materials
· Synthetic materials
· Genetically engineered materials
Market by Application
· Wound Healing
Market by Technology
· Tissue Engineering
· Gene Therapy
· Cell Therapy
· Small Molecules & Biologics
Market by Geography
· North America
o Rest of Europe
o Rest of Asia-Pacific
· Latin America
o Rest of Latin America
· Middle East and Africa (MEA)
o South Africa
o Saudi Arabia
o Rest of MEA
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