Rise in incidence of chronic diseases, increase in geriatric population and growth in acceptance of stem cell therapies are the major factors which drive the global market growth.
WILMINGTON, Del., Aug. 6, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Regenerative Medicine Market by Product Type (Cell Therapy, Gene Therapy, Tissue Engineering and Small Molecule & Biologic), Material (Synthetic Material, Biologically Derived Material, Genetically Engineered Material and Pharmaceutical), and Application (Cardiovascular, Oncology, Dermatology, Musculoskeletal, Wound Healing, Ophthalmology, Neurology and Others): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the regenerative medicine market was valued at $32.1 billion in 2023, and is estimated to reach $531.7 billion by 2033, growing at a CAGR of 32.4% from 2024 to 2033.
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Prime determinants of growth
Rise in incidences of chronic diseases and increase in geriatric population are the major factors that drive the growth of the regenerative medicine market growth. However, high costs of treatment hinder the market growth. Moreover, technological advancements and regulatory Support and funding offers remunerative opportunities for the expansion of the global regenerative medicine market.
Report coverage & details
Report Coverage | Details |
Forecast Period | 2024-2033 |
Base Year | 2023 |
Market Size In 2023 | $32.1billion |
Market Size In 2033 | $531.7 Billion |
CAGR | 32.4 % |
No. Of Pages In Report | 216 |
Segments Covered | Product Type, Material, Application, And Region. |
Drivers | Rise In Incidences of Chronic Diseases |
Increase In Geriatric Population | |
Growing Acceptance of Stem Cell Therapies | |
Opportunities | Technological Advancements |
Regulatory Support and Funding | |
Restraints | High Costs of Treatment |
Ethical And Safety Concerns |
Segment Highlights
The cell therapy segment to maintain its leadership status during the forecast period
By product type, the cell therapy segment generated the highest revenue in the regenerative medicine market in 2023. Cell therapy is a cornerstone of regenerative medicine, leveraging the therapeutic potential of stem cells and other cellular materials to repair, replace, or regenerate damaged tissues and organs. By harnessing the regenerative properties of cells, this approach offers promising solutions for treating a wide range of diseases and injuries, improving patient outcomes and quality of life.
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The biologically segment to maintain its leadership status during the forecast period
By material, the biological segment generated the highest revenue in the regenerative medicine market in 2023. Biologically derived materials are increasingly sought after in regenerative medicine due to their compatibility with the body's natural healing processes. These materials, such as extracellular matrix scaffolds and growth factors derived from tissues or organisms, provide a supportive environment for cell growth, differentiation, and tissue regeneration. Their biocompatibility and bioactivity make them ideal candidates for promoting tissue repair and regeneration in various medical applications, driving their demand in regenerative therapies.
The oncology segment to maintain its leadership status during the forecast period
By application, the oncology segment generated the highest revenue in the regenerative medicine market in 2023. The growing prevalence of chronic diseases, particularly cancer, underscores the need for innovative treatment approaches like regenerative medicine. Cancer cases often result in tissue damage from treatments such as chemotherapy or surgery. Regenerative therapies offer promising solutions by harnessing the body's natural regenerative capacities to repair or replace damaged tissues, potentially improving patient outcomes and quality of life in cancer care.
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Regional Outlook
The regenerative medicine market exhibits a promising regional outlook, with North America and Europe leading in terms of market share due to advanced healthcare infrastructure, supportive regulatory frameworks, and robust research and development activities. In contrast, the Asia-Pacific region is poised for rapid growth, driven by increasing healthcare expenditure, expanding biotechnology sectors, and rising awareness of regenerative therapies. Emerging economies in Latin America and the Middle East & Africa are also witnessing growing interest and investment in regenerative medicine technologies.
Key Players
- Stryker Corporation
- Zimmer Biomet Holdings Inc.
- Medtronic Plc.
- Athersys Inc.
- Stem Cell Inc. (Bioheart Inc.)
- Organogenesis Inc.
- Integra Lifesciences Holdings Corporation
- Acelity Holdings Inc.
- Isto Biologics (Isto Biologics Medical Systems Inc.)
- CryoLife Inc.
The report provides a detailed analysis of these key players in the global regenerative medicine market. These players have adopted different strategies such as expansion, acquisition, product approval, product launch and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Recent Industry Development
- In December 2023, The University of Toronto's Medicine by Design initiative and CCRM, a non-profit organization that supports the development and commercialization of regenerative medicines, announced a launch of new strategic alliance to unlock Toronto's potential as a world-leading ecosystem for regenerative medicine. The goal of the alliance is to create coordinated, end-to-end capacity that spans discovery through to clinical translation and commercialization.
- In January 2021, Integra LifeSciences Holdings Corporation, a global leader in regenerative tissue technologies and neurosurgical solutions, announced that it has completed the previously disclosed acquisition of ACell, Inc. Acquiring ACell and its proprietary MatriStem UBM technologies will enable Integra to provide more comprehensive complex wound management solutions to address our customers' most pressing clinical challenges.
- In August 2023, Gilead Sciences and Tentarix Biotherapeutics entered into three multi-year collaborations to leverage Tentarix's Tentacles platform for the discovery and development of innovative, multi-functional protein-based therapies for cancer and inflammatory diseases.
- In December 2022, Integra LifeSciences Holdings Corporation, a global leader in regenerative tissue technologies and neurosurgical solutions, announced that it has successfully completed its acquisition of Surgical Innovation Associates (SIA) . This acquisition is a highly strategic move to enable us to achieve our aspirations to become a global leader and innovator of implant-based breast reconstruction (IBBR) procedures.
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