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According to the new market research report Regenerative Medicine Market by Type [Cell-Based Immunotherapy & Cell Therapy (Allogeneic & Autologous Products), Tissue Engineering, Gene Therapy], Applications (Wounds & Dermal, Musculoskeletal, Oncology), Region — Global Forecast to 2024, published by MarketsandMarkets™, 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%.

Growth in this 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.

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.

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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 a rising geriatric population.

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.

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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 Regenerative Medicine Market.