Driver: Rising Prevalence of Chronic Diseases and Genetic Disorders;
Similarly, the incidence and prevalence of cancer and diabetes have increased significantly across the globe over the last few decades, and this trend is expected to continue in the coming years. According to the International Diabetes Federation (IDF), about 415 million people were suffering from diabetes globally in 2015, and this number is expected to reach 642 million by 2040. In 2018, cancer was the second-leading cause of death globally and was responsible for an estimated 9.6 million deaths (Source: WHO).
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Regenerative medicine is the discipline of medicine that focuses on the regeneration or replacement of organs, tissues, and human cells to re-established normal functionality. Regenerative medicine aims to renew or replace cells in human tissues and organs that have been damaged and are unable to function due to injury or illness. It can be attained by encouraging the body’s own cells to heal, or by treating a patient with laboratory-grown cells and tissues.
Cell-based immunotherapy & cell therapy products segment dominated the regenerative medicine market in 2019
Based on 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, 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
Based on 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 rising geriatric population.
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North America anticipated to account for the largest share of the regenerative medicine market in 2019
The regenerative medicine market in North America is expected account for the largest share globally, also grow at a faster rate during the forecast period. Surging research activities in the field of regenerative medicine, 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.
Key Market Players:
Gilead Life (Kite Pharma) (US), Novartis (Switzerland), Vericel Corporation (US), Integra LifeSciences (US) and Wright Medical (US).