The regenerative medicine market is anticipated to ride high on the wave of exponential growth throughout the forecast period of 2017-2025 due to the rising need for use of regenerative medicines for treating various diseases and disorders. Regenerative medicines are used to replace or repair organs and tissues impacted by any aging process, disease, or injury. These medicines help in reviving the cell and tissue functionalities and are also used in curing numerous degenerative disorders such as cardiovascular, orthopedic, and dermatology applications.
The regenerative medicine market, on the basis of product, is segmented into tissue engineering, small molecule & biologic, cell therapy, and gene therapy. The use of regenerative medicines across various applications such as wound healing, ophthalmology, dermatology, oncology, cardiovascular, dermatology, and others is helping to accelerate the growth rate of the regenerative medicine market. The growing prevalence of infectious diseases such as COVID-19, trauma emergencies, and shortage of organs for transplantation is driving the regenerative medicine market toward growth.
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Cell Therapy to Be A Growth Generator For Regenerative Medicine Market
The new coronavirus pandemic has created havoc in the lives of billions of people across the globe through infecting a large number of populations, leading to massive death numbers. Researchers and scientists are in the process of finding a cure for COVID-19 on war-footing.
Various methods are being analyzed by the research and development wings of various organizations. Cell therapy is one of them. When a person develops severe symptoms of COVID-19, the body generates an excessive inflammatory response known as a cytokine storm that, in some cases, leads to acute respiratory distress syndrome (ARDS). Cell therapy is proving to be a ray of hope for treating ARDS. Athersys, a U.S. based biotech company is in the process of developing a cell therapy known as Multistem that decreases adverse results of inflammation. Thus, such developments in cell therapy eventually benefit the growth rate of the regenerative medicine market.
The growing demand for organ transplantation is also gaining considerable momentum across the globe and is projected to bring a rise in the growth rate of the regenerative medicine market. Growing support from the governments of various countries can also aid in the growth of the regenerative medicine market greatly.
Increasing Mergers and Acquisition Activities to Cast a Positive Impact On Regenerative Medicine Market
Also, mergers, acquisitions, collaborations, joint ventures, investments, and partnerships are likely to influence the growth rate of the regenerative medicine market in a positive way. The investment of Hackensack meridian Health in EpiBone, a regenerative medicine company is a classic instance. Hackensack Meridian Health has invested in a clinical-stage regenerative medicine company for the fourth time. This factor highlights the growing importance of the regenerative medicine market in the healthcare sector.
Key players involved in the regenerative medicine market are Stryker Corporation, Japan Tissue Engineering Co. Ltd., Vericel Corporation, Osiris Therapeutics, Inc., Integra Lifesciences Corporation, Medtronic PLC, Acelity L.P.Inc., and Nuvasive Inc.
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North America May Bring Good Growth Opportunities for Regenerative Medicine Market
The regenerative medicine market is regionally spread across the Middle East and Africa, Europe, North America, Latin America, and Asia Pacific. North America is likely to contribute largely to the growth rate of the regenerative medicine market during the forecast period due to increased demand for regenerative medicines across the forecast period and the growing research and development activities on finding a COVID-19 treatment. Asia Pacific is also expecting to record a steady growth rate across the forecast period due to increased funding for research and development activities across the region.