Regenerative Medicine Market Worth 38.7 billion by 2024 | Rising Demand for Organ Transplantation

PUNE, India, 2020-May-19 — /EPR Network/ —

The Regenerative Medicine Market is estimated to be valued at USD 13.3 billion in 2019. This market is projected to reach USD 38.7 billion by 2024, at a CAGR of 23.8% during the forecast period.

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.

Opportunity: Rising Demand for Organ Transplantation

Regenerative medicine allows medical professionals to replace broken bones and develop new organs for organ transplant. It also enables them to renew or replace cells in human tissues and organs that have been damaged and are unable to function due to injury or illness. Traditional organ transplant involves the process of replacing a failing or damaged organ in the human body with a new organ. This process involves the risk of rejection as the human body does not accept organs recognized as foreign by the body’s immune system. The organ supply across the globe is insufficient, and the waiting lists for transplants are growing each day. According to the US Department of Health and Human Services, around 123,304 people in the US were waiting for organ transplants in 2015. The US government estimated that about 30 people die each day due to the unavailability of organs for transplant. To combat this concern, researchers are focusing on advancing regenerative medicine for developing organs. The increasing acceptance of regenerative medicine in organ transplants is thus considered as a major opportunity area for market players.

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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).