The global regenerative medicine market size is projected to advance at a considerable rate in the coming years due to the increasing prevalence of chronic diseases and genetic disorders, rising number of regenerative medicine companies across the globe, surging government investments in regenerative medicine research, and technological advancements in the stem cell therapy and tissue engineering areas.
The discipline of medicine that focuses on the regeneration or replacement of human cells, tissues, and organs for re-establishing normal functionality of the body is referred to as regenerative medicine. The renewal or replacement of cells in human tissues and organs can be attained by encouraging the body’s own cells to heal or by treating with cells and tissues that are laboratory grown. Cell-based and acellular are two types of regenerative medicines, between which, the cell-based regenerative medicine held the larger regenerative medicine market share in the past. This was because of the rising demand for cell-based immunotherapies. The type is further divided into autologous and allogenic.
The different types of therapy included in the industry are gene therapy, immunotherapy, cell therapy, and tissue engineering. Among these, the immunotherapy category is predicted to register the fastest growth in the coming years in the regenerative medicine market. The reason for this is the swift advancements in the stem cell technology and the increasing awareness regarding its resultant product across the globe, which, in turn, has resulted in the rising research & development funding from different private and government organizations.
Geographically, North America contributed the largest revenue share to the regenerative medicine market in the past, primarily, due to the presence of large number of key players in the region. In addition to this, the availability of innovative technology and presence of a number of research institutes which are focusing on the development therapeutics are also driving the growth of the regional market. Furthermore, the availability of funds and increasing initiatives by private and government organization is contributing to the domain’s growth.
The increasing requirement for organ transplantation is creating wide opportunities for the players operating in the regenerative medicine market. Because of regenerative medicine, medical professionals are able to replace broken bones and develop new organs which have been damaged and are unable to function due to illness or injury. The conventional organ transplantation process involves the replacement of a failed or damaged organ in the human body with a new organ; however, there is a risk of rejection as the body may perceive the organ foreign.