October 07, 2021
According to the report titled ‘Regenerative Medicine Market Size By Type (Cell Therapy, Tissue Engineering, Gene Therapy), By Application (Oncology, Dermatology, Musculoskeletal, Neurology, Cardiovascular, Wound Healing, Ophthalmology), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027’, available with MarketStudyReport, regenerative medicine market is anticipated to register notable gains during 2021-2027.
Rising prevalence of chronic disease globally, increasing focus on research & development activities in healthcare field, and surging cognizance regarding the therapeutic effects of stem cells are boosting the expansion of regenerative medicine market.
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For the unversed, regenerative medicine refers to that field of medicine which focuses on repairing, replacing, and re-growing damaged cells, tissues, or organs by employing procedures like tissue engineering, stem cells, and artificial organ creation.
Growing penetration of umbilical cord blood in this field of medicine, amplifying stem cell banks, and various strategies used by major players to strengthen their presence are further augmenting industry outlook. Citing an instance, in March 2021, prominent biopharmaceutical company Amgen Inc. acquired Seattle based firm Rodeo Therapeutics Corporation. As a result of this agreement, Amgen could enhance its regenerative portfolio through the incorporation of Rodeo’s 15-prostaglandin dehydrogenase (15-PGDH) program.
On the contrary, high costs related to some of the therapies, along with rigid regulatory frameworks are likely to impede the growth of regenerative medicine market.
Based on the application spectrum, the cardiovascular segment is expected to expand notably during 2021-2027, owing to surging number of clinical studies envisioned at developing potential treatments for heart attacks and other cardiac diseases.
Speaking of the geographical landscape, North America, Europe, Latin America, and Middle East & Africa are considered to understand the dynamics of this business sphere. Among these, Asia Pacific market is projected to progress at a steady pace during 2021-2027, accreditable to increasing prevalence of diseases in the region which is expected to create a large customer base. Also, major players are putting effort to expand their reach in the regional market.
Established companies operating in regenerative medicine market are Organogenesis Holdings, Inc., Smith & Nephew plc, Avita Medical, Inc., Terumo BCT, Inc., BioSolutions Ltd., Anterogen Co., Ltd., GlaxoSmithKline plc, Green Cross Corporation, bluebird bio, Inc., Bristol Myers Squibb Pharmaceuticals Limited, Amgen, Inc., and Novartis International AG.