Regenerative Medicine Market Size to Surpass USD 197.08 billion by 2030, exhibiting a CAGR of 28.2%
Fortune Business Insights
6 min read
Fortune Business Insights
As per the report by Fortune Business Insights, the global Regenerative Medicine Market size is projected to reach USD 197.08 billion in 2030, at a CAGR of 28.2% during the forecast period, 2023-2030
Pune, India, Aug. 01, 2023 (GLOBE NEWSWIRE) -- The global regenerative medicine market size was valued at USD 28.62 billion in 2022 and is expected to be worth USD 34.56 billion in 2023. The market is projected to reach USD 197.08 billion by 2030, recording a CAGR of 28.2% during the forecast period. Regenerative medicines refer to certain medical formulations that aim to replace, repair, or regenerate a certain damaged tissue or organ with the help of cells, genetic material, or tissues. These medicines are capable of treating a wide range of chronic diseases that are usually incurable or difficult to deal with. Some of the diseases that can be managed effectively using these medicines include Parkinson’s Disease, cancers, diabetes, Alzheimer’s, and others. The growing prevalence of these diseases across the globe is expected to augment the regenerative medicine market growth.
December 2022: Ferring B.V. received the U.S. FDA approval for Adstiladrin (nadofaragene firadenovec-vncg), the first vector-based gene therapy approved for bladder cancer.
Key Takeaways:
Japan Regenerative Medicine Co., Ltd was acquired by Metcela Inc. in April 2022.
In June 2022, Galapagos, the Belgian biotech company, made an announcement regarding its acquisition of CellPoint and AboundBio
The market segments consist of cell therapy, gene therapy, tissue engineering, and platelet-rich plasma, categorized based on the products.
In 2022, the market size for North America was valued at USD 12.77 billion.
Discover the Leading Players Featured in the Report:
Integra Life Sciences Corporation (U.S.), Bristol-Myers Squibb Company (U.S.), Tissue Regenix (U.K.)
Smith & Nephew (U.K.), MIMEDX (U.S.), Novartis AG (Switzerland), Allergan Aesthetics (AbbVie Inc.) (U.S.), Stryker (U.S.), American CryoStem Corporation (U.S.), Kite (Gilead Sciences, Inc.) (U.S.), AlloSource (U.S.), bluebird bio, Inc. (U.S.), CRISPR Therapeutics (Switzerland), Janssen Global Services, LLC (Johnson & Johnson Services, Inc.) (Belgium), Tegoscience (South Korea)
Growing R&D Investments to Create Innovative Products to Fuel Market Progress
Companies have started initiating various research and development (R&D) programs and initiatives due to a strong rise in investments in this market. Many angel investors have turned their attention to start-up firms that are focusing on the development of advanced therapies and products. These factors have also increased the number of research collaborations, mergers, and partnerships to develop innovative regenerative medication. These aspects are predicted to drive the market growth.
Segmentation:
Rise in Prevalence of Life-Threatening Diseases to Boost Product Use in Cell Therapy
Based on product, the global market includes cell therapy, gene therapy, tissue engineering, and platelet rich plasma. The cell therapy segment captured the largest regenerative medicine market share in 2022 due to the growing prevalence of chronic diseases, such as cancers, autoimmune disorders, and infectious diseases.
Regenerative Medicines to Find Strong Use in Orthopedics Due to Growing Incidence of Bone-Related Disorders
In terms of application, the global market is segmented into orthopedics, wound care, oncology, rare diseases, and others. The orthopedics segment held the maximum market share in 2022 as there has been a gradual rise in the incidence of osteoarthritis and bone-related injuries.
Hospitals to be Major End-Users of Regenerative Medicines Due to Growing Number of Surgeries
Based on end user, the global market is classified into hospitals, clinics, and others. The hospital segment dominated with the maximum market share in 2022 and is estimated to record the highest CAGR during the forecast period as the number of surgeries have increased across hospitals. Moreover, governments are also showing their support by introducing policies to promote regenerative medicines.
With respect to region, the market covers North America, Europe, Asia Pacific, and Rest of the World.
North America to Dominate Global Market Due to Technological Innovations in Regenerative Therapeutics
North America is expected to maintain its dominant position in the global market as this field is experiencing technological advancements to enhance the performance of the products included in this field. The region is also witnessing a large-scale adoption of gene and cell therapies, which will further accelerate the market development.
Europe might emerge as the second-leading region in the market due to the introduction of supportive government policies and favorable reimbursements.
Competitive Landscape
Strong Sales Performance to Make Novartis AG and Stryker Corporation Leading Market Players
The market is highly competitive and fragmented, with a few major companies leading the market’s growth. With respect to gene and cell therapies, Gilead Sciences, Inc. and Novartis AG are dominating the market as they have a robust CAR T-cell therapy portfolio. Stryker Corporation dominated the market in terms of tissue reengineering as it acquired Wright Medical Group N.V., which resulted in the development of a strong biologics range for the company.
FAQs
How big is the Regenerative Medicine Market?
Regenerative Medicine Market size was USD 34.56 billion in 2023.
How fast is the Regenerative Medicine Market growing?
The Regenerative Medicine Market will exhibit a CAGR of 28.2% during the forecast period, 2023-2030.
Fortune Business Insights™ delivers accurate data and innovative corporate analysis, helping organizations of all sizes make appropriate decisions. We tailor novel solutions for our clients, assisting them to address various challenges distinct to their businesses. Our aim is to empower them with holistic market intelligence, providing a granular overview of the market they are operating in.
