Regenerative Medicine Market Is Expected To Exhibit 32.2% CAGR By 2023 | Medtronic Plc., Athersys, Inc.

Rise in adoption of stem cell technology, rise in application of nanotechnology, increased prevalence of chronic diseases and trauma emergencies, and increasing technological advancements in medical equipment technology are expected to propel the growth of the global regenerative medicine market.

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The global regenerative medicine market accounted for $7.37 billion in 2017 and is projected to garner $39.33 billion by 2023, registering a CAGR of 32.2% during the period 2017–2023.

COVID-19 scenario-

1) Due to the global pandemic all over the world, the medical devices manufacturers are majorly focusing on essential medical devices production including ventilators and diagnostics.

2) However, due to the precautionary measures taken by governments in various regions, the supply chain has been hampered. Which may result in shortage of devices in certain locations.

3) Food and Drugs Administration (FDA), on the other hand, shared a COVID-19 guidance with medical device manufacturers to notify the agency about changes that could affect availability of their products.

Increased adoption of stem cell technology, emerging application of nanotechnology, rise in prevalence of chronic diseases and trauma emergencies, and advancements in medical equipment technology have boosted growth of the global regenerative medicine market. However, high cost of treatment associated with regenerative medicine hampers the market growth. On the contrary, increase in potential in emerging economies and growing need of regenerative medicine in organ transplantation are expected to create lucrative opportunities in the near future.

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The global regenerative medicine market is divided on the basis of product type, material, application, and geography. Based on product type, the market is segmented into cell therapy, gene therapy, tissue engineering, and small molecule & biologic. The cell therapy segment held the largest share in 2017, contributing nearly two-thirds of the total market, owing to its efficiency to restore the lost function of tissues and organs. However, the small molecules & biologics segment is expected to manifest CAGR of 33.3% during the forecast period, owing to its potential to stimulate dormant or endogenous cells to regain their regenerative properties.

On the basis of material, the market is divided into synthetic material, biologically derived material, genetically engineered material, and pharmaceutical. The synthetic material segment is expected to portray the fastest CAGR of 34.6% during the forecast period. This is attributed to the growing demand for these materials as it allows to obtain scaffolds with more reproducible and predictable physical behavior. However, the biologically derived material segment dominated the market in terms of revenue, contributing nearly two-thirds of the total market, owing to the advantages of using these materials such as good biocompatibility and biodegradability.

The North America region held the largest share in 2017, contributing about half of the total market, owing to presence of major players and rapid advancements in technology, and high investments in the stem cell and oncology research. However, the Asia-Pacific region is expected to register the fastest CAGR of 38.6% during the forecast period, owing to rise in awareness regarding benefits of regenerative medicine, and presence of large patient population.

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The Major Key Players Are:

Stryker Corporation, Zimmer Biomet Holdings, Inc., Medtronic Plc., Athersys, Inc., U.S. Stem Cell, Inc. (Bioheart, Inc.), Organogenesis, Inc. (Advanced Biohealing), Integra Lifesciences Holdings Corporation, Acelity Holdings, Inc., Isto Biologics (Isto Biologics Medical Systems, Inc.), and CryoLife, Inc.

The Other prominent players Are:

Shimadzu Recursion Pharmaceuticals, Inc., Baxter International, Inc., DePuy Synthes Siemens Healthineers, General Electric (GE) Company, Koninklijke Philips N.V., Cloudmedx, Inc., and Bay Labs, Inc.

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