REGENERATIVE MEDICINE INDUSTRY INSIGHTS
The global regenerative medicine market size was valued at USD 4.68 billion in 2020 and is estimated to reach USD 27.08 billion by 2026, growing at a cumulative average growth rate (CAGR) of 30% during the forecast period. The increasing prevalence of cancer and genetic disorders is popularizing the regenerative medicine trends across the globe.
Increased R&D investments by pharmaceutical companies will drive the demand for regenerative medicines. Europe plays a significant role in supporting the development and authorization of these products for several genetic and rare disorders. Increased funding via several venture capitalists and governments, and private institutions contribute significantly to the global regenerative medicine market growth. The regenerative medicine market is growing at a significant rate in the APAC region and is expected to increase during the forecast period. The most prominent factor responsible for the growth is the increased funding in the region for the development of health care.
The increased prevalence of diseases such as cardiovascular diseases and diabetes can drive cell and gene therapy and tissue-engineered products. With the rise in thermal burns, occupational burn accidents, and chronic wounds, regenerative medicine products will experience steady growth. Novartis and Gilead Sciences are the key companies offering various therapies to treat cancer, genetic, and rare disorders. Many key players in the market have developed innovative therapies in the field of RM. For instance, in February 2021, Bristol-Myers Squibb received the US FDA approval for its product Lisocel, which is used to treat relapsed or refractory diffuse large B-cell lymphoma (DLBCL).
- Cell and gene therapy is rapidly emerging as the most promising part of regenerative medicines due to the rising incidences of cancer.
- Mergers and Acquisitions are the latest trends in the industry. The key vendors are acquiring the existing highly successful cell and gene therapy companies with huge amounts. The overall merger and acquisition activities are worth up to USD 33 billion in the regenerative medicine industry.
- South Korea is one of the leading regions in APAC, with significant innovation and development in cell-based therapy, specifically using stem cell therapies. APAC has the most favorable regulatory environment so that the process of clinical trials can be conducted smoothly.
- The European Union focuses on the largest innovation and research program with USD 95 billion funding over seven years from 2007–2020.
REGENERATIVE MEDICINE INDUSTRY OPPORTUNITIES AND GROWTH FACTORS
- A strong pipeline portfolio by numerous companies will boost the market growth in the long term. In 2021, almost 1200 products in the global regenerative medicine pipeline are in different phases of clinical trials.
- The faster regulatory approvals for the cell and gene therapy products, especially from the US and European regulatory authorities, provide huge opportunities to penetrate the market faster.
- Rapid product developments and innovative product launch in the industry every year with smooth and favorable approvals is boosting the opportunities in the industry.
REGENERATIVE MEDICINE MARKET SEGMENTATION
This research report includes a detailed segmentation by
INSIGHTS BY APPLICATION
The oncology segment expects to occupy absolute growth of over USD 14 billion by 2026
Oncology constitutes the largest portion of the global regenerative medicine market share. The oncology segment is expected to grow at a CAGR of 43.75%. The development of curative therapies by CAR-T and cell and gene therapies is widely popularized in the oncology therapeutic area. According to the Alliance for Regenerative Medicine, the response rate among patients is 90% for recently approved CAR T-cell therapy Tecartus by Kite Pharma, a Gilead Services company, for the treatment of relapsed/refractory mantle cell lymphoma.
The genetic disorder segment will witness an incremental growth of over USD 8 billion by 2026. The rapid increase in genetic and serious life-threatening rare disorders is one of the important factors that drive the market. In addition, the increasing burden of genetic diseases is growing across the globe, thereby influencing industry growth.
INSIGHTS BY PRODUCT
The gene therapy segment is anticipated to retain market dominance during the forecast period.
Consistent innovations in gene therapies due to the increased number of clinical trials and pipeline products are driving the growth prospects. Hence, the increased inflow of funding for the development of gene therapy is one of the driving factors for the sector growth cell therapy is the major revenue contributor. The increasing prevalence of diabetes and foot ulcers is the primary factor contributing to the growth of tissue-engineered products. The tissue-engineered product segment to grow at a CAGR of 8% by 2026.
Increased funding from government bodies and venture capitalists leads to the development of advanced and innovative cell therapies. The rising awareness and expansion of reimbursement schemes in the emerging market will generate lucrative growth opportunities for cell therapy products.
INSIGHTS BY END-USERS
Hospitals are the fastest-growing end-user segment.
Hospitals are likely to remain a dominant revenue contributor to the global regenerative medicine market. Around 50% of therapeutic surgeries performed in the US annually, including cardiovascular and musculoskeletal, occur in hospitals. Cancer care centers are likely to witness an incremental growth of approx. USD 10 billion by 2026. As cancer is the second leading cause of death across the globe, which is responsible for approx. 10 million deaths annually, the scope of cancer centers is growing. Key vendors are focusing more on cancer care centers than hospitals to promote their products. As the cancer centers are being covered under reimbursement schemes, the growth of these facilities is likely to increase during the forecast period.
INSIGHTS BY GEOGRAPHY
In North America, the acceptance of regenerative medicine is relatively higher than in other developed countries. North America to accounts for the largest market share of the global regenerative medicine market. The growth can be primarily attributed to the increasing population with different types of cancers such as non-Hodgkin lymphoma, Hodgkin lymphoma, melanoma of the skin, and leukemia in the North American region. Furthermore, North America consists of the highest number of regenerative medicine companies, which is adding to the market growth in the region. Europe has highly developed manufacturing facilities, which is driving the market growth in the European region. Most vendors in Europe depend on external sources for expansion and R&D activities.
Amgen, Bristol Myers Squibb, Dendreon, F. Hoffmann-La Roche, Gilead Sciences, Novartis, Osiris, Organogenesis, and Vericel are the key vendors in the global regenerative medicine market. Global key players dominate the market shares due to wide distribution networks, innovative product launches, and broad product offerings. Companies are focusing on product innovations and strengthening their distribution channel to expand market presence globally. The market has developed innovative therapies in the field. Small players are collaborating with prominent players to gain a competitive advantage in the market.
The global regenerative medicine market research report includes in-depth coverage of industry analysis with revenue and forecast insights for the following segments:
Segmentation by Application
- Genetic Disorders
Segmentation by Product
- Gene Therapies
- Cell Therapies
- Tissue-Engineered Therapies
Segmentation by End-Users
- Cancer Care Centers
- Wound Care Centers
Segmentation by Geography
- North America
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa