Westford, USA, Jan. 12, 2023 (GLOBE NEWSWIRE) -- The rising incidence of genetic abnormalities, the demand for organ transplants, and expanding R&D spending on regenerative medicine research are some significant factors positively impacting the regenerative medicine market. In addition, robust product pipelines for prospective medicines and the widespread use of stem cell technology in disease treatment further foster market expansion. A subfield of biomedical sciences known as regenerative medicine aims to repair the structure and functionality of damaged organs and tissues. The safe implantation of stem cells into the body to regenerate damaged bones, cartilage, blood vessels, and organs requires using these cells created in labs. Cell, immunomodulation, and tissue engineering therapies are some of the clinical therapeutic techniques that frequently employ regenerative drugs.
According to SkyQuest's research insights, around 60,000 stem cell transplants are conducted annually to treat various malignancies and blood-based diseases. Regenerative medicine's rising effectiveness and success rate will accelerate the sector's overall development. In addition, the National Association of Chronic Disease Directors (NACDD) estimates that in 2022, chronically sick people and people with mental health issues were responsible for 90% of the $3.8 trillion annual healthcare spending in the United States.
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Adoption of Stem Cell Technologies and Gene Therapies to Revolutionize the Disease Management
As per the report of the Centers for Disease Control and Prevention (CDC), there will be 12.1 million cases of atrial fibrillation in the United States by 2030. The market for regenerative medicine is expected to increase significantly throughout the projected period due to factors such as the rising usage of stem cell technologies, gene treatments, tissue engineering, and other regenerative medicine-related technologies. Rapid advancements in stem cell technologies are essential to regenerative medicine. The method offers a strong chance of healing spinal cord injuries, arthritis, and Parkinson's disease.
The market research report provides a comprehensive analysis of the regenerative medicine market. The research analyzes the market's key segments, trends, drivers, restraints, competitive environment, and other elements. In addition, the domestic market in each region and major countries from those regions are assessed to find the future scope and market potential.
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Musculoskeletal Application Segment to Register Significant Revenue Share
SkyQuest's research findings show that 1.71 billion people worldwide have musculoskeletal disorders. Low back pain emerges as the major cause of disability in 160 nations, and musculoskeletal diseases are the leading cause of disability globally. With the continuous rise in population and aging, the number of people struggling with musculoskeletal diseases and related functional restrictions is constantly increasing. In addition, orthopedic disorders are becoming more prevalent, and more clinical trials are conducted globally. Stem cell research projects are becoming more prevalent, and ample stem cell products are available for treating musculoskeletal issues.
Porter's five forces analysis in the report provides a detailed understanding of the target industry. Statistical models for the market are used to assess and forecast the market data. Furthermore, market research focuses on the latest trends, pipeline products, clinical trials, business environment, and future market forecasts.
Hospitals to Dominate the End-User Segment due to Availability of Well-Resourced Therapeutics
According to SkyQuest's analysis, Europe held a revenue share of 31.2% in the regenerative medicine market in 2021. This share is expected to grow at 17.0% during the forecast period. The expansion can be ascribed to the region's expanding stem cell banking, tissue engineering, and drug discovery industries and high-quality healthcare infrastructure. In addition, governments are emphasizing regenerative medicine's scalability since healthcare organizations have identified it as the most effective treatment for diseases in clinics and hospitals. Asia-Pacific is anticipated to have the fastest CAGR of 27.8% in the upcoming years. The growth attributed to the significant expansion of the healthcare infrastructure in developing nations and rising investment in regenerative medicine research & development,
The research report on the regenerative medicine market is the product of an in-depth analysis of the target market using cutting-edge methods, subject matter experts, and relevant data. In addition, the market report discussed includes in-depth segment and sub-segment analysis to discover the industry's lucrative opportunities.
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Key Developments in Regenerative Medicine Market
- Innervace, a regenerative medicine firm, developed the first implantable bio-fabricated neural pathway to rebuild brain circuitry. It has recently announced that it has raised $40 million in Series A funding. The additional financing managed by Deerfield Management and includes initial investor IP Group, Inc., Penn Medicine, WARF Ventures, and BioAdvance, will hasten the development of Innervace's primary program, which attempts to restore the nigrostriatal pathway in Parkinson's patients.
- ElevateBio, LLC (ElevateBio), a technology-driven firm focused on enabling transformational cell and gene therapies, announced a partnership with CIRM to accelerate the research and development of regenerative medicine as part of CIRM's Industry Alliance Program. Through the collaboration, ElevateBio will give academic institutions and biopharmaceutical businesses that receive CIRM Discovery and Translational Grants access to premium, thoroughly defined iPSC lines.
- Enzyvant, a commercial-stage biotechnology firm that specializes in regeneration treatments for rare diseases, recently announced intentions to build a production facility for regenerative medicines in Morrisville, North Carolina, which is a component of the Research Triangle Park region.
- Astellas Pharma Inc. and Pantherna Therapeutics GmbH had signed a new technology evaluation agreement for research into the development of direct reprogramming-based mRNA-based regenerative medicine programs. With this agreement, a new target organ is added to the terms of the technology evaluation agreement for research that Astellas and Pantherna signed in 2021.
The research report examines numerous prominent companies in the regenerative medicine market, along with information on their capacity, market shares, and recent activities like capacity expansions, plant turnarounds, mergers, and acquisitions. In addition, key players in the sector are involved in activities including new product launches, acquisitions, collaborations, and expansion to advance and develop new solutions and therapies.
Prominent Players in the Regenerative Medicine Market
- 3 M
- Cryo Life Inc.
- Athersys Inc.
- Isto Biologics
- Integra Life Sciences
- Organogenesis
- Medtronic Plc.
- US Stem Cell Inc.
- Stryker Corporation
- Zimmer Biomet Holdings Inc.
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