New York, Feb. 09, 2023 (GLOBE NEWSWIRE) -- According to The Insight Partners, “Regenerative Medicine Market Size, Share, Growth, Trends and Global Forecast to 2028 - COVID-19 Impact and Global Analysis by Type (Cell-Based Immunotherapy and Cell Therapy Products, Tissue-Engineered Products, and Gene Therapy Products), Application (Musculoskeletal Disorders, Wound Care, Oncology, Ocular Disorders, and Diabetes), and Geography”; The global regenerative medicine market demand is driven by technological advancements in the field of regenerative medicine and growing number of approvals for cell and gene therapies.
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Global Regenerative Medicine Market – Report Scope:
| Market Size Value in | USD 11.77 billion in 2021 |
| Market Size Value by | USD 37.48 billion by 2028 |
| Growth rate | CAGR of 17.9% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2021 |
| No. of Pages | 201 |
| Historical data available | Yes |
| Segments covered | Type, Application, and Geography |
Regenerative Medicine Market – Key Insights:
Regenerative medicine allows scientists to grow tissues and organs in laboratory and safely implant them in the body when it cannot heal itself. It is an innovative field of medicine that develops methods for replacing/regenerating human cells, tissues, or organs to restore normal functions. It can heal tissues or organs by stimulating body's own repair mechanisms.
The market growth is attributed to key driving factors such as increasing adoption of gene therapies, stem cell therapies, and tissue engineering; growing number of approvals for cell and gene therapies; and technological advancements in the field of regenerative medicine. However, the high cost of these therapies is hampering the market expansion.
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Global Regenerative Medicine Market: Competitive Landscape and Key Developments
The regenerative medicine market includes many small and big companies. Market players are adopting various strategies to increase their market shares; these include new product launches, regional expansion, and technological advancements.
Integra LifeSciences; Gilead Sciences, Inc; Novartis AG; Vericel Corporation; Wright Medical Group N.V.; MiMedx Group; Osiris Therapeutics, Inc.; Stryker Corporation; Spark Therapeutics, Inc.; and Medtronic plc are among the key players operating in the regenerative medicine market. The companies adopt product innovation strategies to meet the evolving customer demands globally, allowing them to maintain their brand name in the global regenerative medicine market.
A few of the recent developments by the market players in the regenerative medicine market are mentioned below:
In April 2022, Autolus Therapeutics plc received Regenerative Medicine Advanced Therapy designation from the US Food and Drug Administration (FDA) for obecabatagene autoleucel—a CD19-directed autologous chimeric antigen receptor T therapy that is being investigated in the ongoing FELIX Phase 2 study of Leukemia.
In April 2022, Metcela acquired Japan Regenerative Medicine Co., Ltd., which focuses on developing cardiac stem cell-based therapy. With this acquisition, Metcela will strengthen its product portfolio by adding autologous cell product for pediatric congenital heart disease to its pipeline.
In August 2020, Cipla Limited and its partner Stempeutics Research Pvt. Ltd received regulatory approval from the Drug Controller General of India (DCGI) for the launch of Stempeucel in India. Globally, Stempeucel is the first stem cell product approved to treat critical limb ischemia (CLI).
In February 2020, Integra LifeSciences Holding Corporation, a leading global medical technology company, launched AmnioExcel Plus Placental Allograft Membrane—a wound care offering that supports soft tissue repair.
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Growing Government Support for Stem Cell Research
The Government of India conducts stem cell research through various institutions and national funding agencies such as Department of Biotechnology (DBT), the Indian Council of Medical Research (ICMR), and Department of Science and Technology. Owing to the robust research in regenerative medicine, it has led to the establishment of state-of-the-art infrastructure at over 40 premier health research and educational institutes. In 2021, the ICMR funded US$ 377,029.92 for stem cell research. In India, the DBT supports research projects for gene editing technology and its potential therapeutic applications such as biology of stem cells, early and late translational research, and creation of animal models for various human diseases. The DBT funded ~US$ 8.98 million in 2022 for stem cell research. Further, the US government approved the California Stem Cell Research, Treatments, and Cures Initiative of 2020. The initiative authorizes US$ 5.5 billion in state general obligation bonds to fund stem cell research, stem cell therapy development, and stem cell therapy delivery in California. In 2019, Stem Cell Therapies Mission was launched by the Australian Government Department of Health. It is a 9-year research funding program, which invests nearly US$ 150 million, to develop safe and effective regenerative therapies for incurable diseases by using stem cells.
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