Fort Collins, Colorado, Oct. 08, 2023 (GLOBE NEWSWIRE) -- DataHorizzon Research published a report titled, "Regenerative Medicine Market Size, Growth, Share, Statistics Report, By Product Type (Cell Therapy, Gene Therapy, Tissue Engineering, Small Molecule & Biologic), By Material (Synthetic, Biologically Derived, Genetically Derived), By Application, By Region, and Segment Forecasts, 2023-2032."
According to DataHorizzon Research, the regenerative medicine market size was valued at USD 18.3 Billion in 2022 and is expected to reach a market size of USD 100.9 Billion by 2032 with a CAGR of 18.7%.
Regenerative medicine is an emerging field of healthcare that focuses on developing innovative treatments to replace or regenerate damaged tissues or organs in the body. It combines the principles of biology, engineering, and medicine to restore the structure and function of damaged tissues and organs.
The main goal of regenerative medicine is to stimulate the body's natural healing process and promote tissue regeneration. It involves various techniques to repair or replace damaged tissues and organs, including stem cell therapy, tissue engineering, gene therapy, and transplantation. These approaches aim to address the limitations of traditional medical treatments by providing long-term solutions rather than managing symptoms.
Increasing incidences of age-related diseases and degenerative conditions. Regenerative medicine effectively addresses the complex healthcare needs of the aging population by providing therapies that restore organ function and improve the quality of life. Regulatory agencies in several countries have recognized the potential of regenerative medicine and have implemented supportive regulations to facilitate its development and commercialization. These regulations streamline the approval process for regenerative medicine products, encouraging investment and fostering market growth.
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Segmentation Overview:
The global regenerative medicine market has been segmented into product type, material, application, and region. The musculoskeletal segment accounted for a significant market share in 2022 and is projected to attain a prominent position in the forthcoming years. Based on the product, the tissue engineering segment is expected to register significant demand by 2032. The rise in road accidents and demand for cosmetic surgeries account for the high growth.
North America is a leading region in the regenerative medicine market owing to the established healthcare infrastructure and robust research and development activities. Besides the high prevalence of chronic disease in the population triggers the need for medical treatments. Moreover, stringent regulatory frameworks and favorable reimbursement scenarios have impelled the market growth in this region.
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Regenerative Medicine Market Report Highlights:
- The global regenerative medicine market growth is anticipated at a CAGR of 18.7% by 2032.
- The regenerative medicine market growth is significantly driven by the rising prevalence of chronic diseases such as cardiovascular diseases, diabetes, neurodegenerative disorders, and orthopedic conditions, a significant driver for the regenerative medicine market.
- Cell therapy accounted for a significant share in 2022 and is projected to attain significant growth in the following years.
- The musculoskeletal segment accounted for a significant share in 2022 and is estimated to remain dominant in the forthcoming years.
- Some prominent players in the regenerative medicine market report include AstraZeneca plc, F. Hoffmann-La Roche Ltd., Integra Lifesciences Corp., Astellas Pharma, Inc., Cook Biotech, Inc., Bayer AG, Pfizer, Inc., Merck KGaA, Abbott, Vericel Corp., Novartis AG, GlaxoSmithKline (GSK), Baxter International, Inc., Boehringer Ingelheim, Amgen, Inc., Cesca Therapeutics, Inc., U.S. Stem Cell, Inc., Bristol-Myers Squibb, Eli Lilly and Company, NuVasive, Inc., Organogenesis, Inc., MiMedx Group, Inc., Takara Bio, Inc., Osiris Therapeutics, Inc., and Corline Biomedical AB.
Industry Trends and Insights:
- The University of Southern California has partnered with leading regenerative medicine institutes in the region to cater to patients with unmet medical needs. The objective is also to develop laboratory discoveries and research base for stem cell research companies in Los Angeles.
- The China National Intellectual Property Administration awarded a core patent to Jointechlabs Inc., a regenerative medicine solutions company. The company has also partnered with Bangyi Medical Technology Co Ltd to facilitate China's plastic surgery and orthopedic sports medicine market.
- Lynch Regenerative Medicine has launched Lynch Regenerative Medicine, a novel advanced biotherapeutics skincare company that supplements the medical demands of patients.
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Regenerative Medicine Market Segmentation:
- By Product: Cell therapy, gene therapy, tissue engineering, small molecule & biologics
- By Material: Synthetic material, biologically derived material, genetically derived material, pharmaceutical.
- By Application: Cardiovascular, oncology, dermatology, musculoskeletal, wound healing, ophthalmology, neurology.
- By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
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DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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