Wilmington, Delaware, Nov. 14, 2023 (GLOBE NEWSWIRE) -- Allied Market Research recently published a report, titled, “Regenerative Medicine Market by Product Type (Gene Therapy, Cell Therapy, Tissue Engineering, and Small Molecule & Biologic), by Material (Biologically Derived Material, Synthetic Material, Pharmaceuticals, and Genetically Engineered Material), by Application (Dermatology, Cardiovascular, Oncology, Musculoskeletal, Neurology, Wound Healing, Ophthalmology, and Others) and by End User (Hospitals, Ambulatory Surgical Centers, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030.” According to the report, the global regenerative medicine industry is expected to endorse at $83,196.72 million by 2030, having witnessed a value of $10,107.32 million in 2020, exhibiting a notable CAGR of 23.4% from 2021 to 2030.
Prime Factors Influencing the Market Growth:
The global regenerative medicine market is experiencing significant growth, attributable to the high adoption of stem cell technology, the increase in the usage of nanotechnology, the rise in chronic diseases and trauma emergencies, and recent developments in the field of medical equipment technology. However, some ethical concerns and expensive treatments of regenerative medicines restrict the market growth. On the contrary, the growth of the potential of the emerging economies is anticipated to generate lucrative opportunities for market growth in upcoming years.
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Recent Developments in the Regenerative Medicine Market
- In February 2021, Bristol Myers Squibb announced that the U.S. Food and Drug Administration (FDA) has approved Breyanzi (lisocabtagene maraleucel; liso-cel), a CD19-directed chimeric antigen receptor (CAR) T cell therapy for the treatment of adult patients with relapsed or refractory (R/R) large B-cell lymphoma (LBCL) after two or more lines of systemic therapy.
- In October 2020, Novartis announced the receipt of marketing authorization from Japan Ministry of Health, Labor and Welfare (MHLW) for Foundation for Biomedical Research and Innovation at Kobe ("FBRI") to manufacture and supply commercial Kymriah (tisagenlecleucel) for patients in Japan. This approval makes FBRI the first and only approved commercial manufacturing site for CAR-T cell therapy in Asia.
- In October 2022, Astellas Pharma Inc. and Pantherna Therapeutics GmbH announced that the companies have entered into a new technology evaluation agreement for research to generate mRNA-based regenerative medicine programs using direct reprogramming (transdifferentiation).
- In March 2021, Bristol Myers Squibb and bluebird bio, Inc. announced that the U.S. Food and Drug Administration (FDA) has approved Abecma (idecabtagene vicleucel; ide-cel) as the first B-cell maturation antigen (BCMA)-directed chimeric antigen receptor (CAR) T cell immunotherapy for the treatment of adult patients with relapsed or refractory multiple myeloma.
The cell therapy segment to maintain its leadership status throughout the forecast period-
By product type, the cell therapy segment dominates the largest market share in 2020, contributing to more than three-fifths of the global regenerative medicine market revenue, and is expected to maintain its leadership status throughout the forecast period. This is because of the rise in cardiovascular surgeries across the world. However, the gene therapy segment would display the fastest CAGR of 24.7% from 2021 to 2030. This is due to the rise in the number of chronic diseases.
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The synthetic materials segment to lead the trail during the forecast period-
By material, the synthetic materials segment garnered the major market share in 2020, acquiring nearly one-third of the global regenerative medicine market revenue, and is projected to lead the trail during the forecast period. On the other hand, the pharmaceuticals segment would portray the highest CAGR of 23.8% from 2021 to 2030. This is because of a robust product pipeline.
North America garnered the major market share in 2030-
By region, North America held the highest market share in 2020, holding nearly half of the global regenerative medicine market revenue, and is expected to maintain its dominance throughout the forecast period. Simultaneously, the Asia-Pacific region would exhibit the fastest CAGR of 25.5% from 2021 to 2030. The growth is attributed to an increase in the utilization of regenerative medicinal products, the growth in R&D activities for the development of new products, and an increase in healthcare sector investments.
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Prominent Players in the Industry-
- Organogenesis, Inc. (Advanced Biohealing)
- Acelity Holdings, Inc.
- Zimmer Biomet Holdings, Inc.
- Stryker Corporation
- CryoLife, Inc.
- Isto Biologics (Isto Biologics Medical Systems, Inc.)
- Medtronic Plc.
- Athersys, Inc.
- U.S. Stem Cell, Inc. (Bioheart, Inc.)
- Integra Lifesciences Holdings Corporation
This report provides a complete review of the prominent players in the global regenerative medicine market. They have embraced various strategies, such as launching new products, entering partnerships, expanding their geographic reach, and establishing joint ventures, to gain a competitive advantage and lead the position in various regions. It also highlights the competitive dynamics in the market, the overall performance of the company, the most prominent segments, the portfolio of products, and the strategies employed by the major players.
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