In contrast to the present clinical strategy, which emphases particularly on treating symptoms, regenerative medicine aims to restore tissue or organs that have been damaged by congenital abnormalities, trauma, or disease. Tissue engineering, medicinal gadgets, cellular therapy, and artificial organs are among the technologies employed to achieve these goals.
The global regenerative medicines market is flourishing with the increasing cases of cancer and genetic disorders. The incidence and occurrence of severe diseases such as cardiovascular disease, diabetes, cancer, ulcers, and genetic abnormalities such as cystic fibrosis have risen dramatically over the last several decades all across the world. Diabetes and heart disease can increase the frequency and complexity of wounds such as infections, ulcerations, and surgical wounds, all of which necessitate treatment and lead to astronomical medical costs. Also, excellent treatment outcomes with medically challenged diseases are expected to boost market growth. On the other hand, high investment required in research and clinical trials can hinder the growth of the market. However, government initiatives such as the execution of the 21st-century cures act may lead the market growth over the forecast period.
The global regenerative medicines market is categorized into product, application, and region. The product segment of the market is bifurcated as tissue engineering, cell therapies, gene therapy, stem cell therapy, and others. The applications of regenerative medicines comprise musculoskeletal, wound care, oncology, ocular, dental, and others.
North America is likely to hold the lion share in the global regenerative medicines market. This is primarily due to increased spending on research and development in the healthcare sector. For the last couple of decades, North America is at the frontline of healthcare research, and the profound nature of research organizations and the pharma sector in the region is supporting the expanse of the market. The US is expected to remain the largest revenue contributor in the regional market over the forecast period. Europe is another leading market for regenerative medicines; increasing government support to advance the regenerative medicines field is likely to support the market growth in the region. Asia Pacific is projected to be the most lucrative regional market for the expansion of regenerative medicines over the forecast period. Key factors including the well-established healthcare sector, government funding to R&D, and less complex federal structure for medical drug or device approval are strongly supporting the market growth in the region.
Key players operating in the global regenerative medicines market include 3M, Allergan plc, Amgen, Inc., Aspect Biosystems, bluebird bio, Kite Pharma, MEDIPOST Co., Ltd., Medtronic plc, Anterogen Co., Ltd., Integra LifeSciences Holdings, MiMedx Group, Misonix, and Novartis AG among others. For instance, AmnioExcel Plus Placental allograft membrane was released by Integra Lifesciences in February 2020.
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