Increasing cases of cancer patients is expected to drive the global regenerative medicine market. The Global Regenerative Medicine Market was valued at USD 19.2 Bn in 2020 and is expected to reach USD 66.4 Bn by 2027, growing at a CAGR of 22.70% during the forecast period.
Increasing awareness and adaptation of regenerative medicine due to the increasing prevalence of cancer and genetic disorders are the propelling factors for the growth of the global regenerative medicine market. Moreover, the presence of a robust and strong pipeline and approval of new products and therapies of regenerative medicine in the market are the fueling factors for the growth of the market. Additionally, advancement in technologies for the development and improvement of regenerative medicine products is the boosting factor for the growth of the global market. Growing government investments to develop regenerative medicines that drives the growth of the market.
The global market is expected to grow at a significant growth during the forecast period. The factors that are contributing to the growth of the market are growing chronic disorder across the globe coupled with growing research funding on genomic research. Genetic testing can determine the risk of cancer and other diseases. According to the National Cancer Institute, in 2018, it is estimated that around 1.73 million new cases of cancer will be diagnosed in the US. There has been a sudden increase in the R&D of cancer immunotherapies especially after the approval of the first checkpoint inhibitor in 2011. As a result, genomic research institutes have also enabled their research in the development of regenerative medicine for oncology.
However, ethical, and social concerns are associated with the use of embryonic stem cells in research and development which is the major restraining factor for the growth of the market. Further, strict laws and regulation by the government for approval of regenerative medicine is the hampering factor for the growth of the market. Increasing demand for organ transplantation and implementation of the 21st century cures act can create a lucrative opportunity for the growth of the targeted market. However, the less skilled professionals available which is the major challenge for the growth of the global market.
By Region
In terms of geography, the North America region accounted the major share of the global regenerative medicine market. This is owing to the presence of necessary infrastructure, and skilled professionals countries in the region. Moreover, high funding available for research and development activities is another factor supporting North America market. However, Asia-Pacific region shows promising growth of the regenerative medicine market. This is particularly due to the large patient population base, high prevalence of chronic diseases in Asian countries such as Japan, China, and India. Half of the global incidence of cancer is projected to occur in Asia with 22% in China and 7% in India only that further provide the opportunity for market growth. According to NICPR (National Institute of Cancer Prevention and Research), India recorded 3.9 million cancer cases in 2016. Cancer is the major cause of deaths in the country. Poor economic conditions are supporting the number of deaths caused by cancer. Absence of proper diagnostic centres for the huge population is also the key contributing factor for the prevalence of cancer in the country.
The Global Regenerative Medicine Market Segmentation:
Global Regenerative Medicine Market, by Type Outlook (Revenue, USD Billion, 2021-2027)
Global Regenerative Medicine Market, by Applications Outlook (Revenue, USD Billion, 2021-2027)
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The key players operating in the regenerative medicine market are:
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