Regenerative medicine is a process where body uses its own system or at times uses foreign biological material to create cells or rebuild tissues and organs. It replaces tissue or organ which are damaged due to certain diseases, trauma, and congenital issues. Regenerative medicine market involves various therapies such as cell therapy, tissue engineering etc. In tissue engineering biologically compatible scaffolds are implanted in the body at the site where new tissue is to be formed. In cellular therapies, harvested adult stem cells are injected at the site of diseased or damaged tissue.
Global regenerative medicine market is segmented based of therapy, product type, application, end user and regions. Factors driving demand for global regenerative medicine market includes increasing the number of approvals by health authority. In addition, manufacturers using advance therapies for development of regenerative medicine and increasing government funding for development of regenerative are other factors expected to drive the growth of global regenerative medicine market over the forecast period. However, stringent government regulations, time and cost incurred in development of regenerative medicine are factors limiting the growth of regenerative medicine market.
Therapy segment includes cell therapy, tissue engineering, immunotherapy, and gene therapy. Gene therapy is expected to witness rapid growth over the forecast period owing the number of products in clinical trials and subsequent launch of the products.
Application segment includes orthopedic & musculoskeletal disorders, dermatology, cardiology, dermatology, diabetes, central nervous system disorders and others. The dermatology segment is expected to witness rapid growth over the forecast period owing to the presence of easy grafting techniques for dermatological diseases and wound.
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Regional segmentation includes North America, Europe, Latin America, Asia Pacific and Middle East and Africa. North America contributes the major market share as compared to other regions. This is attributed to well-developed healthcare infrastructure and presence of dominant players in the region. Furthermore, revenue from the market in the Asia Pacific is expected to continue to grow significantly over the forecast period.
Some prominent players in the global regenerative medicine market are Organogenesis Inc., Osiris Therapeutics, Inc., Pfizer Inc., Novartis AG, Vericel Corporation, NuVasive, Inc., Cook Biotech Inc., GlaxoSmithKline plc. Boehringer Ingelheim GmbH, and Amgen Inc.