Regenerative medicines now represents a new phase shift in human health and the potential to resolve medical needs by determining the fundamental cause of the diseases. Hence, the field stimulates other practices of medical world to a significant extent.
The market is driven by increase in prevalence of accidents, trauma, and rise in adoption of stem cell technology and enhancement in monitoring devices. Surgical advancements in certain markets proves to be a boon for patients. Other factors such as change in lifestyle, surge in demand for organ transplantation due to road accidents and mishaps and rise in chronic ailments contribute to the regenerative medicine market development.
Product types such as gene therapy, cell therapy, small molecule and tissue engineering dominate the regenerative medicine market. Cell therapy segment enjoys a significant market share in the near future because of increased R&D activities in the cell therapy domain. Interest of institutions in R&D for cell therapy and efficiency augmentation via therapeutics.
The material type segmentation for regenerative medicine market includes biologically derived material, genetically engineered material, pharmaceutical and synthetic material. Biologically derived material is likely to gain a significant market share in the forecast period due to
Applications under regenerative medicine market includes dermatology, musculoskeletal, ophthalmology, neurology and wound healing.
North America and Europe market have a dominant market position in the global market due to rise in investments in oncology research and stem cell. Use of advanced technology for R&D activities is a major factor responsible for the market growth in United States.
European market is highly stimulated by stem cell research and occurrence of flexible regulations for cell-based regenerative therapies. Presence of well-developed research facilities and development of novel drugs and therapies is likely to boost the economic growth in these regions.
Asia-Pacific regions enjoy a leading position owing to availability of clinical resources and flexible norms and regulations. The APAC market attributes for an upward traction owing to rise in government support for R&D and public-private investments for regenerative therapies.
Prominent players in the regenerative medicine market include MiMedx, Integra LifeSciences Corporation, F.Hoffman-La Roche Ltd, Merck & Co Ltd, AstraZeneca, Koninklijke Philips N.V., Pfizer Inc, Baxter and Nuasive Inc.