Regenerative medicines possess the capability to repair, replace, as well as regenerate tissues and organs that are affected by either injury, disease, or ageing process. These medicines have the capability to restore the cells and tissues functionality and can be used in varied range of degenerative diseases such as cardiovascular, dermatology, neurodegenerative disorders, and orthopedic applications. The scientific researchers are focused on developing technologies dependent upon biologics, genes, somatic and stem cells.
The stem cells possess the ability of proliferation and differentiation and thereby they are of vital importance in this sector. Presently, large number of treatments is available for degenerative as well as life-threatening disorders that do not offer cure. However, regenerative medicines possess the ability to either replace or regenerate the tissues as well as organs suffering from disease. Also, the utilization of nano-materials in wound care, drug delivery, as well as immunomodulation provides growth opportunities for the regenerative medicines market.
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Factors promoting the growth of cell-based regenerative medicines market include technical advancements in tissue as well as organ regeneration, rising prevalence of chronic disorders and trauma emergencies, major potential of nanotechnology, and emergence of stem cell technology. Additionally, high incidence of degenerative disorders and organs shortage for transplantation are anticipated to fuel the market growth. The major potential of regenerative medicine to replace, repair, as well as regenerate damaged tissues as well as organs has propelled the market growth. However, rigid regulatory barriers and high treatment cost are likely to hamper the market growth.
The global cell-based regenerative medicines market can be classified based on therapy, applications and region. Further, on the basis of therapy, the cell-based regenerative medicines market is classified into immunotherapy, cell therapy, tissue engineering, and gene therapy. Based upon applications, it is segmented into oncology, orthopedic & musculoskeletal disorders, dermatology, and cardiology.
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Based on regions, the global cell-based regenerative medicines market is divided into North America, Europe, Asia-Pacific (APAC), Middle East & Africa (MEA), and Latin America. The North American region is highly attractive region in the global regenerative medicines market. This region is anticipated to be highly preferred for new entrants owing to the rising end-user applications. This region’s market is in its growing phase and is anticipated to demonstrate high potential in future, as majority of the therapies are in the final phase of clinical trials. This demonstrates the companies’ intervention for regenerative medicine products commercialization. The rising need of regenerative medicine products leads to favorable regulatory and reimbursement policies of government authorities.
However, stringent regulatory policies related to stem cell technologies have lead to major challenges for the embryonic stem cells adoption due to ethical issues as well as controversies pertaining to its source; thereby, hindering the market growth. There has been an increase in consumer awareness related to the regenerative medicine benefits in the recent years that has led to high demand. The major companies that provide regenerative medicines include Acelity (KCI Concepts), Cook Biotech Inc. Organogenesis Inc., Vericel Corporation, Osiris Therapeutics, Inc., and NuVasive, Inc., Medtronic , Stryker Corporation, Integra LifeSciences, and C.R. Bard.
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