According to a new report published by Grand View Research, Recent advancements in biological therapies have resulted in a gradual shift in preference toward personalized medicinal strategies over the conventional treatment approach. This has resulted in rising R&D activities in the regenerative medicine arena for the development of novel regenerative therapies.
Regenerative Medicine Industry Overview
The global regenerative medicine market size was valued at USD 27.29 billion in 2020 and is expected to reach USD 57.08 billion by 2027, growing at a CAGR of 11.27% over the forecast period. The emergence of gene therapy coupled with the developments in stem cell and tissue engineering are expected to fuel the market growth. In addition, increasing regulatory approvals for advanced therapy medicinal products have propelled the market growth. The ongoing COVID-19 pandemic created lucrative opportunities for the operating players owing to the urgent need for the development of new therapies against SARS-COV-2. Several initiatives are being implemented in the cell and gene therapy manufacturing industry, including the T-cell therapy space.
For instance, based on the previous research insights, Singapore-based Duke-NUS medical schools emerging infectious diseases research program demonstrated the utility of these immunotherapies in treating patients with COVID-19 infection. The presence of several programs and continuous investments by government and private agencies to support R&D also accelerate the industrys progress. Like National Institutes of Health (NIH) supports the scientific research community through NIH Regenerative Medicine Program, NIH Stem Cell Libraries & Projects, NIH Stem Cell Unit, and others. Similarly, initiatives adopted by market players to raise finance for the R&D of regenerative medicine support the market progression.
Gather more insights about the market drivers, restrains and growth of the Global Regenerative Medicine market
In addition, companies are collaborating to strengthen their R&D capabilities to develop and commercialize innovative therapies to ensure their availability to their customers locally or worldwide. For instance, in July 2021, Pharming Group N.V. and Orchard Therapeutics collaborated for the development and commercialization of OTL-105, an investigational ex vivo autologous Hematopoietic Stem Cell (HSC) gene therapy for the treatment of Hereditary Angioedema (HAE).
Moreover, technological advancements in stem cell-based therapies have revolutionized the perspective of researchers toward regenerative medicine. Advances in stem cell therapy have accelerated the developments in regenerative medicine. For instance, haematogenic stem cells currently are being used to treat leukemia and blood disorders. Also, nanotechnology is a powerful tool for engineering stem cells and regenerative medicine. With the introduction of new technology, nanofabrication techniques can now allow researchers to develop nanofiber scaffolds.
Regenerative Medicine Market Segmentation
Based on the Product Insights, the market is segmented into Therapeutics, Tools, Banks, and Services.
Based on the Therapeutic Category Insights, the market is segmented into Dermatology, Musculoskeletal, Immunology & Inflammation, Oncology, Cardiovascular, Ophthalmology, and Others.
Based on the Regenerative Medicine Regional Insights, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Market Share Insights:
Key Companies Profile:
Key companies invest heavily in the development of regenerative therapies to meet the demand for unmet clinical needs. The market is highly competitive as the companies are focusing on the introduction of therapies for oncology & age-related degenerative disorders.
Some of the prominent companies in the global regenerative medicine market are:
Order a free sample PDF of the Regenerative Medicine Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research is a full-time market research and consulting company registered in San Francisco, California. The company fully offers market reports, both customized and syndicates, based on intense data analysis. It also offers consulting services to business communities and academic institutions and helps them understand the global and business scenario to a significant extent. The company operates across multitude of domains such as Chemicals, Materials, Food and Beverages, Consumer Goods, Healthcare, and Information Technology to offer consulting services.
Web: https://www.grandviewresearch.com
Media ContactCompany Name: Grand View Research, Inc.Contact Person: Sherry James, Corporate Sales Specialist U.S.A.Email: Send EmailPhone: 1888202951Address:Grand View Research, Inc. 201 Spear Street 1100 San Francisco, CA 94105, United StatesCity: San FranciscoState: CaliforniaCountry: United StatesWebsite: https://www.grandviewresearch.com/industry-analysis/regenerative-medicine-market
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