Regenerative Medicine Market Trends, Share, Growth Drivers and Forecast by 2023
Regenerative medicine is a comparatively new area of science that involves the restoration of damaged cells, tissues or organs by applying cell therapy, tissue engineering, immunotherapy or gene therapy techniques. On contrary to the present clinical therapeutics that act on slowing the disease progression or relieve symptoms, regenerative medication has a promising therapeutic approach of restoring the function and structure of damaged organs and tissues.
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The global regenerative medicine market is expected to witness significant growth during the forecast period (2017–2023), due to the increase in the prevalence of chronic diseases, orthopaedic injuries, genetic disorders, growing aging population, increasing government funding along with the private funding in the research & development of regenerative medicines with the advancement in nanotechnology based drug delivery system, and moderate healthcare reforms. Currently, major breakthrough in the area is the development of tissue engineered trachea, transplantation of retinal pigment differentiated by stem cell based therapy to treat age-related macular degeneration. However, recently research labs have started to focus on regenerating solid organs such as heart, kidney, lungs and other organs to curb the problems associated with organ transplantation.
The rise in number of regulatory approvals of regenerative medications is expected to further drive the regenerative medicine market during the forecast period. Moreover, there has been strategic partnership between many companies that has encouraged increased involvement of these companies in the global market. Improvised drug delivery systems for regenerative medicines is also expected to contribute to the growth of the global market.
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Orthopaedic and musculoskeletal disorders, dermatology, cardiology, oncology, diabetes, and central nervous system diseases are the key application areas of regenerative medicine. Orthopaedic and musculoskeletal disorders was the largest application in the global market in 2016, due to the high incidence of accidents and injuries registered, and its application as therapeutic approach to congenital disorders. Oncology is expected to be fastest growing application in the global market, due to the rise in prevalence of cancer cases globally.
Technological innovations in the area of stem cell therapy and tissue engineering has led to rapid growth of the regenerative medicine market size. The key factors which drive the growth of the global market include increase in the demand of orthopaedic surgeries, government healthcare reforms in certain countries such as the U.S. and Canada, aging population, rise in chronic diseases, increasing prevalence of bone and joint diseases, and innovations in nanotechnology that aids in drug delivery mechanism.
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Key companies are acquiring other companies to strengthen their regenerative medicine market share. For instance, in August 2016, Medtronic Inc. had acquired Heart Ware International, Inc., that offers less-invasive, miniaturized, mechanical circulatory support (MCS) techniques as an advanced heart failure treatment. This acquisition was aimed at increasing the working efficiency of the company and to broaden its product portfolio.
Some of the other key players operating in the global market include Acelity L.P. Inc., NuVasive Inc., Vericel Corporation, Osiris therapeutics Inc., Integra Lifesciences Corporation, Stryker Corporation, Cook Biotech Incorporated, Organogenesis Inc., and Japan Tissue Engineering Co. Ltd.
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