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Jul
22
Sandeep Singh Dhillon
Global Regenerative Medicines Market to be worth USD 49.41 billion by 2021 – MIMS Malaysia
Pharma Extra, Pharma News
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The global regenerative medicines market is expected to increase at a Compound Annual Growth Rate (CAGR) of 23.7% during the period of 2016-2021, Research and Markets reports.

Currently, the market is worth USD 17.06 billion and is forecasted to reach USD 49.41 billion by 2021.

Regenerative medicine is a new branch of medicine, attempting to change the course of chronic diseases and organ transplantation. It is part of tissue engineering and molecular biology, which deals with the process of replacing, engineering or regenerating human cells, tissue or organs to restore or establish normal function.

The regenerative medicines market is segmented based on product, therapy, application and region, with the cell-based product segment forecasted to register the highest growth rate. This is due to the increase attributed to a variety of products and technologies and the rise in demand of organ transplantation, urging the search for other alternatives.

Based on therapy, the regenerative medicines market is segmented into cell therapy, gene therapy, immunotherapy and tissue engineering, with the cell therapy segment forecasted to consist of the largest share of the market in 2016.

With the increasing global awareness about the benefits of stem cell therapies, there is a growing inclination of the healthcare industry and government support towards stem cell research. Stem cells are able to develop – through a process called differentiation- to any type of cell such as the brain cell or lung cell, therefore it is a key component of regenerative medicine.

In application, cardiovascular and oncology segments are on the rise due to the growing cases of cancers and cardiovascular diseases especially in the United States.

Geographically, the market is dominated by North America, with most companies being major stakeholders such as Celgene Corporation, Stem Cells Inc., Organogenesis Inc., among others, followed by Europe, Asia-Pacific and the Rest of the World. In the North American segment, the report shows that market growth is primarily driven by rising incidences of cancer, increasing government support, expanding biopharmaceutical industry and the launch of new products in the market.

Overall, the major factors contributing to the growth of the regenerative medicine market include the rise in regulatory approvals for cell culture-based products, increasing government support in forms of funding for cell-based research and technological advancements.

However, the high cost of research and lack of infrastructure, especially in countries with emerging economies, are the major factors restraining the growth of this market.



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