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The global regenerative medicine market is being driven by the rising incidences of bone replacement and other surgeries and the rapid advancement in the field of tissue engineering. The rise in the number of clinical trials, supported by both the government and private organisations, is further contributing to the market growth.
North America dominates the industry, accounting for a significant share in the global regenerative medicine market. The industry growth in the region can be attributed to the increased penetration of the key players, and the availability of advanced research institutes and technologies. Researchers supported by the National Institutes of Health (NIH), a component of the U.S. Department of Health and Human Services, developed a clinical-grade stem cell line in 2016, having the ability to boost the advance of new medical applications and cell-based therapies for diseases like Alzheimer’s disease, Parkinson’s disease, spinal cord injury, diabetes, and muscular dystrophy. The Asia Pacific is expected be one of the major emerging markets for regenerative medicines over the forecast period owing to the rising population and increased government expenditure in the research sector.
Continuous development in the field of minimally invasive surgical (MIS) procedures by the manufacturers is leading to the increased prevalence of such surgeries, which will further drive the demand for regenerative medicines. In September 2020, Integra LifeSciences Holdings Corporation (NASDAQ: IART), a global leader in medical technology, announced the acquisition of Rebound Therapeutics, manufacturers of single-use medical devices with integrated optics and illumination capability, providing minimally invasive access for therapeutic and diagnostic use in neurosurgery. This acquisition will allow Integra to further develop innovative products to address unmet needs in neurosurgery, thus helping surgeons improve the standard of care, and in turn, boost the sales of regenerative medicines. Such developments are expected to aid the growth of the regenerative medicine industry globally in the forecast period.
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The major players in the global regenerative medicine market are Novartis AG, Vericel, Mimedx Group, Integra Lifesciences, Stryker, Wright Medical, Spark Therapeutics, Osiris Therapeutics, Kite Pharma (Subsidiary of Gilead Sciences), and Organogenesis, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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