What’s the Market for Regenerative Medicine?
Regenerative medicine can potentially treat any ailment that afflicts the human body. The ability to repair, regenerate and replace tissue means that injury, disease, and the natural aging process are all conceivably treatable or reversible. This field of medicine holds particular promise in degenerative disorders. Widespread applications of regenerative medicine across body systems—neurology, cardiology, dermatology, and orthopedics—are the subjects of scientific study.
Currently, available treatments for life-threatening and degenerative conditions are often symptomatic or palliative. Regenerative medicine could change all that. Genes, somatic cells, biologic materials, and stem cells have the ability to regenerate or replace diseased and injured tissue and treat the underlying cause of the disease. Advances in wound care, nanotechnology for drug delivery, and immunomodulation are all opportunities that have made the market for regenerative medicine so exciting.
The market is growing because there is increasing evidence that stem cell treatments and nanotechnology are the answer to a variety of chronic diseases that affect us. In addition, the rising prevalence of “lifestyle” diseases has forced researchers to re-examine their treatment. New surgical technology and innovative monitoring devices are changing the face of trauma and emergency care. The shortage of organs for transplant has further focused attention on regenerative medicine.
The regenerative medicine market is growing by leaps and bounds because emerging economies and developing nations, where a large percentage of the world’s population lives, are rapidly adopting technologically advanced treatments. The sheer number of people living in these countries has led to a worldwide expansion in the market. The only factors holding back progression are the high cost of treatments, stringent regulations, and operational inefficiencies.
A recent analysis has forecasted that by the year 2022 the global regenerative medicine market will be worth more than $30 billion. The report looked at various segments in the market such as products, materials, and applications, and analyzed them based on geography. Under products, for instance, the report studied the market for gene therapy, cell therapy, tissue engineering, and biological materials. It was no surprise that cell therapy was the dominant sector owing to its ability to restore function in any diseased or damaged tissue. Because of its potential to stimulate native cells to regain regenerative potential, it is anticipated that the market for small molecules and biologics will grow at a compound annual growth rate of more than 34 percent up to the year 2022.
The report also analyzed the market for different materials such as biological, synthetic, genetically engineered, and pharmaceutical. In 2015, biologic materials had a 50 percent market share, and it is expected they will retain their position in the five-year analysis period. The unique properties of these materials, which allow cellular manipulation by controlling proliferation, interaction, and differentiation, are responsible for their increasing demand.
Based on the application of regenerative medicine, the report analyzed various segments such as neurology, oncology, cardiovascular, ophthalmology, and musculoskeletal. Whereas in 2015 the musculoskeletal segment had the largest market share, it is estimated that the cardiovascular segment will grow the fastest at a compound annual growth rate projected at more than 35 percent.
Based on geographical distribution, North America will continue to dominate the market owing to its sophisticated infrastructure and rising incidence of chronic conditions. However, the analysis revealed that the region with the maximum potential for growth is Asia Pacific with a projected CAGR of nearly 40 percent. This is because of a large population base and the vast potential of improving infrastructure and meeting currently unmet needs in healthcare.
References:
- http://www.medgadget.com/2016/09/regenerative-medicine-market-trends-and-industry-forecast-2016-2022.html
