Regenerative Market is estimated to reach revenue of $83 billion by 2023 with an anticipated growth of CAGR 23.9% during 2018-2023
North America established with major share and growth in the Regenerative Market
North America held a major share in global regenerative medicine market, followed by Europe and Asia-Pacific region in terms of revenue. The North American market is estimated to grow at a CAGR of 23.30% to reach revenue of $31.19 billion by 2023 from $8.87 billion in 2017. U.S. is slated to grow at significant growth rate, owing to the rising demand for tissue-engineered and stem cells products for the treatment of various genetic diseases. Europe is the second leading region to grow at a CAGR of 21.44% to reach revenue of $20.64 billion by 2023 from $6.4 billion in 2017. U.K. holds significant share in the regenerative medicine market among all the countries, and is set to witness remarkable growth in the coming future. Asia-Pacific region is estimated to witness fastest progress in terms of revenue, with a CAGR of 27.27% and to reach $19.4 billion by 2023. China and India are rapidly increasing due to aging population and per capita healthcare overheads, rising consumer awareness and higher focus on research in regenerative medicines.
Selected Therapy and Materials Weight done in the full Report:
- The Regenerative Medicine Market is segmented into therapy, which consists of five types. Among all the segments, Cell therapy dominated the regenerative medicine market in 2017 with revenue of 10.8 billion. The stem cell therapy market is expected to grow at a CAGR of 23.3% to reach revenue of $47.08 billion by 2023, whereas tissue engineering is foreseen to grow at a CAGR of 24.6% during the forecast period. The tissue engineering therapy accounted for revenue of $5.9 billion in 2017, and present finding says the market will reach revenue of $24.06 billion and lead second in the market. In tissue engineering, demand for synthetic tissue materials is currently in elevation, due to its higher efficiency as compared to other naturally derived materials. The total market for tissue engineering usually prefers biologics derivative materials, as they are created to provide better outcomes during procedures.
Excerpts on Market Growth Factors
- Tissue engineered and stem cell products having great potential for these medicines in regenerating diseased organs is one of the key factors driving the market in the U.S. The stem cell application and advancement in nanotechnology are set to bolster the market growth in the coming years.
- The use of Nano scale materials in medicine delivery, and immunomodulation process has unlocked growing opportunities for the regenerative drugs market.
- The potential of regenerative medicine functions towards repair, replace, and stimulate broken tissues and organs are relevant in a wide range of neurodegenerative diseases, dermatology, orthopedic and cardiovascular applications has made things better towards market growth.
Key players of the Regenerative Market
Vertex Pharmaceuticals Incorporated, Medtronic Plc, Acelity L.P. Inc., Smith & Nephew Plc and Nuvasive, Inc. are considered to be the dominant players of the regenerative medicine market. Smith & Nephew Plc offers products in advanced wound management, Orthopedic reconstruction, Sports medicine and Trauma and Extremities. Acelity L.P. Inc. is known for Plastic and Reconstructive Surgery, Abdominal Surgery, Incision Management, Epidermal Harvesting and Animal health. It is followed by Vertex Pharmaceuticals Incorporated, which serves the market with its products such as Cystic fibrosis, pain, spinal cord injury, oncology, influenza. These companies have wide range of products, along with services for the requirements of industry verticals, and expanding their relevant positions in the market.
- Telemedicine Technologies Market: By Category (Software, Hardware, Network); By Applications (Telecardiology, Teleradiology, Telepathology,Telepsychiatry, Dermatology) & By Region (Asia-Pacific, Europe, Others) - Forecast(2018 - 2023)
- IoT in healthcare Market: By Components (Medical Device, System and Software, Service, and Connectivity Technology), By Application (Telemedicine, Workflow Management, Connected Imaging and Medication Management) & By Geography - Forecast(2018 - 2023)