Over 17.9 million people die of cardiovascular diseases (CVDs) and 9.6 million of cancer each year, says the World Health Organization (WHO). With the mortality rate increasing every year, the global regenerative medicine market revenue is likely to grow to $39,012.0 million by 2030 from $8,186.9 million in 2019, at a 16.3% CAGR between 2020 and 2030.
This is because regenerative medicine is focused on repairing and recreating the tissues and cells destroyed by such diseases. In this regard, the regenerative medicine market is being driven by the rising geriatric population, as the elderly are more prone to chronic diseases than younger people. From 703 million in 2019, the number of people aged 65 and above around the world is set to reach 1.5 billion in 2050, as per the United Nations (UN).
Key Findings of Global Regenerative Medicine Market
- Demand for regenerative medicine rising for COVID treatment
- Mounting chronic disease burden strongest market growth driver
- Regenerative medicine majorly used to treat musculoskeletal diseases
- Emerging economies offering market players vast growth opportunities
- Highest adoption of regenerative medicine witnessed in North America
- Market fragmented due to existence of numerous key companies
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The COVID-19 pandemic initially hurt the regenerative medicine market growth prospects, as most of the non-essential hospital departments were shut down and much of the staff was redirected to COVID care. However, the race to find a novel treatment for the infection has led to a massive increase in the demand for regenerative medicine, especially cell-based therapies, across the globe.
In the past, the regenerative medicine market was dominated by the cell therapy category, based on type. Due to the havoc being wreaked by the COVID-19 pandemic, the number of clinical trials involving cell therapies as a potential treatment has risen manifold in the past few months.
The musculoskeletal category, under the application segment of the regenerative medicine market, is predicted to witness the fastest growth in the coming years. With the rising geriatric population, the prevalence of orthopedic diseases is increasing. Since such diseases often result in the wastage of the muscle and bone, regenerative medicine is proving essential for patients to live a normal life, by helping restore the bone and muscle density.
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In the years to come, the highest CAGR in the regenerative medicine market will be seen in the Asia-Pacific (APAC) region. Economic growth, surging private and public funding in medical research, rising incidence of chronic diseases, increasing population of the elderly, and growing medical tourism industry are driving the market in regional countries.
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The most-significant companies in the global regenerative medicine market are 3M Company, Smith & Nephew plc, Integra LifeSciences Holdings Corporation, Stryker Corporation, Wright Medical Group N.V., Zimmer Biomet Holdings Inc., Amgen Inc., Novartis AG, Allergan plc, Organogenesis Holdings Inc., MiMedx Group Inc., Misonix Inc., Vericel Corporation, Takeda Pharmaceutical Company Limited, and Medtronic plc.