Regionally, the global regenerative medicine market is segmented into five major regions including North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa. Among the markets in these regions, the market in North America is estimated to hold leading market share throughout the forecast period and further attain a revenue of USD 69,194.25 Million in 2029. The market in Europe is projected to hold second leading stance and further garner a revenue of USD 56,682.0 Million in 2029 owing to the increasing cases of oncology and heart related diseases. In North American region, the United States is projected to generate significant growth opportunities for the market growth by attaining a revenue of USD 17,406.6 Million in 2021. The market in the U.S. is expected to hold 84.78% of the market share of the regenerative medicines market in North America in 2029, majorly owing to presence of major market players across U.S., such as, Integra LifeSciences Corporation, Sangamo, Zimmer Biomet and others, along with the presence of a strong healthcare infrastructure. The growing incidences of diseases related to oncology and cardiology are further estimated to boost the demand for regenerative medicines in the U.S. during the forecast period. Moreover, growing research and development practices, along with the increase in ambulatory surgical centers in the country are anticipated to influence the regenerative medicines market positively in the coming years.
The market in Europe is segmented on the basis of country into Germany, U.K., France, Italy, Spain, Turkey, Russia, and Rest of Europe, out of which, the market in Germany is anticipated to hold the largest market share of 23.28% in the year 2029 and further attain a revenue of USD 15502.53 Million in the same period. Growing healthcare expenditure in the country, along with the increasing focus of the government on prioritizing healthcare services for its citizens, and the need for qualitative healthcare services amongst individuals are some of the major factors anticipated to drive the market growth in the country.
The global regenerative medicine market is segmented by therapy into cell therapy, gene therapy, tissue engineering, small molecule & biologic, and others. Out of these, the cell therapy segment is expected to hold the largest market share throughout the forecast period and further attain a revenue of USD 100,165 Million by the end of 2029, up from USD 19,608.88 Million in 2020. The segment is also anticipated to grow with the highest CAGR of 17% during the forecast period. Based on material, the market is segmented into synthetic material, biologically derived material, genetically engineered material, and others, out of which, the biologically derived material segment is expected to register the largest revenue of USD 76715 Million by the end of 2029 by growing with the highest CAGR of 17.52% during the forecast period. The biologically derived material segment is further segmented into collagen, xenogenic material, and other, out of which, the collagen segment is expected to grab the largest market revenue of USD 41809.68 Million by the end of 2029. The segment is also expected to grow with the highest CAGR of 18.92% during the forecast period. Based on application, the market is segmented into cardiovascular, oncology, dermatology, musculoskeletal, wound healing, ophthalmology, neurology, and others. Amongst these segments, the oncology segment is expected to hold the largest market share by attaining a revenue of USD 73616.25 Million by the end of 2029, up from USD 14859.98 Million in 2020. The market is also segmented by end user into hospitals, clinics, and others. Out of these, the hospitals segment is expected to hold the majority of the market share and further attain a revenue of USD 111387.50 Million by the end of 2029.
Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global regenerative medicine market that are included in our report are Amgen Inc., Novartis AG, Medtronic Plc., Stryker Corporation, CryoLife, Inc., Integra LifeSciences Corporation, 3M Company, AbbVie Inc., Zimmer Biomet, and others.
In April 2020, Novartis declared that its medicine, named Kymriah, has received the designation of Regenerative Medicine Advanced Therapy (RMAT) by the US FDA.
In November 2020, Stryker announced that it had completed the acquisition of the multinational medical device company, Wright Medical Group N.V. This acquisition will enable Stryker to enhance its global market position and reach more patients.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Radhika Gupta, Shivam Bhutani
Ans: The rising incidences of cancer, diabetes and cardiovascular disease along with the rise in research activities are the major factors responsible for the growth of the market.
Ans: The market is anticipated to attain a CAGR of 16.43% over the forecast period i.e., 2021-2029.
Ans: High cost of treatment and stringent government policies are estimated to act as barriers to the market growth.
Ans: Europe is estimated to create notable opportunities for market growth over the forecast period.
Ans: The major players in the market Amgen Inc., Novartis AG, Medtronic Plc., Stryker Corporation, CryoLife, Inc., Integra LifeSciences Corporation, 3M Company, AbbVie Inc., Zimmer Biomet, and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by therapy, material, application, end-user, and by region.
Ans: The hospital segment is anticipated to hold largest market size in value and is estimated to display significant growth opportunities.