LONDON–(BUSINESS WIRE)–Technavio market research analysts forecast the global regenerative medicine market to grow at a CAGR of almost 19% during the period 2018-2022, according to their latest report.
The increasing number of clinical trials are one of the major trends being witnessed in the market. The rise in the number of clinical trials is mainly attributed to the increasing initiatives and support from various international and national public and private organizations. There are many regenerative medicine products at different stages of clinical trials ranging from discovery, pre-clinical phase to mid-stage and late-stage phase. As of 2017, more than 700 companies across the globe were working on regenerative medicine. Several vendors are concentrating on geographical extensions and indication extensions for their approved products. This is also leading to the increase in the number of clinical trials. The number of products successfully completing clinical trials and receiving product approval will drive market growth.
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In this report, Technavio analysts highlight the increasing prevalence of chronic diseases as a key factor contributing to the growth of the global regenerative medicine market:
Increasing prevalence of chronic diseases
There is an increase in the global prevalence of various chronic diseases such as heart diseases, diabetes, stroke, cancer, obesity, and arthritis. Chronic diseases present a substantial burden on patients and healthcare systems. According to a research, it is estimated that in 2012, approximately 117 million individuals in the US had one or more chronic health conditions and one in four adults in the US suffered from two or more chronic diseases. Unhealthy lifestyle habits such as lack of exercise, poor nutrition intake, and substance abuse such as addiction to alcohol and tobacco are the major risk factors leading to chronic diseases.
According to a senior analyst at Technavio for central nervous system, “There is an increasing prevalence of acute wounds such as surgical and traumatic wounds. Apart from this, the prevalence of chronic wounds such as venous ulcers, diabetic ulcers, and pressure ulcers is also on the rise. It is estimated that more than five million patients around the world seek medical help for burns annually.”
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Global regenerative medicine market segmentation
This market research report segments the global regenerative medicine market by technology (cell and tissue-based therapy and gene therapy), by application (musculoskeletal, dermatology, and cardiovascular), and key regions (the Americas, APAC, and EMEA). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Of the two technology segments, the cell and tissue-based therapy segment held the largest market share in 2017, accounting for nearly 98% of the market. This segment is anticipated to dominate the market throughout the forecast period.
The Americas was the leading region for the global regenerative medicine market in 2017, accounting for a market share of close to 56%. It was followed by EMEA and APAC respectively. The APAC region is expected to post significant growth during the forecast period when compared with the other regions.
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