Growing chronic disorders across the globe, rising government funding regenerative medicine research and robust pipeline and products approval to drive the growth of the Regenerative medicine market
The global regenerative medicine market was valued at USD 13.56 billion in 2018 and is expected to reach USD 55.67 billion in 2026, growing at a CAGR of 19.4% during the forecast period.
The global regenerative medicine market is expected to grow at a significant growth during the forecast period. The factors that are contributing to the growth of the market are growing chronic disorder across the globe coupled with growing research funding on genomic research. Genetic testing can determine the risk of cancer and others disease. According to the National Cancer Institute, in 2018, it is estimated that around 1,735,350 new cases of cancer will be diagnosed in the US. There has been a sudden increase in the R&D of cancer immunotherapies especially after the approval of the first checkpoint inhibitor in 2011. As a result, genomic research institutes have also enabled their research in the development of regenerative medicine for oncology.
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Asia-Pacific is both a strong and promising market for regenerative medicine. This is particularly due to the strong population base, high prevalence of chronic diseases such as cancer and others in Asian countries such as China, Japan, and India. Half of the global incidence of cancer is projected to occur in Asia with 22% in China and 7% in India only that further provide the opportunity for market growth. According to NICPR (National Institute of Cancer Prevention and Research), India recorded 3.9 million cancer cases in 2016. Cancer is the major cause of deaths in the country. Poor economic conditions are supporting the number of deaths caused by cancer. Absence of proper diagnostic centres for the huge population is also the key contributing factor for the prevalence of cancer in the country.
- Based on type, the cell-based immunotherapy & cell therapy products segment is expected to grow at the highest CAGR of around 23% during the forecast period
- Based on application, the oncology segment is accounted for the largest share in the market and held for around 28% of the total market, in 2018
- North America accounted for around 45% share of the global regenerative medicine market in 2018
- In 2018, Novartis International AG got the EU approval for one-time gene therapy Luxturna, which has been developed to restore vision in people with rare and genetically associated retinal disease.
- In 2018, Novartis International AG announced the approval from EU for its CAR-T cell Therapy named Kymriah
- In 2017, Integra LifeSciences announced the launch of Integra Dermal Regeneration Template Single Layer "Thin" for dermal repair defects reconstruction in a one-step procedure.
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