Regenerative Medicine Market size was over USD 48.02 billion in 2023 and is poised to cross USD 341.95 billion by the end of 2036, growing at more than 16.3% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of regenerative medicine is estimated at USD 54.28 billion.
The growth of the market can be attributed to the increasing incidence of cancer & diabetes, along with the rising incidences of cardiovascular diseases. According to the statistics by the World Health Organization (WHO), Europe accounted for 23.4% of the global cancer cases and 20.3% of the cancer deaths in the year 2018. Further, the statistics also stated that America had 13.3% of the global population, out of which, cancer incidences accounted for 21.0% and mortality due to cancer was registered to 14.4% in the same year. Additionally, the percentage of cancer deaths in Asia and in Africa, which registered to 57.3% and 7.3% respectively, were higher than the percentage of incident cases in both the nations with 48.4% and 5.8% respectively. The number of cancer patients worldwide is anticipated to grow further during the forthcoming decade, and in turn drive the demand for regenerative medicines. The growing number of diabetic patients globally is further estimated to contribute to the growth of the global regenerative medicine market during the forecast period. According to the statistics by the International Diabetes Federation, health expenditure caused due to diabetes around the globe was at least USD 760 Billion in the year 2019. Moreover, in the same year, deaths caused due to diabetes was registered to 4.2 Million. Further, around 463 Million adults between the age 20years and 79 years were living with diabetes. The high number of diabetes patients around the world is further raising the demand for regenerative medicines, which in turn is expected to drive the market growth.
Growth Drivers
Challenges
|
Base Year |
2023 |
|
Forecast Year |
2024-2036 |
|
CAGR |
16.3% |
|
Base Year Market Size (2023) |
USD 48.02 billion |
|
Forecast Year Market Size (2036) |
USD 341.95 billion |
|
Regional Scope |
|
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 2036. 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 2036 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 2036. 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 2036. 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 2036.
North America Market Statistics
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. North America is estimated to hold 41% industry share by 2036, owing to presence of major companies across U.S., such as, Integra LifeSciences Corporation, Sangamo, Zimmer Biomet, along with presence of a strong healthcare infrastructure.
Europe Market Analysis
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 2036. 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.
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.
Author Credits: Radhika Pawar
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