As per the current market research conducted by CMI Team, the global Regenerative Medicine Market size is expected to record a CAGR of 22.8% from 2023 to 2032. In 2022, the market size is projected to reach a valuation of USD 65.08 billion. By 2032, the valuation is anticipated to reach USD 174. 72 billion.
Global Regenerative Market: Growth Factors and Dynamics
The relatively new field of regenerative medicine is seeing an upward surge and some of the factors include the rising cases of chronic ailments, increasing numbers of patients suffering from genetic disorders, trauma cases, and so on. The increased prevalence of diseases, which as yet do not have medical solutions, such as cancer, diabetes, and neurodegenerative diseases, have aided researchers in developing alternative options. Hence, innovation and use of various therapies – stem cell, tissue engineering, gene editing – are the way forward. They might come up with explanations for medical problems faced by mankind.
With an increase in such cases, governments across the world, are favorably disposed to investing in research and development in regenerative medicine. In many areas, private funding is also making available access to advanced technology.
As a result, pharmaceutical companies are building a strong portfolio of products, assisted by intensive clinical trials, strategic partnerships, mergers, acquisitions, and collaborations. All these factors help in expanding the market reach of the pharmaceutical companies.
The global players are also trying to address ethical concerns, and regulatory and reimbursement issues that might prove to be a hindrance in the growth of the market of regenerative medicine.
The pharmaceutical companies have also taken into account the high cost of the therapies which might be a deterrent for a wide section of the population, especially in developing economies. They are focused on the provision of cost-effective therapies to patients and the adoption of novel stem cell-based technologies useful in the development of products for the treatment of diseases. This is primarily due to the rise in the incidence of injuries and growth amongst the older population.
Global Regenerative Medicine Market: COVID-19 Analysis
The Covid-19 outbreak had a major impact on many sectors, and the pharma industry was no different. In the early stages of the pandemic, the clinical trials of therapies that were non-Covid-19-related were affected.
The SARS-CoV-2 coronavirus crisis affected the delivery of cell therapies, administration, logistics, and limited healthcare resources. One important reason was because of the shortage of material supplies for cell-based therapies. This was so because the model of cell therapies is based on an allogeneic or autologous product.
Allogeneic products require cell donors and the social distancing that was observed during the pandemic restricted the movement of the donors. The donors also had to undergo a test to confirm whether he/she was affected by Covid and that took time. In autologous products, the cells have to be collected from patients, with the latter required to visit the apheresis center and interact with the technicians. This was hindered by the social distance restrictions in place.
The movement of the ships and vehicular movement was also affected by lockdowns in various parts of the globe. All this impacted the price factor, reimbursement policies, and access to the market.
Conversely, the exhaustive experience and expertise of pharma industries in cell biology, and genomic technology, came in handy when it came to manufacturing drugs and vaccines to tackle the spread of Covid-19.
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List of the prominent players in the Regenerative Medicine Market:
AstraZeneca Plc
Hoffmann-La Roche Ltd
Integra Lifesciences Corp
Astellas Pharma Inc
Bayer AG
Pfizer Inc
Merck KGaA
Novartis AG
Others
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