Regenerative Medicine Market to Exhibit 26.1% CAGR till 2026

The global regenerative medicine market size is projected to experience dynamic growth from USD 23.5 million in 2018 to USD 151.5 million in 2026 owing to the rising investment in the research and development of the regenerative medicine, observes Fortune Business Insights™ in its report, titled “Regenerative Medicine Market, 2019-2026”, the regenerative medicine market stood at USD 27.8 million in 2020. It is set to exhibit a CAGR of 26.1% during the forecast period.

Regenerative medicine plays an important role in the development and application of new treatments to recover the damaged tissues and organs and restore their functions which were lost due to aging, disease, or any other body ailments. Thus, there has been an increasing investment in the research and development of regenerative medicine, which has resulted in this market’s growth. Further, the regenerative medicine helps to reduce pain by focusing on the root cause of pain, instead of focusing on the symptoms. This helps in speedy recovery of the tissues or organs and also decreases the probability of occurrence of future injuries and pain. Thus, this is an important factor responsible for the growth of this market. Furthermore, there are several applications of regenerative medicine such as oncology, wound care, orthopedics, and others, which is a driving factor responsible for this market’s growth.

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In spite of the COVID-19 pandemic and the imposing of lockdown restrictions worldwide, the production and distribution of regenerative medicine has not been affected as the hospitals and clinics are functioning on a regular basis and there is a high demand for this medicine which can be used for cell repairing, tissue engineering, and other purposes. Thus, the COVID-19 pandemic has no major impact on the regenerative medicine market, which is one of the driving factors for the growth of this market.

Industry Development:

November 2018: Novartis received EU approval for one-time gene therapy called Luxturna, which has been developed to restore vision in people with unique and genetically-associated retinal disease.

Drivers/Restraints:

Increasing Usage of Regenerative Medicine for Treatment of Chronic Diseases to Fuel the Market

Over the years, there has been a rise in the number of patients suffering from chronic diseases related to the heart, lungs, kidneys, and others. Further, an increasing number of patients for organ transplantation have also resulted in fuelling this market’s growth. Furthermore, the regenerative medicine consists of therapeutic tissue engineering which is used in medical field to replace a natural body function. Hence, there has been an increasing development of regenerative medicine by the leading companies for treatment of chronic diseases, which has led to this market’s growth.