Regenerative Medicine Market to Reach an Opportunity of US$6.5 bn by the End of 2019
A recently published research study by Transparency Market Report states that the global regenerative medicine market is competitive in nature and offer growth prospects, which are predicted to encourage several players to enter the market in the coming years. The leading players in the market are emphasizing on innovations and the development of new drugs and treatments, thus supporting market growth in the coming few years. In addition to this, the rising investments in this field and technological advancements are likely to accelerate the growth of the global regenerative medicine market throughout the forecast period. Some of the leading players in the regenerative medicine market across the globe are Medtronic Inc., Smith & Nephew plc, Baxter International Inc., Anika Therapeutics Inc., Stryker Corporation, Arthrex Inc., CONMED Corporation, Zimmer Holdings Inc., and DePuy Synthes Inc.
As per the market research study, the global market for regenerative medicine is projected to reach a value of US$6.5 bn by the end of 2019. The market is estimated to exhibit a healthy growth rate in the next few years.
Rising Research Activities to Drive North America Regenerative Medicine Market
At present, North America holds a massive share of the global regenerative medicine market and is projected to continue its dominance in the next few years. The extensive focus on research and development and the high contribution from the U.S. are the key factors propelling the global regenerative medicine market. In addition to this, the increasing geriatric population and the rising spending capacity of people on healthcare services are estimated to offer lucrative opportunities for market players throughout the forecast period. Furthermore, the development of the healthcare infrastructure and the presence of large number of patients are estimated to accelerate the growth of the regenerative medicine market across Asia Pacific.
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The global market for regenerative medicine has been classified on the basis of technology into stem cell therapy, biomaterials, and tissue engineering. Of these, the stem cell technology segment is expected to hold a major share of the global regenerative medicine market in the coming years. The stem cell technology is considered as a bio-based alternative, which is gaining traction despite the fats development of several synthetic options. This is due to the high generative capacity of the stem cells that brings about the development of other cells in the body. The use of regenerative medicine can be used for the treatment of diabetes, retinal diseases, cancer, Alzheimer’s, cerebral palsy, rheumatoid arthritis, and autism spectrum.
Rising Healthcare Expenditure to Drive Regenerative Medicine Market
The rising funds by private and government organization is expected to enhance the development of regenerative medicine market. The increasing prevalence of chronic and genetic disorders and the rising healthcare expenditure across the globe are the key factors propelling the market growth. In addition to this, the increasing geriatric population and the presence of a strong product pipeline are further expected to support the regenerative medicine market in the coming few years.
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On the flip side, the lack of clear regulatory guidelines and the rising ethical concerns along with the use of the embryonic stem cell for the research and development activities are estimated to hamper the growth of the market in the coming years. Nonetheless, the growing demand for organ transplantation and the commercialization of regenerative medicine are projected to supplement the market growth throughout the forecast period.