The World Health Organization (WHO) estimates that non-communicable diseases (NCDs), such as cardiovascular diseases (CVDs), cancer, diabetes, and respiratory diseases, account for around 71% of global deaths, annually. As per the organization, CVDs, cancer, respiratory diseases, and diabetes cause 17.9 million, 9.3 million, 4.1 million, and 1.5 million human deaths, respectively, each year. Furthermore, the United Nations (UN) states that approximately 3,000–5,000 children are born with chromosome disorder, globally. Thus, the surging prevalence of chronic ailments and genetic disorders is creating a huge requirement for regenerative medicines, worldwide.
Browse Details Regenerative Medicine Market: Emerging Technologies and Global Markets Outlook
Moreover, the rising technological advancements in the medical industry will also help the regenerative medicine market progress at a healthy CAGR, of 16.3%, during 2020–2030. According to P&S Intelligence, the market was valued at $8,186.9 million in 2019 and it is expected to generate $39,012.0 million revenue by 2030. Major biotech and pharma companies are making hefty investments in technological developments to provide more effective gene therapies. The advent of 3D bioprinting is one of the prime examples of technological advancements in regenerative medicine.
Stem and somatic cell therapies, viral and non-viral gene therapies, and cell-based tissue engineered products are being offered by Smith & Nephew plc, Allergan plc, Integra LifeSciences Holdings Corporation, Organogenesis Holdings Inc., Stryker Corporation, Takeda Pharmaceutical Company Limited, Novartis AG, Vericel Corporation, and Amgen Inc. for patients suffering from chronic ailments and genetic disorders. In the coming years, cell therapy will be adopted at the highest rate due to the soaring number of clinical trials including several cell therapy techniques.
Geographically, North America led the regenerative medicine market in the recent past, and it is also expected to maintain its position in the foreseeable future. This can be owed to the increasing advancements in the field of tissue engineering, rising number of stem cell banks, escalating healthcare spending, and surging reliance on stem cell therapy for chronic disease treatment. Whereas, Asia-Pacific (APAC) will adopt regenerative medicines at the highest rate in the upcoming years, due to the rising prevalence of chronic diseases, flourishing medical tourism industry, and escalating public and private funding in research organizations.
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