December 01, 2020 02:25 ET | Source: Fortune Business Insights
Pune, India, Dec. 01, 2020 (GLOBE NEWSWIRE) -- The global regenerative medicine market size is likely to expand considerably in the coming years due to growing applications in the treatment of chronic diseases. The market was valued at US$ 23,841.5 Million in 2018. Fortune Business Insights states that the market will reach US$ 151,949.5 Million by the end of 2026, thereby exhibiting a CAGR of 26.1%. North America generated maximum revenue of US$ 9,128.2 Million in 2018 and is expected to dominate the global regenerative medicine market throughout the forecast period. Due to presence of substantial number of key market players based in U.S., presence of research institutes involved in development of novel therapeutics and availability of advanced technologies are attributive to the high number of clinical trials in North America.
Key Industry Developments:
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Increasing Investment in R&D of Regenerative Medicine to Enable Growth
The growing investment in research and development of regenerative medicine has made a significant contribution to the growth of the global market. The increasing investment from private as well as government organizations has had a positive impact on the global market. IN March 2018, SanBio collaborated with Hitachi Chemical Advanced Therapeutics Solutions for developing regenerative medicine across a wide range of applications.
Novartis Receives EU Approval for Luxturna
The severity of chronic diseases has led to the demand for efficient medicines. The ability of regenerative medicine to treat severe life-threatening diseases in an efficient manner has created a huge demand for the products across the world. Increasing drug approvals have contributed to the rising uptake for regenerative medicines.
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In 2018, Novartis received usage approval from the European Union for its latest regenerative medicine Luxturna. The drug was used to treat and restore sight for people with vision impairment. Luxturna was widely useful in treatment of rare retinal diseases.
Integra LifeSciences Latest Product Offering Will Favor Market Growth
The advancements in regenerative medicine have fueled their demand across the world. Increasing product launches have contributed to the rising uptake of regenerative medicine across the world. In 2017, Integra LifeSciences announced the launch of Integra Dermal Regeneration Template Single Layer Thin.
Fortune Business Insights some of the leading companies that have made significant growth contributions to the global market. Besides this, the report identifies some of the attractive business strategies that have been adopted by renowned companies in the world.
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List of the leading companies that are operating in the Regenerative Medicine Market:
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Global Regenerative Medicine Market Segmentation:
By Product
Cell Therapy
Gene Therapy
Tissue Engineering
Platelet Rich Plasma
By Application
Orthopedics
Wound Care
Oncology
Others
By Distribution Channel
Hospitals
Clinics
Others
By Geography
North America (USA and Canada)
Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
Latin America (Brazil, Mexico and Rest of Latin America)
Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)
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SECONDARY DATA SOURCES THAT WE REFER TO:
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