(MENAFN- PR Newswire) North America's dominant position in the regenerative medicine market is attributed to the rising prevalence of chronic conditions such as cancer and cardiovascular diseases, increasing funding for the development of regenerative medicine, the presence of key market players in the region, and the rising number of clinical trials in the region.
In 2024, the U.S. is expected to account for the major share of 89.0% of the regenerative medicine market in North America. The country's large market share is mainly attributed to the presence of key players involved in the development of regenerative medicine and rising investments from public and private players in the development of novel therapies. The number of clinical trials for regenerative medicine is also increasing in the country, further driving market growth. The number of key players involved in the development of regenerative medicine is also gradually increasing in the U.S. For instance, the number of developers reached 625 in 2022, a 2% increase over 2021 (source: Alliance for Regenerative Medicine).
Asia-Pacific: The Fastest-growing Regional Market
Asia-Pacific is projected to register the highest CAGR of
25.0 % during the forecast period. In 2024, Japan is expected to account for the largest share of the regenerative medicine market in Asia-Pacific. The Asia-Pacific region is becoming an attractive market for healthcare product manufacturers due to ongoing improvements in healthcare infrastructure, the increasing number of hospitals, and growing government investments in the healthcare sector. Rapid economic growth in many countries within the Asia-Pacific region has increased government focus on healthcare, with rising investments aimed at enhancing access to healthcare facilities and building better healthcare infrastructure.
The Asia-Pacific region is one of the fastest-growing markets for regenerative medicine, driven by rising healthcare expenditures, a growing geriatric population, and an increasing burden of target diseases. Additionally, conferences promoting the use of regenerative medicine and active research initiatives are expected to further boost awareness and adoption of these therapies in the region.
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Germany Continues to Dominate the Regenerative Medicine Market in Europe
In 2024, Germany is expected to account for the largest share of 26.6% of the regenerative medicine market in Europe. Germany is the largest healthcare market in Europe by market volume, healthcare providers, number of patients, and medical technology manufacturers (source: Germany Trade & Invest). In 2022, the gross value added to the healthcare industry was $463.2 billion (€439.6 billion) (source: International Trade Administration). The high number of fatalities in Germany is marked by the rising incidence of chronic diseases such as ischemic heart disease, stroke, Chronic Obstructive Pulmonary Disease (COPD), and cancer. Cardiovascular diseases account for 37% of all deaths in Germany. According to Eurostat, ischemic heart disease is responsible for over one in ten deaths in the country. Furthermore, lung cancer is the most common cancer, accounting for 20% of all cancer-related deaths. Thus, the rising prevalence of chronic diseases, high healthcare expenditure, and well-developed healthcare infrastructure are the factors supporting Germany's large market share.
Regenerative Medicine Market: Competition Analysis
This report offers a competitive analysis based on an extensive assessment of the leading players' product portfolios, geographic presence, and key growth strategies adopted over the past 3–4 years. Major companies in the regenerative medicine market have implemented various strategies to expand their product offerings and global footprints and augment their market shares. The key strategies followed by leading companies in the regenerative medicine market include product launches, expansions, mergers & acquisitions, agreements, collaborations, and partnerships. The key players operating in the regenerative medicine market include
Novartis AG (Switzerland), Biogen Inc. (U.S.), Kite Pharma, Inc. (U.S.), Spark Therapeutics, Inc. (U.S.), Integra LifeSciences Corporation (U.S.), Sarepta Therapeutics, Inc. (U.S.), Takeda Pharmaceutical Company Limited (Japan), Amgen Inc. (U.S.), CORESTEMCHEMON Inc. (South Korea), Smith & Nephew plc (England), Vertex Pharmaceuticals Incorporated (U.S.), CSL Behring, LLC (U.S.), Janssen Global Services, LLC (U.S.), Medtronic plc (Ireland), AbbVie Inc. (U.S.), Bristol-Myers Squibb Company (U.S.), Ferring Pharmaceuticals A/S (Sweden), Pfizer Inc. (U.S.), bluebird bio Inc. (U.S.), and Vericel Corporation (U.S.).
Regenerative Medicine
Industry Overview: Latest Developments from Key Industry Players
In January 2024, Smith & Nephew plc (U.K.) acquired CartiHeal Ltd. (Israel), a developer of Agili-C, an innovative sports medicine technology designed for cartilage regeneration in the knee.
In May 2024, Amgen Inc. (U.S.) received U.S. Food and Drug Administration (FDA) approval for IMDELLTRA, a T-cell engager therapy for the treatment of extensive-stage small-cell lung cancer.
In August 2024, Vericel Corporation (U.S.) received FDA approval for MACI Arthro, a device designed for arthroscopic administration to repair knee cartilage defects. This approval enhanced the company's product portfolio in the MACI segment.
In April 2023, Biogen Inc. (U.S.) received the U.S. Food and Drug Administration (FDA) approval for QALSODY (tofersen), a gene therapy used for treating amyotrophic lateral sclerosis (ALS) in people with a mutation in the superoxide dismutase 1 (SOD1) gene.
The report provides a competitive dashboard summarizing the market positioning of the 25 profiled market players in four quadrants, namely Industry Leaders, Differentiators, Emerging Companies, and Vanguards. These companies are positioned based on various parameters, including revenue, depth of offerings, brand equity, geographic presence, innovation, and organic & inorganic growth strategies. Novartis AG (Switzerland), Kite Pharma, Inc. (U.S.), Bristol-Myers Squibb Company (U.S.), Janssen Global Services, LLC (U.S.), and Biogen, Inc. (U.S.) are positioned in the Industry Leaders quadrant.
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Scope
of the Report:
Regenerative Medicine Market Assessment-by Product
Gene Therapy
Cell Therapy
Stem Cell Therapy
Autologous Therapy
Allogenic Therapy
Platelet-rich Plasma Therapy
Cell-based
Immunotherapy
Tissue Engineering
Regenerative Medicine Market Assessment-by Application
Cardiology
Ophthalmology
Oncology
Neurology
Immunology & Inflammation
Musculoskeletal
Dermatology
Other Applications
Note: Other applications include wound care, orthopedics, and blood disorders.
Regenerative Medicine Market Assessment-by End User
Hospitals & Clinics
Ambulatory Surgical Centers
Regenerative Medicine Market Assessment-by Geography
North America
Europe
Germany
France
U.K
Italy
Spain
Switzerland
Netherlands
Sweden
Rest of Europe (RoE)
Asia-Pacific (APAC)
China
Japan
India
South Korea
Australia
Rest of Asia-Pacific (RoAPAC)
Latin America
Brazil
Mexico
Rest of Latin America
Middle East & Africa
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Regenerative Medicine Market Research Summary:
SOURCE Meticulous Market Research Pvt. Ltd.