Although the use of stem cells in medical research and treatment has been controversial, it remains extremely promising. While the use of embryonic stem cells has been severely restricted, there are numerous legal autologous stem cell transplant programs operating in the US today. More than 190,000 people were treated with stem cell therapy in 2016 alone
Stem Cells and regenerative medicine market is estimated to garner USD 50.11 billion by 2021
Stem cells are widely used in biotech research and development programs for the discovery of naive drugs including regenerative medicine. Regenerative medicines play a vital role in the treatment of various diseases as these medicines are capable of restoring the functionality of damaged cells and tissues. Further, regenerative medicines help the medical cases with degenerative disorders and bring a solution to the tricky medical procedures as the medicine replaces or regenerate the tissues and organs.
The global regenerative medicines market is expected to reach USD 50.11 billion by 2021, registering a CAGR of 12.7% during the period of 2015-2021. On the back of expanded demand of bone & joint reconstructive surgeries in the nation, North America with maximum share in global regenerative dominated the market followed by Europe in 2015. Further, it is projected that by 2019 Europe may surpass the North America market in the field of stem cell and regenerative medicine. Eastern and Western Europe are projected to show expanded demand as the need for transplants through regenerative medicines will be increasing for many applications in near future. Further backed up by the increased medical tourism in the continent, Asia-Pacific countries are also expected to show up-surged demand during 2015-2021. In addition to that, Asia-Pacific becoming one of top continent in supplying regenerative medicine bone and joint products in countries like India, China, Japan and South Korea are further projected to give a boost to the stem cell market in the region.Tissue engineering accounted for the highest share in industrial development when they participate nationally or geographically in the field of making regenerative medicines. When we look at the geographic distribution of tissue engineering firms and research institutes, the U.S. with 52% leads the market followed by Germany (21%), Japan (16%), the UK (7%), and Sweden (4%).
Growth Drivers and challenges
Expanded funding from the governments organizations and collaborations with domestic players for the entry in the nation specific market would further anticipate the market of Stem Cells & Regenerative Medicine. The growth in medical researches across the globe is the major driver for this market.
In addition to that, a rapid shift and advancement in healthcare researches would further anticipate the Stem Cells & Regenerative Market worldwide. The flexible manufacturing technology employed is further projected to fuel the Regenerative Medicine Market across the globe.