North American Regenerative Medicine Market Set for Huge Expansion in Future

The global regenerative medicine market generated a revenue of $8,186.9 million in 2019 and it is predicted to advance at a CAGR of 16.3% between 2020 and 2030. The market is also predicted to reach a valuation of $39,012.0 million by 2030. The major factors driving the advancement of the market are the rapid technological advancements, the rising incidence of genetic and chronic diseases, and the surging population of geriatric people around the world.

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The governments of several countries are implementing policies aimed at kickstarting exhaustive research and development projects in order to fuel the development of regenerative medicine as a novel medical discipline. For example, as many as 22 out of the 27 National Institutes of Health (NIH) in the U.S. received huge investments for regenerative medicine R&D between 2012 and 2014. Furthermore, six of these institutes provided 7% or more as regenerative medicine grants to various external institutes and researchers.

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When type is taken into consideration, the market is classified into gene therapy, tissue-engineered products, and cell therapy. Out of these, the cell therapy category will exhibit the fastest growth in the market in the forthcoming years, as per the estimates of P&S Intelligence, a market research company based in India. This will be a result of the soaring number of clinical studies and research projects involving various cell therapies such as stem cell therapy all over the world.

Across the globe, the regenerative medicine market registered the highest growth in North America between 2014 and 2019 and this trend is likely to continue in the forthcoming years as well. This is credited to the surging number of stem cell research institutes, the soaring healthcare expenditure, the increasing number of stem cell banks, and rapid technological advancements and innovations in biomaterial scaffolds for advancing tissue engineering in the region.