Another Report Shows Major Growth in Regenerative Medicine Market
Jan 26, 2015
More research is showing the regenerative medicine sliver of overall healthcare is not only making gains in pedigree, but also market value. With stakeholders across the healthcare continuum having increasingly learned more about and engaged in regenerative medicine activity, the money in the sector stands to grow and grow.
The latest indicator of such future profitability came in a study from MarketResearchReports, which recently released “Global Regenerative Medicine Market (Technology, Applications, Geography) – Industry Analysis, Trends, Opportunities and Forecast, 2013-2020.” In it, the market analysis firm found the global regenerative medicine market will be worth some $67.6 billion by 2020 – a stark and notable increase from the $16.4 billion valuation it received in 2013. Between 2014 and 2020, the report expects the regenerative medicine market to grow at a compounded annual growth rate of 23.2 percent.
Defined by MarketResearchReports as medicines with the “ability to restore the lost functionality of tissues or organs,” the report went on to say such regenerative technologies have “immense potential,” mainly attributed to the ability for these medicines to repair damaged organs – in addition to other applications like cartilage regrowth.
Separated into the segments of small molecules and biologics, gene therapy and cell therapy, the report found while biologics currently constitute the largest segment of value, cell and gene therapy are not far behind. The small molecules and biologics segment is expected to grow at a CAGR of 18.9 percent in the forecasted years, from $9 billion in 2013, while gene therapy is anticipated to grow at a CAGR of 28.6 percent. The inflated growth is most likely due to gene therapies finally making it out of clinical trials, as cell therapies and biologics are already well-established in treatment applications.
Geographically, the markets of North America and Europe constituted three-quarters of global market revenue in 2013 and “is projected to be [the] most lucrative regional market.” However, Asia-Pacific is expected to grow at the fastest clip, thanks to technological advancements and research emphasis in Japan and South Korea, according to the report.