The global regenerative medicine market size is projected to experience dynamic growth from USD 23.5 million in 2018 to USD 151.5 million in 2026 owing to the rising investment in the research and development of regenerative medicine, observes Fortune Business Insights™ in its report, titled “Regenerative Medicine Market, 2019-2026”, the medicine market stood at USD 27.8 million in 2020. It is set to exhibit a CAGR of 26.1% during the forecast period.
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In spite of the COVID-19 pandemic and the imposing of lockdown restrictions worldwide, the production and distribution of regenerative medicine have not been affected as the hospitals and clinics are functioning on a regular basis and there is a high demand for this medicine that can be used for cell repairing, tissue engineering, and other purposes. Thus, the COVID-19 pandemic has no major impact on the medicine market, which is one of the driving factors for the growth of this market.
November 2018: Novartis received EU approval for a one-time gene therapy called Luxturna, which has been developed to restore vision in people with unique and genetically-associated retinal disease.
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Increasing Usage of Regenerative Medicine for Treatment of Chronic Diseases to Fuel the Market
Over the years, there has been a rise in the number of patients suffering from chronic diseases related to the heart, lungs, kidneys, and others. Further, an increasing number of patients for organ transplantation have also resulted in fuelling this market’s growth.
Furthermore, regenerative medicine consists of therapeutic tissue engineering. Which is used in the medical field to replace a natural body function? Hence, there has been an increasing development of regenerative medicine by the leading companies for the treatment of chronic diseases. Which has led to this market’s growth.