(PharmaNewsWire.Com, November 29, 2017 ) According to the report Europe Regenerative Medicines Market, published by Market Data Forecast, the Global market is projected to reach USD 16.5 billion by 2022, at a CAGR of 21.8% from 2017 to 2022
The branch of medicine which deals with the replacement or regeneration of the damaged or non-functional organs or tissues in the body is called regenerative medicine market analysis. The treatment involves the use of cells from a donor or from an active part of the body. Synthetic biomaterials are used in advanced wound care and as implants. Stem cell therapy plays a major role in this field. Regenerative medicine revolutionizes the healthcare system and hence has huge future prospects.
Europe Regenerative Medicines Market: Drivers & Restraints
Increasing use of biomaterials or drugs to promote rejuvenation of cells in various tissues and increasing organ transplantations are the major factors driving the market growth. Huge breakthroughs in stem cell therapy and tissue engineering, high adoption rate of regenerative medicine in cancer therapies and growing awareness among donors are also expected to propel the market growth.
However, superior regulatory guidelines for product approvals, post treatment side effects and high cost of the medicine or therapy are hindering the market growth.
Based on the product, cell based products hold the largest market share due to the advances in the cell therapy and tissue engineering and their applications in regenerative medicine. Based on application, orthopedics holds the largest market share due to the large number of sports and road accidents and growing number of bone and joint replacement surgeries. Oncology also has huge number of applications in regenerative medicine.
U.K leads the regenerative medicine market in Europe region. It is due to the high adoption rate and increasing applications for regenerative medicine in this region. Germany is the second largest market in the regenerative medicine due to the advanced healthcare facilities and increasing expenditure on healthcare.
Europe Regenerative Medicines Market: Key Players
Key players in the Europe Regenerative Medicines market are Celgene Corporation, Organogenesis Inc., Mesoblast Ltd, Vericel Corporation, StemCells, Inc., Acelity L.P. Inc., Cytori Therapeutics, Japan Tissue Engineering, Vertex Pharmaceuticals, Advantagene, Inc., and NuVasive, Inc.
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