The Global Regenerative Medicine Market is projected to reach USD 38.7 billion by 2024 from USD 13.3 billion in 2019, at a CAGR of 23.8%.

Growth in this market is largely driven by the introduction of Cures Act for regenerative medicine by FDA, increased funding for regenerative medicine research, development of CAR-T cell therapies and increasing demand for regenerative medicine for the treatment of cancer, orthopedic disorders, and chronic wounds among others.

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Regenerative Medicine Market segmentation:

• based on type
• based on application
• based on regions

The Major Players Operating in the Regenerative Medicine Market:

The major players in this market are Kite Pharma (US), Novartis (Switzerland), Vericel Corporation (US), Integra LifeSciences (US), Wright Medical (US), MiMedx (US), Osiris Therapeutics (US), Stryker Corporation (US), and Spark Therapeutics (US). Product launches and acquisitions are the key growth strategies followed by most players in this market.

Recent developments:

• In 2018, Novartis received EU approval for one-time gene therapy Luxturna, which has been developed to restore vision in people with rare and genetically associated retinal disease
• In 2018, Novartis received EU approval for its CAR-T cell therapy, Kymriah.
• In 2017, Integra LifeSciences launched its product, Integra Dermal Regeneration Template Single Layer "Thin" for dermal repair defects reconstruction in a one-step procedure.

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Geographical Detailed Analysis for Regenerative Medicine Market:

North America anticipated to account for the largest share of the market in 2019.

The regenerative medicine market in North America is expected account for the largest share globally and grow at a faster rate during the forecast period. Surging research activities in the field of regenerative medicine, introduction of CAR-T cell therapies and growing awareness of personalized medicine have also resulted in the establishment of stem cell banking and tissue engineering.