Emerging Economies Expected to See Strong Growth in Regenerative Medicine
Regenerative medicine is a term that is being increasingly used to describe the use of technology to encourage the regeneration of damaged or dying tissues. This form of therapy has the potential to treat diseases such as cancer, heart disease, Alzheimer’s, Parkinson’s and even strokes. However, the advances in this field are still very much in the research stage and there is great potential for the field in the future.
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Key Market Drivers:
Increasing funding in education for regenerative medicine is expected to propel growth of the global regenerative medicine market over the forecast period. For instance, in August 2021, led by Wake Forest Institute for Regenerative Medicine, the National Science Foundation awarded US$ 441,028 to a group of local partners, to help develop a regional regenerative medicine educational network and create the skilled technical workforce for a field driven by science and engineering.
Moreover, increasing availability of regenerative medicine is also expected to aid in growth of the global regenerative medicine market. For instance, in July 2021, Unity Spine & Joint, a chiropractic and pain clinic based in the U.S., announced to offer regenerative medicine in Tempe and neighboring areas of Arizona.
Key Market Restraints:
Lack of skilled workforce is expected to hinder growth of the global regenerative medicine market. For instance, the National Science Board, U.S. called for the creation of a skilled technical workforce driven by science and engineering in its 2019 report, “The Skilled Technical Workforce: Crafting America’s Science and Engineering Enterprise.”
Covid-19 Impact Analysis
Mesenchymal stem cells, a part of regenerative medicine, can help reduce inflammatory symptoms and protect against cytokine storm, which critically contributes to the COVID-19 progression. Globally, as of 4:06pm CEST, 18 August 2021, there have been 208,470,375 confirmed cases of COVID-19, including 4,377,979 deaths, reported to WHO. Various studies have suggested that allogenic bone marrow mesenchymal stem cell-derived exosomes are safe, can restore oxygenation, downregulate cytokine storms, and reconstitute immunity in severe COVID-19 patients. Such scenario is expected to offer lucrative growth opportunities for players in the regenerative medicine market.
Key Takeaways
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The regenerative medicine market is expected to exhibit a CAGR of XX % over the forecast period, owing to increasing number of regenerative medicine franchises. For instance, in June 2021, QC Kinetix, a regenerative medicine franchise in the U.S., launched two locations in the Tampa Bay area, Florida.
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Among regions, Asia Pacific is expected to witness significant growth in the regenerative medicine market, owing to increasing investment in regenerative medicine studies. For instance, in June 2021, European Wellness Biomedical Group, through its educational arm, European Wellness Academy, signed a LOI with Zhifu People’s Government of Yantai City, Shandong Province, China, to establish the first International Biological Regenerative Medicine Education Centre in Shandong Province.
Top Key Players Include In Regenerative Medicine Market: Depuy Synthes, Inc., Orthofix, Inc., NuVasive, Inc. and Zimmer Holdings, Inc.
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