Regenerative medicine market worth US$38.7 billion by 2021

According to a new market research report "Regenerative Medicine Market by Therapy (Cell Therapy, Tissue Engineering, Immunotherapy, Gene Therapy), Product (Cell-Based, Acellular), Applications (Orthopedic & Musculoskeletal Disorders, Dermatology, Oncology, Cardiology) – Forecast to 2021" published by MarketsandMarkets, the market is expected to reach USD 38.70 Billion by 2021 from US$13.41 billion in 2016 at a CAGR of 23.6 percent  from 2016 to 2021.

The report provides a detailed overview of the major drivers, restraints, challenges, opportunities, current market trends, and strategies impacting the Regenerative medicine market along with the estimates and forecasts of the revenue and market share analysis.

The major factor driving the growth of this market, are government and private funding to support the development of regenerative medicine, rising prevalence of chronic diseases and genetic disorders, increase in global healthcare expenditure, and rapid growth in the aging population.

The report segments this market based on types, therapy, application, and regions. Based on types, the Regenerative medicine market is segmented into cell-based products and acellular products. In 2016, cell-based products expected to dominate the global Regenerative medicine market. The key drivers includes the increasing awareness about stem cell therapy, growing funding for new stem cell lines, and development of advanced genomic methods for cell analysis.

Based on therapy, the Regenerative medicine market is segmented into cell therapy, gene therapy, tissue engineering, and immunotherapy. The cell therapy segment is expected to account for the largest share of this market, increasing funding from several agencies and private organizations for the research and development of cell therapies, growing inclination of the healthcare industry towards stem cell research, and increasing global awareness about the benefits of stem cell therapies.

By application, orthopedic & musculoskeletal disorders, dermatology, cardiology, diabetes, central nervous system diseases, and other applications. Oncology is expected to account the fastest growing market owing to increasing prevalence of cancer globally and rich product pipeline and increasing demand for cancer treatments.

Based on regions, the global Regenerative medicine market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. North America is expected to account for the largest share of the market during the forecast period. Growth in this regional segment is driven by factors such as technological advancement in the Regenerative medicine and rising incidences of chronic diseases and aging population.