North America Regenerative Medicine Market size surpassed USD 17 billion in 2020 and is expected to witness 18.5% CAGR from 2021 to 2027.
Increasing incidence of organ failure coupled with growing awareness among population are the factors augmenting the market growth. Organ failure among population is majorly due to several health conditions such as heart diseases, severe infection among other factors that increase demand for organ transplant. Additionally, regenerative medicines are widely used in transplant procedures as it is an interdisciplinary field and a branch of translational research that helps to promote regeneration and restore damaged tissues or entire organs.
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Growing prevalence of chronic diseases along with increasing investment in regenerative medicine research will stimulate the regenerative medicine market expansion in the North America region. Chronic diseases such as cancer, diabetes, cardiovascular, ulcer, and genetic disorders are growing significantly. Regenerative medicines have the potency to treat diabetes by regaining insulin function in patients. According to the CDC, approximately 26.9 million people are diagnosed with diabetes in U.S. and account for around 10.5% of total U.S. population. Further, regenerative medicine has also been used in cardiovascular diseases including congenital heart disease.
North America Market, By Type
Cell therapy segment will observe around 18% growth rate during the forecast period, led by growing number of clinical studies for cell therapies. For instance, in February 2021, RepliCel announced the commercialization and clinical testing of additional 3 technologies in Japan. These technologies include two cell-based therapies and one for skin regeneration and the other for tendon rejuvenation.
North America Market, By Application
Musculoskeletal segment held over 30% North America regenerative medicine market share in 2020. Growing prevalence of orthopedic conditions along with the increasing elderly population base will impel the market demand. According to the Population Reference Bureau, population aged 65 and older is estimated to nearly double from 52 million in 2018 to 95 million by 2060.
North America Market, By Country
U.S. regenerative medicine market accounted for USD 15 billion revenue in 2020, due to high spending on healthcare and disposable income in the country. Adding to this, increasing healthcare funding as well as numerous initiatives by the government & private research organizations contributes to the strengthen market size. For instance, in 2020, the U.S. Department of Health and Human Services initiated A New Vision to recognize regenerative medicine at the lead of healthcare.
Competitive Industry Landscape
Key players engaged in the market include AbbVie Inc (Allergan Plc), Osiris Therapeutics (Smith & Nephew), and Bristol Myers Squibb. These firms are adopting various strategies to generate greater market share through augmentation of portfolio with novel applications. For instance, in February 2021, Bristol Myers Squibb received the U.S. FDA approval for its product Breyanzi. It is indicated for adults with relapsed or refractory (R/R) large B-cell lymphoma (LBCL). This approval will assist the company to expand its product offerings and strengthen its position in market.