Europe Regenerative Medicine Market size crossed USD 9.5 billion in 2020 and is predicted to exhibit a CAGR of 18.9% between 2021 and 2027.
Rising prevalence rate of several chronic diseases such as musculoskeletal, cardiovascular, cancer and numerous infectious conditions, will offer lucrative opportunities for the market growth. Furthermore, high adoption rate of approved regenerative medicine therapies used in treatment of several diseases to reduce disease-associated mortality rate will stimulate demand for regenerative medicine. Additionally, several new therapeutic applications of stem cell therapy and gene therapies to treat chronic ailments for better clinical outcomes will boost market demand.
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Continuous increase in clinical studies for better understanding of regenerative medicine in numerous treatments will offer unprecedented growth opportunities to the market. Moreover, increasing investment in discovery of novel medicine will result into development of potential therapies for range clinical applications. For instance, stem cells and platelet rich plasma are used to repair tissue and defected joints as well as enhance body’s own ability to heal injury. Also, these medicines are used to treat eyesight loss and heart repairing with advantage of faster recovery rate.
COVID-19 pandemic has positively impacted the Europe regenerative medicine market. Several ongoing clinical studies need for innovative medicine for faster recovery of patients and introduction of new products will contribute to the regional market revenue. Furthermore, strong presence of market players in region have showcased significant market revenue growth during COVID-19 pandemic.
Cell therapy segment revenue in the Europe regenerative medicine market was over USD 5.5 billion in 2020, attributed to increasing advancements in stem cell therapy applications in multiple disease areas. For instance, the growing adoption of stem cell therapies in treatment of ischemic heart diseases and ophthalmology disorders. Additionally, shortage of organs for transplantation will stimulate segment growth in several European economies.
Oncology segment will likely showcase 20.6% growth rate in the Europe regenerative medicine market during the forecast timeline, owing to increasing incidence of cancer in the European countries. Extensive product pipeline for cancer treatment will enhance segment growth. Further, regenerative medicine used in cancer immunotherapy offers advantage to target and eliminate disease cells and will fuel the product demand.
France regenerative medicine market held around 10% revenue share in 2020. Increasing adoption of innovative therapies in treatment of chronic diseases will drive the industry expansion. Rising incidence of several chronic diseases in the country will further boost the product demand. Moreover, high investment in development of healthcare infrastructure and high spending capacity on healthcare will propel the market growth. Moreover, government fundings and reimbursement policies in facilities along with new product launches in the region will impel the market size.
Some of the notable players involved in the market include Novartis, GlaxoSmithKline, Smith and Nephew, Bristol Myers Squibb, Bluebird BIO, Kite, GC pharma, Biosolutions, Terumo BCS, Avita Medical, Orchard Therapeutics, Spark Therapeutics, and Amgen.
These companies are undertaking several strategic initiatives such as product launch, acquisition & merger, and collaborations to expand their market footprint. For instance, in November 2020, Novartis announced collaboration with Mesoblast for development, manufacturing and commercialization of remestemcel-L in treatment of acute respiratory syndromes as well as ARDs associated with SARS COV2 virus.