North American Regenerative Medicines Market size is anticipated to reach USD 57 billion by 2027, according to a latest forecast report by Graphical Research.
Growing investment in development of innovative medicines is one of the major factors impacting the industry growth. Several companies are investing in development of novel therapeutics and availability of advanced technologies in North America. The National Institutes of Health (NIH) plays a key role in funding medical research. In addition, firms are collaborating to strengthen their presence in the industry. For instance, Medtronic entered in a partnership with Advanced Regenerative Manufacturing Institute (ARMI); the collaboration is aimed to aid in the manufacture and create large-scale, patient-specific tissues and functional organs. Such collaborations and partnerships will augment the industry’s offerings and contribute to the market growth.
Increasing adoption of stem cell technology in disease treatment coupled with increasing awareness among population is driving the market size. Stem cells work as foundation cells for all tissue and organ system of the body and plays vital role in tissue repair process. The requirement for novel and improved therapies for the treatment of neurological, autoimmune and cardiovascular diseases has resulted in an overall surge in use of stem cells.
Browse detailed statistical insights from the report, “North America Regenerative Medicine Market Forecast 2027 By Application (Oncology, Dermatology, Musculoskeletal, Neurology, Cardiovascular, Wound Healing, Ophthalmology) By Type (Cell therapy, Tissue Engineering, Gene Therapy), Research Report, Country Outlook (U.S., Canada), COVID-19 Impact Statistics, Price Trends, Historic Data, Growth Prospects, Competitive Industry Share” along with the table of contents (ToC) @
The tissue engineering segment will exhibit fastest growth in near term owing to the increasing applications of tissue engineering in treatment of various diseases such as heart failure, diabetic foot ulcers, wounds and burns. Tissue engineering permits regeneration of tissues or organs that are free of poor biocompatibility and low bio functionality. Thus, growing number of accidents & organ failure coupled with high awareness and adoption of innovative therapies will impel the market revenue.
Dermatology segment dominated over USD 3 billion revenue in 2020. Skin has the ability to regenerate and with use of various type of stem cells, damaged or diseased tissue can be repaired. Also, increasing focus on development of regenerative medicine for dermal repair will further augment the market growth. For instance, Integra LifeSciences launched Dermal Regeneration Template (IDRT) Single Layer "Thin" in order to repair dermal defects. Such product advances will contribute to market demand.
Canada regenerative medicine industry is poised to exhibit a CAGR of 22.3% between 2021 to 2027. Healthcare expenditure in Canada is growing exponentially in order to advance healthcare techniques. Government of Canada invested around USD 6.9 million in regenerative medicine to support translational projects and clinical trials across the country.
North American regenerative medicines market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2016 to 2027, for the following segments:
North America Market, By Type
- Cell Therapy
- Tissue Engineering
- Gene Therapy
North America Market, By Application
- Wound Healing
The above information has been provided for the following countries: