The regenerative medicine market is expected to reach $38.7 billion by 2031 from $13.3 billion in 2022, during the forecast period. Compound annual growth rate of 23.8%. Rising incidence of cancer worldwide, increasing aging global population, and technological changes in regenerative medicine such as CAR-T cell therapy are the factors expected to drive the market growth during the forecast period. Growing healthcare industry and high disposable income economy are also expected to provide opportunities for market growth.
The renewable healthcare products market is segmented by type into cell-based immunotherapy and cell therapy products, tissue engineering products, and gene therapy products. The cell-based immunotherapy and cell therapy products segment will dominate this market in 2019 and is the fastest growing segment due to the increasing launch of new cell therapies with few side effects in cancer treatment. Increasing demand for treatment is a major growth factor in this market segment.
By application, the regenerative medicine market is segmented into musculoskeletal disorders, wound care, oncology, eye diseases, diabetes, and others. The musculoskeletal disorders application segment is expected to capture the largest share of this market, with cancer likely to achieve the highest compound annual growth rate (CAGR) during the forecast period.
Rising rates of orthopedic diseases and injuries and increasing aging population are the major growth drivers for this market segment.
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Dr. Mansi Shah
Functional Wellness Network