The regenerative medicine market is projected to reach USD 38.70 billion by 2024 from USD 13.31 billion in 2019, at a CAGR of 23.8%. Market growth is largely driven by the rising prevalence of chronic diseases and genetic disorders, growing government investments in regenerative medicine research, and the increasing number of regenerative medicine companies globally. The Cures Act, the growing demand for organ transplantation, and the emerging countries are expected to provide a wide range of growth opportunities for players in the market.
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Implementation of the 21st century cures act
The 21st Century Cures Act was signed into law in the US in December 2016. Among other objectives, this new law has been enacted to advance regenerative medicine research and medical innovation and covers various provisions that may impact the development and approval of several products in the coming years. Under this Act, a new “regenerative medicine advanced therapy” designation has been established, along with a fast-track approval pathway for new regenerative medicine products and therapies. Considering these factors, the implementation of this Act can potentially result in the approval of new regenerative medicine products and therapies in the US as well as stimulate R&D activities in the field of regenerative medicine.
Rising demand for organ transplantation
Regenerative medicine allows medical professionals to replace broken bones and develop new organs for organ transplant. It also enables them to renew or replace cells in human tissues and organs that have been damaged and are unable to function due to injury or illness. Traditional organ transplant involves the process of replacing a failing or damaged organ in the human body with a new organ. This process involves the risk of rejection as the human body does not accept organs recognized as foreign by the body’s immune system.
The organ supply across the globe is insufficient, and the waiting lists for transplants are growing each day. According to the US Department of Health and Human Services, around 123,304 people in the US were waiting for organ transplants in 2015. The US government estimated that about 30 people die each day due to the unavailability of organs for transplant. To combat this concern, researchers are focusing on advancing regenerative medicine for developing organs. The increasing acceptance of regenerative medicine in organ transplants is thus considered as a major opportunity area for market players.
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