With the rapid technological advancements and innovations in the healthcare industry, regenerative medicine is quickly becoming a possibility, rather than remaining a probability. Unlike the conventional medical treatments and medications that focus mainly on treating the symptoms of various diseases and disorders, regenerative medicine deals with regenerating or replacing the damaged organs, cells, or tissues, for restoring normal bodily functions. It also includes the growing of organs and tissues in a laboratory and integrating them into the human body, if the body cannot heal itself.
Tissue engineering, medical devices, artificial organs, and cellular therapies are the main tools used for realizing these outcomes. These modern methods can amplify the natural healing process of the body, especially in places where it is required the most, or cure a permanently damaged tissue or organ. Thus, regenerative medicine can help clinicians and scientists formulate early intervention treatment procedures for traumatic injuries and degenerative ailments.
While the domain of regenerative medicine was originally an extended branch of tissue engineering and was, therefore, defined as the practice of replacing damaged organs and tissues or stimulating the repair mechanisms of the body for facilitating faster healing, it has now become a huge field in itself that encompasses the domain of biomedical engineering, utilization of therapeutic delivery and autologous transplant of functional molecules, usage of stem cells for treating various disorders, and production of organs and tissues in a petri dish.
Needless to say, with the growing prevalence of chronic diseases, the surging population of geriatric people, and rapid technological developments in healthcare and medicine, the field of regenerative medicine is predicted to witness huge expansion in the coming years. According to the forecast of P&S Intelligence, a market research company based in India, the value of the global regenerative medicine market will rise from $8,186.9 million in 2019 to $39,012.0 million by 2030. Furthermore, the market is predicted to advance at a CAGR of 16.3% between 2020 and 2030.
Soaring R&D Investments Fueling Regenerative Medicine Availability
Several pharma and biotech companies around the world are making huge investments in research and development (R&D) projects in order to facilitate the development of advanced and highly effective gene therapies. The development of 3D bioprinting is one of the major technological advancements in the domain of regenerative medicine. It is being extensively used for developing complex tissue structures, for mimicking the native tissues and organs. For example, Techshot Inc. entered into a collaboration with nScrypt Inc. in August 2019 for launching a 3D BioFabrication Facility (BFF), where adult human cells and adult tissue-derived proteins, such as stem cells and pluripotent cells, will be used for creating viable tissue.
Similarly, the governments of several countries are enacting policies for kick-starting research developments in the field of regenerative medicine. For example, out of the 27 National Institutes of Health (NIH) in the U.S., 22 were given huge funding for research in regenerative medicine between 2012 and 2014. As per reports, six out of these 22 institutes provided 7% or more of their funding to various external institutes and scientists as regenerative medicine research grants.
Increasing Incidence of Chronic Diseases Propelling Demand for Regenerative Medicine
One of the biggest factors responsible for the mushrooming demand for regenerative medicine is the growing incidence of genetic disorders and chronic diseases across the world. For example, around one out of every three adults all over the world suffer from a chronic disease. Moreover, as per the World Health Organization (WHO), nearly 17.9 million lives are lost every year because of cardiovascular diseases (CVDs). These deaths account for nearly 31% of the total deaths occurring across the world every year. Such a high death count, in which the lack of viable hearts for transplant has a big role to play, is raising the demand for techniques that can generate the entire organ without depending on another donor.
What Are Different Types of Regenerative-Medicine-Based Therapies?
Cell therapies, tissue-engineered products, and gene therapies are the most commonly used types of regenerative medicine-based therapies. Out of these, the demand for cell therapies is predicted to rise explosively all over the globe in the forthcoming years. This will be because of the surging number of clinical studies and research projects involving various cell therapies, like stem cell therapy.
Musculoskeletal Diseases: Biggest Application Area of Regenerative Medicines
Oncology, ocular, dental, wound care, and musculoskeletal are the major application areas of regenerative medicine. Out of these, the requirement for regenerative medicines was found to be the highest for musculoskeletal diseases during the last few years, and this trend is predicted to continue in the future years. This is credited to the growing occurrence rate of orthopedic diseases, especially in the geriatric population, and the increasing launch of stem cell products for treating them. Such conditions often involve the withering away of the bone and muscle, which severely impairs the basic motor functions. Thus, the usage of regenerative medicine to restore the lost muscle and bone density is rising, especially for the elderly.
North America: Hub of Regenerative Medicine-Based Treatments
Across the globe, North America has been the hub for regenerative medicine research and clinical practice, a situation that will not likely change in the near future. This, coupled with the rapid development of stem cell research institutes, soaring healthcare expenditure of the two regional countries, setting up of several stem cell banks, and rapid technological advancements in biomaterial scaffolds for tissue engineering, will keep driving the adoption of regenerative medicine in the region.
Asia-Pacific also Witnessing Surging Popularity of Regenerative Medicine!
The popularity of these medicines is also growing rapidly in the Asia-Pacific (APAC) region, as per various reports and surveys. This is attributed to the rapid economic progress of the regional countries, surging investments being made by both public and private organizations in R&D, increasing prevalence of chronic diseases, soaring geriatric population, and booming medical tourism industry in the region.
Hence, it can be said with full surety that the demand for regenerative medicine will skyrocket all over the world in the coming years, primarily because of the increasing incidence of chronic diseases and genetic disorders and the rising requirement for advanced medical treatments.
Source: P&S Intelligence