Regenerative medicine market to triple to $38.7bn by 2024
Cell therapies are the major driver behind the growth and will leap from being worth $13.3bn (€11.7bn) in 2019 to $38.7bn (€34.2bn) in 2024 – resulting in a compound annual growth rate (CAGR) of 23.8%, according to a ResearchAndMarkets report
In terms of causal reasons for the growth, the demand for such therapies is fuelled by a global ageing population and the rising incidence of cancer.
As a result, oncology has become a major therapeutic focus for companies – with over a third of the current cell and gene therapy pipeline orientated toward finding a treatment for cancer.
However, the specialist treatments often come with a higher price tag, compared to traditionally developed treatments, and as such, the highest growth will be seen in countries with growing health care sectors and those with populations that have the highest disposable incomes.
The niche within cell therapies that is seeing particularly high investment is chimeric antigen receptor (CAR)-T therapies, which has seen two treatment approvals in the US and Europe. In addition, there are number of other CAR-T therapies currently in clinical trials globally.
The development of the area has led to a number of acquisitions taking place in the sector, such as Gilead’s takeover of Kite, to gain access to its CAR-T treatment, and Novartis acquiring CellforCure to expand its manufacturing network for cell and gene therapies.
Despite the highest growth seen in the oncology sector, the overall largest market is for muscoskeletal disorders. This is due to the rise of orthopaedic diseases and injuries related to a rising geriatric population.
Geographically, the North American region accounts for the largest share of the regenerative medicine market.
