Stem cell technology is a rapidly developing technology that plays a significant role in regenerative medicine. It also serves the disciplines of tissue engineering, developmental cell biology, cellular therapeutics, gene therapy, chemical biology, and nanotechnology.
Stem cells offer the possibility of replacing the cells and tissues to treat various conditions and disabilities, including spinal cord injury, arthritis, and Parkinson’s disease. Furthermore, stem cell and gene therapy offers a potential cure for diseases, rather than long-term treatment, and shift the focus from treating to healing. The applications of stem cell technologies in the treatment of diseases have ultimately increased their adoption rate. Therefore, the rising adoption of stem cell technology, along with increasing research is expected to boost the market in the forecast period.
In addition, there are major technological advancements in biologics, biomaterials, stem cell technology, and tissue engineering, thus contributing to the market growth.
Key Market Trends
Dermatology Segment is Expected to Show Better Growth in the Forecast Years
Based on application, the market is segmented into Bone Graft Substitutes, Osteoarticular Diseases, Dermatology, Cardiovascular, Central Nervous System, and Other Applications. The high growth in the dermatology segment is attributed to the presence of easy grafting techniques for dermatological wounds and diseases.
Skin is one of the attractive model organs to test the novel concepts of regenerative medicine, with a specific emphasis on skin regeneration. There are also increasing cases of the chronic wounds that are rising every year. Therefore, the tissue‐engineered skin substitutes represent an innovative option for the treatment of acute/chronic skin wounds. Bio-engineered skin replacements have now become substitutes for major physiological functions, by providing rapid and reliable cover for the defect, by reducing pain and discomfort for the patient. Hence, owing to these factors, the segment is expected to witness rapid growth over the forecast period.
The major players into the Asia-Pacific regenerative medicine market are Allergan plc, Baxter International Inc., Becton, Dickinson and Company, Cook Group Incorporated, Integra LifeSciences Corporation, Medtronic PLC, Merck KGaA, Smith & Nephew plc and Thermo Fisher Scientific. Therefore, all these companies are making considerable investments in novel technologies, thus driving the market.
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