The North America Regenerative Medicine Market is expected to register a CAGR of nearly 19.5 % during the forecast period. The key factors propelling the growth of the North America regenerative medicine market are the increasing adoption of stem cell technologies, gene therapies, and tissue engineering, and the technological advancements in regenerative medicine.
As per Heart Disease & Stroke Statistical Fact Sheet 2020, estimates that a minimum of 40,000 infants is expected to be affected each year by congenital heart defects in the United States. Of these, about 25% or 2.4 (per 1,000 live births), require treatment in the first year of life. In addition, according to the Centers for Disease Control and Prevention (CDC), in the United States, the prevalence of atrial fibrillation is estimated to rise to 12.1 million by the year 2030.
Technological advancements in biologics, biomaterials, stem cell technology, and tissue engineering, thus contributing to the market growth. Thus, owing to the above mentioned factors the market is expected to show significant growth over the forecast period.
Key Market Trends
Dermatology Segment is Expected to Hold the Largest Market Share in the North America Regenerative Medicine Market During the Forecast Period
Dermatology segment is estimated to have the largest share in revenue generation due to the presence of easy grafting techniques for dermatological wounds and diseases. Skin, being an organ with great cell replication characteristics, provides various types of stem cells from its different layers. Therefore, there is a broad range of products present, from patches to cure small injuries to matrix and grafts for chronic wounds and burns. Thus, the segment is expected to continue to dominate the market through the forecast period.
As per National Safety Council Fact Sheet, in 2017, about 50% of the football injuries were treated in young people who were between 5 to 14 years, 45% of soccer injuries, 44% of baseball injuries and 40% of lacrosse and rugby injuries in the United States. In addition, in 2017 personal exercise, with or without exercise equipment, accounted about 526,000 injuries the most of any category of sports and recreation followed by basketball with about 500,000 injuries.
In addition, as per Traffic Safety Facts 2018, in 2018, the number of traffic-related fatalities in the United States were around 36,560, compared with 37,476 fatalities in 2017.
The increasing number of injuries and traffic related fatalities is also expected to drive the regenerative medicine market. Thus, the segment is expected to continue to dominate the market through the forecast period.
The North America regenerative medicine market is highly competitive. The small-scale companies are also merging with large companies to develop tissue models for research and therapeutic purposes. Thus, companies are making considerable investments in novel technologies, thus driving the market. Moreover, In the coming years, few other players are expected to enter the market.
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