As per the report titled ‘North America Regenerative Medicine Market Forecast 2027 By Application By Type, Research Report, Country Outlook, COVID-19 Impact Statistics, Price Trends, Historic Data, Growth Prospects, Competitive Industry Share’, available with MarketStudyReport, North America regenerative medicine market, worth USD 15 billion in 2020, is anticipated to surpass a valuation of USD 57 billion by the year 2027.
 

Rising prevalence of chronic diseases and concerns regarding organ failure are stimulating North America regenerative medicine market growth. Increasing healthcare expenditure, accelerated pace of research activities amid the COVID-19 pandemic, and government support in the form of regulations, funding, and policies have played a major role in supporting the industry growth in 2020.

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Speaking of the future, the scope of sports medicine is gaining significance as associated with the adoption of regenerative medicines, with various authorities in the region deeming regenerative therapies as a viable approach to Orth biologics. The unmet medical requirements in the area of sports and non-healing orthopedic conditions are boosting the demand for these treatments.

In addition to the aforementioned, high penetration of advanced research tools and availability of veteran researchers and scientists along with medical funding for novel therapeutics by regional authorities will propel the industry growth over the assessment timeframe.

Considering the application scope, North America regenerative medicine industry size from dermatology segment reached USD 3 billion in 2020 and is expected to register strong growth through 2027. Stem cell therapies have shown to effectively treat damaged cells and tissues. This has compelled players to develop new products for dermal repair.

With respect to regional landscape, the U.S. is witnessing high adoption of regenerative therapies like stem cell and gene therapy. Moreover, continuous advancements in tissue engineering along with strong presence of research organizations and manufacturers are favoring the industry growth in the country.

Canada market is also garnering traction on account of increasing government expenditure towards the development of novel drugs and therapeutics. Further, restructuring of healthcare sector in the wake of the COVID-19 pandemic has positively impacted the industry outlook.

Major players influencing North America regenerative medicine market are Kite Pharma (Gilead Co.), Dendreon Pharmaceuticals LLC, Novartis AG, Bristol Myers Squibb Co., Bluebird Bio Inc., LeMaitre Vascular Inc., Baxter International Inc., Organogenesis Inc., RepliCel Life Sciences, Integra Lifesciences Holdings Corp., Smith & Nephew plc, and AbbVie Inc.