Regenerative Medicine: Northeast U.S.
Massachusetts is undoubtedly becoming the capital of regenerative medicine investment, innovation and collaboration. There are several actors present in this region and it is considered a global region in this field of medicine. Additionally, findings suggest strong growth is to be expected in this field.
Overview of Regenerative Medicine
- There are significant investments into cell and gene therapy particularly in Massachusetts where a private-public partnership involving MIT, Harvard and the Massachusetts Life Sciences Strategy Group will see to hospitals, corporations and state officials combine in a $50 million project to create a center for advanced biological innovation and manufacturing. This project will give researchers and companies in the state an advantage by adding cell manufacturing capacity at reduced costs while fostering innovation and collaboration.
- Further, Astellas Pharma Inc plans to invest a further $13 million in addition to the over $1 billion invested in the greater Boston area life sciences community.
- The pharmaceutical giant, Bayer AG, is also heavily invested in the region. BlueRock Therapeutics, which is developed the CELL+GENE platform was established in with initial funding of $225 million. It was fully acquired by Bayer, evaluating the company at approximately $1 billion. The company, like Nikon's bioimaging lab, is based in Cambridge, Massachusetts.
- Another key player operating in Cambridge, Massachusetts is ElevateBio, which is actively "creating and operating a portfolio of cell and gene therapy companies through partnerships with the world’s most innovative scientists and inventors".
- The Massachusetts community hosts over 200 professionals in regenerative medicine and other related fields. The region is thus regarded as a global leader in this branch of medicine according to the Harvard Gazette.
- Organogenesis Holdings Inc. (Massachusetts) and Osiris Therapeutics, Inc (Maryland) are among the larger companies active in the North-Eastern states of the US. They are particularly active in the advanced wound care section of regenerative medicine.
- In the United States, less than 5% of the 3.3 million patients with wounds ineffectively treated by traditional therapies utilise skin substitutes. This presents a large market.
- However, as it stands, a significant number of government and private health insurers do not provide coverage for regenerative medicine procedures. On the background of the fact that these products cost more than traditional ones, this could represent significant hurdles for high market penetration.
- Within the advanced wound care (AWC) market, the biggest treatments by number are advanced wound dressing (54%), negative wound pressure (20%), and wound biologics (17%). Despite being one of the smaller segments of the overall AWC market, the wound biologics market was estimated to be worth $1.5 billion in 2018 and is the fastest-growing segment of the market.
- Skin substitutes are the largest (64%) and fastest-growing segment of the wound biologics market and it grew from $725 million in 2016 to $965 million in 2018. This is at an estimated annual growth rate of 15%.
- BIS Research, the global Advanced Wound Care market was estimated to be approximately $8.9 billion in 2018 and is expected to grow at a compound annual growth rate, or CAGR, of 3.6% through 2024.
This overview of regenerative medicine specifically focused on developments in and around Massachusetts, which is undoubtedly the most influential region in the United States and possibly the world in regard to regenerative medicine. Details were derived from official sources, news releases and organizational annual reports.