Transformative Effect of Regenerative Medicine on Human Health Benefits Global Market05 Apr 2016
Regenerative medicine, according to the US National Institutes of Health (NIH), is the process of developing functional tissues for the repair and/or replacement of damaged organs or tissues. Having lost function due to disease, congenital defects, and age, these tissues or organs are regenerated to establish and restore normal function.
Regenerative medicine is used in a wide range of applications including neurology, musculoskeletal, cardiovascular, and orthopedic. Earlier this month, a study showed that a new regenerative medicine appears to relieve eye pain, light sensitivity, and burning, and stimulate faster tissue repair following eye surgery. Findings by a team of researchers in Turkey suggest that this new compound can be beneficial for all those patients who undergo refractive surgery and corneal implants.
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The regenerative medicine market is a rapidly developing segment of medical science and a report by Transparency Market Research indicates that the global regenerative medicine market is poised to expand at a strong CAGR of 12.80% from 2013 to 2019.
Ongoing Trends Reflected in the Regenerative Medicine Market
There a number of factors that not only drive or challenge the global regenerative medicine market but also characterize its presence in the overall field of medical science.
- One of the most significant forces working in favor of the regenerative medicine market is technological advancements in stem cell therapy and tissue engineering.
- The prevalence of joint and bone disorders has increased in recent years, fueled by the rise in the aging population, increasing prevalence of arthritis, and surge in sports injuries. This, in turn, has given a boost to the regenerative medicine market.
- Strong demand and presence of favorable reimbursement policies has spurred the development of biomaterials technology, rendering it the largest technology segment of the regenerative medicine market.
- The widening range of applications of tissue engineering in improving or replacing biological functions is anticipated to drive the demand for tissue engineering in the coming years.
- Regenerative medicine is most commonly used in substituting bone grafts and this application segment has flourished owing to the rise in orthopedic surgeries.
- North America serves as the leading regional market for regenerative medicine owing to surging demand for joint and bone reconstructive surgeries and favorable government initiatives.
- Europe, also a major market, is fueled by the rise in geriatric population, which is more prone to arthritis, and extensive funding from the government to support the research and development of regenerative medicine.
- Asia Pacific has been identified as the most promising market for regenerative medicine, driven by the rising demand for bone graft substitutes and expansion of product manufacturers in countries such as China, South Korea, India, and Japan.
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Even with these prominent factors driving the regenerative medicine market, post-implantation rejection, ethical issues related to stem cell therapy and tissue engineering, and stringent regulatory compliance threaten to curb the development of the regenerative medicine market.