Regenerative medicine consists of several techniques and processes used torebuild lost tissues in the body. It is a fairly new development in thehealthcare sector and has only recently grown to a global scale. Thanks tosteady advances in medical technology over the past few years, the growth ofthe regenerative medicines market has been swift. The increased conveniencethey present to both patients and doctors has resulted in growing demand forthe same.
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Transparency Market Research, a leading market intelligencecompany, has predicted that the global regenerative medicine will reach a totalvaluation of about US$6.5 bn by 2019, at a 12.8% CAGR from 2013.
Currently, North Americaand Europe lead the global regenerative medicine market, thanks to the stronghealthcare infrastructure in countries such as the U.S., Canada, and most EUcountries. The affluence of the average consumer in these countries has alsohelped the regenerative medicines market thrive in these regions.
In the coming years, though, Asia Pacific is expected to rise tothe forefront in the global regenerative medicines market. The rapiddevelopment of countries such as China, India, and South Korea, allied toexisting major economies such as Japan and Australia will allow regenerative medicine manufacturers to establish a strong supply chain in this region. Dueto the demonstrable benefits of regenerative medicine, governments in severalregions have started to provide public support for regenerative medicineprograms such as stem cell research, development of biomaterials, and tissueengineering.
In July 2015, the city of Gamagori in Japan’s Aichi Prefecturebecame the first in the country to have a government-run local hospital with a Certified Special Committee for Regenerative Medicine. This is expected toprovide a boost to the rising medical technology sector in the city. Manycities and government hospitals in Japan could adopt the same supportiveattitude if Gamagori’s venture goes well.
Stem cell therapy is a major part of the regenerative medicine market. However, usage of stem cells isshrouded in ethical issues, due to the unfortunate association in publicperception between stem cell usage and abortion. As a result, adult stem cellshave grown prominent in the stem cell research sector in recent years. Risingacknowledgment of the importance of stem cell therapy in regenerative medicinewill help regenerative medicine researchers overcome this barrier.
The risk of post-implantrejection of biomaterials and engineered tissue is also an important factor inregenerative medicine procedures. Since regenerative medicine is necessarilybioactive, there is a risk of the patient’s body rejecting the foreign object.This risk has been minimized to a great degree over the years, but stillremains a significant restraint on the regenerative medicines market. However,this is expected to be a heavily researched topic in the coming years and aviable solution is sure to be found, ensuring steady development of the globalregenerative medicines market in the coming years.
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