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Description
Regenerative Medicines Market size was valued USD 9.8 billion in 2021 and expected to reach a value of USD 26.4 billion by 2028, witnessing a CAGR of 15.2% during the forecast period 2022-2028. Regenerative medicines are those, which replace, repair, and regenerate organs and tissues affected due to the disease, injury, and natural aging process. Regenerative medicines have a wide range of applications and used in the neurodegenerative, cardiovascular, orthopedic, and dermatological disorders. Regenerative medicines also include the possibility of growing organs and tissues in the laboratory and implanted them when the body cannot heal itself. The major biomedical approaches in regenerative medicines are stem cells which have an ability of differentiation and proliferation of cells. Increase in the prevalence of genetic disorders, rise in funding from public and private sectors for the R&D activities in regenerative medicines, increase in healthcare expenditure, and various products in the pipeline are expected to fuel the regenerative medicines market over the forecast period. Furthermore, technological advancements in stem cell therapy and nanotechnology, growing need of orthopedic surgeries, an increase in awareness about regenerative medicines among key stakeholders might propel the market growth over the forecast period. However, stringent regulatory policies for regenerative medicines approval, high cost for the treatment, and ethical issues might hamper the regenerative medicines market over the forecast timeframe.
