Regenerative Medicine Market To Generate A Revenue Of Around $9.64 Billion
The Regenerative Medicine Market is expected to grow with a double digit CAGR of 14% during the forecast period of 2016 to 2022. The fast growing advancements in stem cell technology; growing potential of nanotechnology; and, rising cases of chronic diseases and trauma injuries helps to increase the market of regenerative medicine, globally.
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Rising cases of chronic diseases has become the key driver for regenerative medicine market globally
The growth and demand of the global regenerative medicine market is very high in developed as well as developing countries. The major driver that accelerates the market is the rising number of chronic diseases cases every year. According to a report published by World Health Organization, the rate of cancer cases are growing by 50% globally, and the number of new cases is expected to reach 15 million by 2020. The report also suggest that in 2014 more than 1.3 million new cancer cases came into light among men, worldwide .The lungs cancer is the most common type of cancer among men; whereas, breast cancer is one of the most common type of cancer among women in both developed and developing countries. In 2014, the number of new cases of cancer among women all over the world has been recorded, with more than 1.7 million new breast cancer cases; 870,000 cases of stomach; cervicalcancer accounted for 560,000 new cases; and, 410,000 cases of head and neck cases, among others. Due to the increasing number of cancer cases every year, the demand for the cell and tissue for regenerative medicines has increased significantly. According to a public survey in Germany, it has been analyzed that 92.5% of respondents were aware of stem cells;73.8% support increased funding for stem cell research;83.5% support use of stem cells to treat patients; and,67.8% has supported the use of tissue stem cells for research. This increasing demand for cell and tissues has increased the market for regenerative medicine, globally.
Increasing number chronic cases in developing nationstoincrease the market forregenerative medicines
The increasing cancer cases day by day in developing economies has increased the market of regenerative medicine. It is estimated that in India, 1,148,757 new cancer cases will come in light by 2020. The cancers cases associated with tobacco for males are projected to reach up to 225,241 in the Year 2020. Similarly, for femalesvarious cancer cases will go up to 93,563 in the year 2020. Gynecological-related cancers cases are anticipated to go up to 182,602 in 2020. Among both males and females, cancer of breast alone is anticipated to cross the figure of 100,000 by the year 2020. This increasing cancer cases in India is increasing the demand for regenerative medicine which increases the market of regenerative medicine in India.
Government regulations for medical sector to become the major challenge for regenerative medicine market
The government regulations and policies are lay down to maintain the standards for biopharmaceuticals, pharmaceuticals and for cell and tissues therapeutics exist in US, India and many more nations. Most of the government basic regulations were translated to frame a basic legal out-look to make inviting lengthy and difficult regulatory process. This is anticipated to become one of the major obstruction for the growth of the market, and will delay the production time.