Regenerative Medicine Market by Product - Global Forecast to 2025
The global regenerative medicine market is predicted to grow at a 15.9% CAGR from USD 8.5 billion in 2020 to USD 17.9 billion in 2025. The increased prevalence of chronic diseases, genetic disorders, and cancer, as well as rising investments in regenerative medicine research and a developing pipeline of regenerative medicine products, are driving market expansion.
COVID-19 is a newly identified novel coronavirus that causes an infectious sickness. On March 11, 2020, the World Health Organization (WHO) proclaimed COVID-19 a pandemic. This pandemic has hampered economic growth in a variety of sectors. During the first half of the projection period, the COVID-19 outbreak will have an influence on the regenerative medicine industry. The regenerative medicine market is likely to experience some loss over the projection period as a result of statewide lockdowns, denied wound care services, cancelled or postponed elective surgeries, and rising skin injuries among COVID-19 medical care providers.
Chronic diseases, genetic abnormalities, and cancer are becoming more common.
The incidence and prevalence of chronic diseases such as cardiovascular disease, cancer, diabetes, ulcers, and genetic abnormalities such as cystic fibrosis have increased dramatically during the last several decades all across the world. Diabetes and obesity can increase the occurrence and complexity of wounds such as infections, ulcerations (leg or foot ulcers), and surgical wounds, all of which necessitate treatment and result in astronomical medical costs.
Implementation of the 21st Century Cures Act is an opportunity.
In December 2016, the United States passed the 21st Century Cures Act. This new law was enacted, among other things, to advance regenerative medicine research and medical innovation, and it contains a number of measures that may have an impact on the development and approval of a number of products in the coming years.
The incidence and prevalence of chronic diseases such as cardiovascular disease, cancer, diabetes, ulcers, and genetic abnormalities such as cystic fibrosis have increased dramatically during the last several decades all across the world. Diabetes and obesity can increase the occurrence and complexity of wounds such as infections, ulcerations (leg or foot ulcers), and surgical wounds, all of which necessitate treatment and result in astronomical medical costs.
Implementation of the 21st Century Cures Act is an opportunity.
In December 2016, the United States passed the 21st Century Cures Act. This new law was enacted, among other things, to advance regenerative medicine research and medical innovation, and it contains a number of measures that may have an impact on the development and approval of a number of products in the coming years.
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