Growth in the regenerative medicine market resulted from the prevalence of chronic diseases, emerging markets growth, legislation, an aging population, and healthcare awareness, according to the release.
The projected increase is fueled by demand for organ transplants, growth in healthcare expenditure, technological advancements, and increasing investment.
North America was the largest region in the regenerative medicine market with 53.3 percent of the total in 2020. In the future, the fastest growing regions will be the Middle East and South America, where compound annual growth rates will be 72.4 percent and 71.9 percent, respectively.
Factors that could hinder growth include the increase of alternative therapies and natural remedies, low per capita healthcare expenditure, and tissue-engineered products.
