The global regenerative medicine market value reached $7.28 billion in 2020 and is expected to grow to $22.37 billion by 2025 at 25.2 percent. Furthermore, the market is expected to grow at a compound annual growth rate of 12.7 percent from 2025 and reach $40.71 billion in 2030, according to a Sept. 7 press release from Research & Markets.
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.