Regenerative medicine consists of several techniques and processes used to rebuild lost tissues in the body. It is a fairly new development in the healthcare sector and has only recently grown to a global scale. Thanks to steady advances in medical technology over the past few years, the growth of the regenerative medicines market has been swift. The increased convenience they present to both patients and doctors has resulted in growing demand for the same.
Transparency Market Research, a leading market intelligence company, has predicted that the global regenerative medicine will reach a total valuation of about US$6.5 bn by 2019, at a 12.8% CAGR from 2013.
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Government Support for Regenerative Medicine Growing in Asia Pacific
Currently, North America and Europe lead the global regenerative medicine market, thanks to the strong healthcare infrastructure in countries such as the U.S., Canada, and most EU countries. The affluence of the average consumer in these countries has also helped the regenerative medicines market thrive in these regions.
In the coming years, though, Asia Pacific is expected to rise to the forefront in the global regenerative medicines market. The rapid development of countries such as China, India, and South Korea, allied to existing major economies such as Japan and Australia will allow regenerative medicine manufacturers to establish a strong supply chain in this region. Due to the demonstrable benefits of regenerative medicine, governments in several regions have started to provide public support for regenerative medicine programs such as stem cell research, development of biomaterials, and tissue engineering.
In July 2015, the city of Gamagori in Japan’s Aichi Prefecture became the first in the country to have a government-run local hospital with a Certified Special Committee for Regenerative Medicine. This is expected to provide a boost to the rising medical technology sector in the city. Many cities and government hospitals in Japan could adopt the same supportive attitude if Gamagori’s venture goes well.
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Ethical Issues with Stem Cell Usage Restraining Regenerative Medicines Market
Stem cell therapy is a major part of the regenerative medicines market. However, usage of stem cells is shrouded in ethical issues, due to the unfortunate association in public perception between stem cell usage and abortion. As a result, adult stem cells have grown prominent in the stem cell research sector in recent years. Rising acknowledgment of the importance of stem cell therapy in regenerative medicine will help regenerative medicine researchers overcome this barrier.
The risk of post-implant rejection of biomaterials and engineered tissue is also an important factor in regenerative medicine procedures. Since regenerative medicine is necessarily bioactive, there is a risk of the patient’s body rejecting the foreign object. This risk has been minimized to a great degree over the years, but still remains a significant restraint on the regenerative medicines market. However, this is expected to be a heavily researched topic in the coming years and a viable solution is sure to be found, ensuring steady development of the global regenerative medicines market in the coming years.
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