The World Health Organization (WHO) estimates that non-communicable diseases (NCDs), such as cardiovascular diseases (CVDs), cancer, diabetes, and respiratory diseases, account for around 71% of global deaths, annually. As per the organization, CVDs, cancer, respiratory diseases, and diabetes cause 17.9 million, 9.3 million, 4.1 million, and 1.5 million human deaths, respectively, each year. Furthermore, the United Nations (UN) states that approximately 3,000-5,000 children are born with chromosome disorder, globally. Thus, the surging prevalence of chronic ailments and genetic disorders is creating a huge requirement for regenerative medicines, worldwide.

Moreover, the rising technological advancements in the medical industry will also help the regenerative medicine market progress at a healthy CAGR, of 16.3%, during 2020-2030. According to P&S Intelligence, the market was valued at $8,186.9 million in 2019 and it is expected to generate $39,012.0 million revenue by 2030. Major biotech and pharma companies are making hefty investments in technological developments to provide more effective gene therapies. The advent of 3D bioprinting is one of the prime examples of technological advancements in regenerative medicine.

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At present, governments across the world are focusing on implementing policy changes to accelerate research activities in the establishment of regenerative medicine as a novel medical discipline. For instance, the Regenerative Medicine Innovation Project (RMIP), established under the 21st Century Cures Act, aims to facilitate clinical research in the field of adult stem cells in the U.S. Under this initiative, the National Institutes of Health (NIH) works in coordination with the U.S. Food and Drug Administration (FDA).

Stem and somatic cell therapies, viral and non-viral gene therapies, and cell-based tissue engineered products are being offered by Smith & Nephew plc, Allergan plc, Integra LifeSciences Holdings Corporation, Organogenesis Holdings Inc., Stryker Corporation, Takeda Pharmaceutical Company Limited, Novartis AG, Vericel Corporation, and Amgen Inc. for patients suffering from chronic ailments and genetic disorders. In the coming years, cell therapy will be adopted at the highest rate due to the soaring number of clinical trials including several cell therapy techniques.

Currently, companies offering regenerative medicines are engaging in product launches and approvals to cater to a greater number of patients. For instance, in October 2020, Novartis AG received the marketing authorization for the Foundation for Biomedical Research and Innovation (FBRI) at Kobe from the Ministry of Health, Labour and Welfare of Japan. With this approval, the company will produce and supply commercial Kymriah (tisagenlecleucel) in the nation. This move makes FBRI the first and only approved commercial production unit for chimeric antigen receptor T (CAR-T) cell therapy in Asia.

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Geographically, North America led the regenerative medicine market in the recent past, and it is also expected to maintain its position in the foreseeable future. This can be owed to the increasing advancements in the field of tissue engineering, rising number of stem cell banks, escalating healthcare spending, and surging reliance on stem cell therapy for chronic disease treatment. Whereas, Asia-Pacific (APAC) will adopt regenerative medicines at the highest rate in the upcoming years, due to the rising prevalence of chronic diseases, flourishing medical tourism industry, and escalating public and private funding in research organizations.

Thus, the surging incidence of chronic diseases and genetic disorders and the increasing technological advancements in the medical sector will fuel the administration of regenerative medicines, worldwide.

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Gene Therapy Market - https://www.psmarketresearch.com/press-release/gene-therapy-market

Wound Care Market - https://www.psmarketresearch.com/press-release/wound-care-market

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This release was published on openPR.

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Regenerative Medicine Market Present Scenario And The Growth Prospects 2030 - openPR