Published Date : Jan 05, 2016
Regenerative medicine includes a host of processes and techniques that help rebuild lost tissues in the body. Even though this is a fairly new development and has only recently grown to a global scale, the development has been impressively swift thanks to steady advances in medical technology. The demand for regenerative medicine has been on the rise owing to increased convenience for doctors and patients alike.
On a global scale, Europe and North America have established their position as leading and developed markets for regenerative medicine. This can be attributed to greater affluence of the average consumer and impressive healthcare infrastructure in most EU countries as well as Canada and the US.
The star, however, is the Asia Pacific region. Analysts within the industry peg APAC to be the most lucrative market for regenerative medicine and expect it to rise to the forefront in the coming years. Large scale rapid development in emerging economies such as India, China, and South Korea, as well as booming market conditions in already major economies such as Australia and Japan will give manufacturers and developers of regenerative medicine an established and strong supply chain. The demonstrable benefits of regenerative medicine are many. Recognizing these advantages, governments in different countries across the Asia Pacific region have begun offering public support in the form of programs and initiatives dedicated towards tissue engineering, development of biomaterials, and stem cell research.
In July last year, Gamagori – a city in Aichi Prefecture, Japan – became the first and only city in the nation that can boast of a local hospital run by the government with a Certified Special Committee for Regenerative Medicine. This has lent the medical technology sector in Japan a major boost, presenting an example to the rest of the region and the country that a supportive attitude on the part of the government can go a long way.