The US National Institutes of Health (NIH) defines regenerative medicine as the process of creating functional tissues for the replacement or the repair of damaged tissues or organs. These tissues or organs may lose their function owing to congenital defects, disease, or age, and are regenerated so as allow normal function.
Rapidly Developing Branch of Medical Science
Today, regenerative medicine is used in a broad range of applications such as musculoskeletal, orthopedic, neurology, and cardiovascular. Last year, research proved that a new form of regenerative medicine helped relieve light sensitivity, eye pain, and burning after an eye surgery and also resulted in faster tissue repair. The team of researchers in Turkey suggested that this could have significant benefits for patients undergoing corneal implants or refractive surgery.
Here’s a look at the key trends governing the global regenerative medicine market.
- The rising prevalence of bone and joint disorders can be attributed to the surge in sports activities, the growing prevalence of arthritis, and the rise in geriatric population. This, subsequently, has resulted in the growth of regenerative medicine.
- A key factor that drives the regenerative medicine market is major technological advancements in the field of tissue engineering and stem cell therapy.
- The growing range of applications of tissue engineering in replacing and/or improving biological functions is projected to boost the demand for tissue engineering over the next few years.
- The strong presence and demand of favorable reimbursement policies has driven the development of biomaterials technology, making it the leading segment of the regenerative medicine by technology.
- By application, regenerative medicine is mostly used in substituting bone grafts, making orthopedics the largest application segment.
- Fueled by the growing demand for bone and joint reconstruction and the presence of favorable government initiatives, North America has emerged as the dominant regional market for regenerative medicine.