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North American Regenerative Medicine Market Set for Huge Expansion in Future
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According to various reports, around one in every three adults all over the world suffer from various chronic health conditions. Moreover, as per the World Health Organization (WHO), nearly 17.9 million people across the world die because of cardiovascular diseases every year. Besides this, the soaring investments being made by various governments in research and development (R&D) activities in the domain of regenerative medicine are also fueling the market expansion across the world.
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Depending on application, the regenerative medicine market is divided into oncology, musculoskeletal, dental, wound care, and ocular categories. Out of these, the musculoskeletal category recorded the highest growth in the market during the last few years and this trend is predicted to continue in the coming years as well. This will be because of the rising incidence of orthopedic diseases, the surging population of geriatric people, and increasing pipeline of musculoskeletal disease treatment stem cell products across the world.
Across the globe, the regenerative medicine market registered the highest growth in North America between 2014 and 2019 and this trend is likely to continue in the forthcoming years as well. This is credited to the surging number of stem cell research institutes, the soaring healthcare expenditure, the increasing number of stem cell banks, and rapid technological advancements and innovations in biomaterial scaffolds for advancing tissue engineering in the region.
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