The regenerative medicine market is expected to hit $172.15 billion by 2030, according to market research from Next Move Strategy Consulting.
Five notes:
1. Between 2020 and 2030, the market is expected to increase at a compound annual growth rate of 28.9 percent, according to an Oct. 8 news release.
2. Regenerative medicine is primarily used to regenerate, repair, replace or restore damaged tissues or organs. It's used across multiple areas including orthopedics, neurology and cardiology.
3. Use of regenerative medicine is highest in North America, especially in the U.S. Reasons include the prevalence of chronic disorders, rise in demand for artificial organs and presence of advanced healthcare infrastructure.
4. Technological advancement, rising demand for organ transplantation and increased awareness about regenerative medicine are factors driving growth.
5. Key players in the regenerative medicine industry include Smith+Nephew, Stryker, Zimmer Biomet and General Electric.