Global regenerative medicine market to grow by $70.11b by 2028

It is driven by developments in personalised medicine, gene therapy, and CRISPR technology.

The global regenerative medicine market is projected to grow by $70.11b by 2028 at a compound annual growth rate of 23.31%, said Technavio.

The sector’s expansion is attributed to a rising prevalence of chronic diseases with an increasing focus on treating complex conditions like blood cancers.

The market is driven by developments in personalised medicine, gene therapy, and CRISPR technology.

“Regenerative therapies are also making strides in orthopaedics, wound care, and oncology, with tissue engineering, platelet-rich plasma, and nanotechnology playing crucial roles,” the report said.

Meanwhile, the market is witnessing a trend towards a growing number of clinical trials, driven by increased initiatives and support from international and national organisations.

As of July 2022, over 1,400 companies worldwide are engaged in regenerative medicine projects, actively conducting clinical trials at various stages of development.