The global regenerative medicine market is projected to reach $39 million by 2030, up from $8.2 million in 2019, according to market research company P&S Intelligence.
Five notes:
1. Between 2020 and 2030, the market is expected to increase at a compound annual growth rate of 16.3 percent.
2. Regenerative medicine, primarily used to treat musculoskeletal diseases, focuses on repairing tissues and cells. As older adults are more prone to chronic conditions, the rising geriatric population is expected to be a key contributor of market growth.
3. The global number of people aged 65 and older is anticipated to rise from 703 million in 2019 to 1.5 billion in 2050, according to the United Nations.
4. Economic growth, increased funding for medical research and growing medical tourism are also projected to be key market drivers.
5. Key players in the regenerative medicine industry include Smith+Nephew, Stryker, Zimmer Biomet and Integra LifeSciences.