The regenerative medicine market is likely to expand considerably in the coming years due to growing applications in the treatment of chronic diseases. According to a report published by Fortune Business Insights, titled “Regenerative Medicine: Global Market Analysis, Insights and Forecast, 2019-2026,” the market was valued at US$ 23,841.5 Mn in 2018. Fortune Business Insights states that the market will reach US$ 151,949.5 Mn by the end of 2026, thereby exhibiting a CAGR of 26.1%. Recent developments in treatment of acute and chronic diseases can be attributed to advances in regenerative medicines. Regenerative medicine mainly focusses on identifying the root cause of the disease and aims at locating, repairing, and regenerating the non-functioning body cells. As most of the chronic and acute diseases are inclined towards the elderly and geriatric population, the growing geriatric population serves growth of the global regenerative medicine market in the coming years.
Novartis Receives EU Approval for Luxturna
The severity of chronic diseases has led to the demand for efficient medicines. The ability of regenerative medicine to treat severe life-threatening diseases in an efficient manner has created a huge demand for the products across the world.
Increasing drug approvals have contributed to the rising uptake for regenerative medicines. In 2018, Novartis received usage approval from the European Union for its latest regenerative medicine ‘Luxturna’. The drug was used to treat and restore sight for people with vision impairment. Luxturna was widely useful in treatment of rare retinal diseases. Fortune Business Insights states that the approval for Luxturna will contribute to the growth of the global regenerative medicine market in the forthcoming years.
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Source: Medgadget