A recent article in Business Insdier Australia cites the global market for regenerative medicine is expected to reach a whopping $67.5 billion in 2020, according to analysts at Frost & Sullivan. Currently it is estimated to be worth $16.4 billion, which means that the market value would grow at an impressive 23% per year on average to reach the estimated 2020 figure. This forecast, coupled with the fact that only about 700 companies globally – a realtively small number – have a commercial focus on regenerative medicine focus, means that the commercial potential for regenerative medicine in future years is very encouraging.
Stem cells are currently being used for multiple medical uses, such as treating difficult-to-heal wounds, however the future potential is huge, and includes possible treatments for type 1 diabetes, cancer, heart disease and re-growth of tissues such as nerves. In addition, the medical community is increasing seeking alternative treatments for patients as average life expectancy increases globally and new, innovative approaches are required to accomodate a changing population age profile.
Scott Wolf, CEO and Director of Research for Grace Century comments, ?This is a brand new industry. As in any opportunity, solving problems and in this case life-saving therapies will mean enormous opportunity for profits?