The size of the Middle East and Africa regenerative medicine market is poised to worth USD 7.08 billion by 2027 and USD 2.50 billion in 2022, growing at a CAGR of 23.15% from 2022 to 2027.
Regenerative medicine is a branch of translational research that deals with replacing human or animal tissue with damaged tissue. In regenerative medicine, stem cells are used for the creation of a vaccine. There is a great rise in genetic diseases in the Middle East, such as sickle cell and thalassemia. The government and the Gulf Cooperation Council are collaborating to create awareness regarding regenerative medicine. The increasing demands for the new and improved quality regenerative vaccine are to propel the market's demand. The Emirates specialty hospital in Dubai opened the region's first regenerative medicine department.
According to the WHO, the increasing rate of chronic diseases like cancer, heart diseases, and kidney failure will become the major cause of death by 2030. It is estimated that around 42% of deaths will be due to chronic diseases in this region. Increasing demand for improved healthcare solutions, rising funding from public & private organizations for the development of advanced healthcare solutions, and government initiatives to promote the development of regenerative medicine products are driving the growth of the regenerative medicine market in the Middle East and Africa.
However, an inadequate number of healthcare professionals, insufficient healthcare infrastructure, and low adoption of regenerative medicine products due to poor economic status are some of the factors restraining the growth of the regenerative medicine market in the Middle East and Africa. Regenerative medicine required a trained and skilled workforce to handle the process. Lack of training and education about regenerative medicine in the Middle East and Africa is impeding the market's growth rate. In addition, the cost of regenerative medicine is more where common people cannot afford is limiting the growth rate of the market. Fluctuations in the availability of raw materials may also hinder the growth rate of the regenerative medicine market.
Impact of COVID-19 on the MEA regenerative medicine market:
Rising cases of COVID-19 across the MEA countries are greatly influencing the market to grow. The scientists in the UAE have developed a treatment for COVID – 19 with the help of stem cells collected from the recovered patient and administrated by a nebulizer directly to the lungs.
This research report on the MEA regenerative medicine market has been segmented and sub-segmented into the following categories:
Geographically, the UAE is expected to account for the highest share in the Middle East and Africa regenerative medicine market during the forecast period. The number of clinical trials is increasing in this region. The government in this region is investing in promoting regenerative medicine to increase awareness. The rise in the scale of hospitals and clinics is propelling the growth rate of the market.
KEY MARKET PLAYERS:
Companies playing a prominent role in the MEA regenerative medicine market profiled in this report are Vertex Pharmaceuticals Incorporated (U.S.), Acelity L.P. Inc. (U.S.), Celgene Corporation (U.S.), StemCells, Inc. (U.S.), Organogenesis Inc. (U.S.), NuVasive, Inc. (U.S.), Vericel Corporation (Genzyme) (U.S.), Japan Tissue Engineering Co., Ltd. (Japan), Cytori Therapeutics Inc. (U.S.), Advantagene, Inc. (U.S.) and Mesoblast Ltd. (Australia).
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