The market for regenerative medicine is set to explode over the next decade, according to a new report.

The analysis, published by the business information company visiongain, predicts that world regenerative medicine revenues will reach $8.84 billion in 2021. That market was worth just over $800 million in 2010.

The study argues that regenerative medicine offers the opportunity to treat and cure many health disorders, including cancers and cardiovascular diseases. The market will grow rapidly this decade, "driven by the approval of new tissue engineered products, stem cell treatments and gene therapies", visiongain says, adding that growth will be most rapid in emerging markets.

In 2010, autologous chondrocyte implantations and skin substitutes for diabetic foot ulcers constituted the largest sectors of the regenerative medicine market. These sectors will remain important, the study notes, with aging world populations and rising diabetes prevalence, however stem cell and gene therapies targeting cardiovascular disorders "represent the most promising products candidates from 2011 to 2021".

Richard Lang, pharmaceutical industry analyst at visiongain, said that "challenges in moving products from bench to bedside must still be overcome". He added that "regulatory hurdles, scaling-up manufacturing and product reimbursement will be the most prominent of these challenges from 2011 onwards."