Japan's regenerative medicine market will total ¥1.6 trillion in 2030, up from ¥26 billion in 2012, with products made from human cells increasing in variety and the commercialization of those from artificially derived multipurpose stem cells, the industry ministry forecast Friday.

The Ministry of Economy, Trade and Industry hopes the estimate will encourage investment in the field, which has drawn attention in Japan after Kyoto University professor Shinya Yamanaka won the Nobel Prize last year for his advanced research on induced pluripotent stem (iPS) cells that can develop into any type of body tissue.

The estimate took into account the number of potential patients in the country and the per capita cost of such treatment.

Globally, the ministry projected that the market will grow to ¥17 trillion in 2030, compared with ¥340 billion last year.

The ministry also said the cost of clinical trials for regenerative medicine products may be reduced by some 60 percent and that production outlays could be slashed by around 20 percent, providing regulatory reforms are introduced to enable authorities to approve products in clinical trials more swiftly, a process that at present takes about seven years.