The present invention is directed to a method of producing extracellular vesicles compositions from conditioned culture medium (CCM) compositions. The method includes culturing cells under hypoxic conditions on a biocompatible surface in vitro. The culturing method produces both soluble (CCM) and non-soluble fractions. Extracellular vesicles are derived from the soluble fraction (the CCM) produced by the cells cultured under hypoxic conditions and may be used in a variety of medical and therapeutic applications.