Global Tissue Engineering market report offers the latest industry trends, technological alteration and forecast data. A deep-dive view of Tissue Engineering industry based on its size, growth, development plans, and opportunities is offered by this report. The forecast information, SWOT analysis, Tissue Engineering barriers, and feasibility study are the vital aspects evaluated in this report.
Global Tissue Engineering Market is expected to reach USD
11.5 billion over the estimated period. Tissue engineering is scientific sector
associated with the expansion of biological alternatives capable of changing
damaged or diseased tissue in humans. The main function of tissue engineering
is to assemble functional construct that improve, restore, or maintain whole
organs or injured tissues. It integrates biological components like growth
factors and cells, with synthetic materials and engineering principles. The
tissue engineering industry is estimated to grow at a significant CAGR over the
future period as the scope and its applications are rising enormously across
the globe.
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High demand for tissue engineering procedures for
treating damaged tissue, rising use of enhanced technology in healthcare
sector, high demand in pharmaceuticals for drug testing are documented as major
factors of tissue engineering market that are estimated to enhance the growth
in the years to come. However, high cost and shortage of organ donor in organ
transplantation may restrain overall market growth in the coming years. Tissue engineering
industry is segmented based on material type, application, and region.
Biologically Derived Materials, Synthetic Materials, and
others material types could be explored in tissue engineering market in the
forecast period. The market may be categorized based on applications like
cardiology & vascular, cord blood & cell banking, neurology, cancer,
urology, GI gynecology, skin/integumentary, dental, and others that could be
explored in future period. The sectors like spine, orthopedics, and musculoskeletal
accounted for the majority market share and is estimated to continue their
dominance over the forecast period. whereas, cardiology and vascular sector is
estimated to grow at fastest pace in the coming years.
Globally, North America accounted for the largest market
share of tissue engineering industry and is estimated to lead the overall
market in the coming years. The reason behind the overall market growth could
be technological enhancements, rising base of geriatric populace, enormous
R&D funding, and rising awareness regarding the treatment options. The
United States is a major consumer of tissue engineering in this region. NIH
funds the US healthcare sector, and the region has highest per capita
healthcare expenditure in the region.
Instead, Europe and the Asia Pacific are also estimated
to have a positive influence on the future growth. Europe is the second largest
region with significant market share. However, Asia Pacific is estimated to
grow at fastest pace with the highest CAGR in the foremost period. The aspects
that may be ascribed to the growth comprise rising regenerative market in
emerging countries like India, China, and Japan, rise in medical tourism, and
entrance of major manufacturers for the expansion of their regional presence. The
developing countries like India and China are the major consumers of tissue
engineering in the region.
The key players of tissue engineering market are RTI
surgical, Inc., Stryker Corporation, Tissue Regenix Group Plc., Medtronic,
Inc., Athersys Inc., Organogenesis Inc., Acelity, and Zimmer Biomet. These
players are concentrating on inorganic growth to sustain themselves amongst
fierce competition. As such, mergers, acquisitions, and joint ventures are the
need of the hour.
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