According to Stratistics MRC, the Global Tissue Engineering market is expected to grow from $6.24 billion in 2015 to reach $14.86 billion by 2022 with a CAGR of 13.2%. Growing usage of tissue engineering as an alternative for organs is the major factor propelling the market growth. In addition, recent technological advancements, encouraging government initiatives, and huge investments in R&D are the some of the key factors fostering the market growth. On the other hand, strict regulations for approvals, time taking process to develop a tissue & high costs are the constraints limiting the market growth.
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Among all the applications, orthopedic segment leads the market globally with the biggest market share and is expected to grow with a higher CAGR during the forecast period. The growth of this segment is attributed to growing geriatric population and raising incidence of reconstructive and replacement surgeries. Neurology segment is likely to witness faster growth rate due to increasing research & development. North America is emerged as the major revenue generating region in the global market due to innovative technological developments, and increasing incidence of cancer rates in the Canada and U.S. Asia Pacific is expected to witness high growth rate during the forecast period.
Some of the key players in global tissue engineering market include Acelity, CryoLife, ReproCell Inc., Stryker Corporation, Medtronic Inc., Integra LifeSciences, RTI Surgical Inc., Acell Inc, Organogenesis Inc, Zimmer Biomet, Athersys Inc, Sanofi, AastromBioSciences, BioMemetic Therapeutics, Tissue Regenix Group Plc, and Advanced Cell Technology.
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