COVID-19 Impact on Tissue Engineering Market Size, Growth and Share Analysis by Material (Nano-fibrous Material, Biomimetic Material, Composite Material and Nano-composite Material), Applications (Orthopedics, Musculoskeletal and Spine, Skin/Integumentary, Cancer, Dental, Cardiology, Urology, Neurology, Cord Blood & Cell Banking and GI & Gynecology) and Region – Forecast to 2024
Market Research Future (MRFR), in its recent study on the COVID-19 Impact on Tissue Engineering Market size, asserts that the market is expected to reach USD 53,424 million with a CAGR of 17.84% during the forecast period.
Tissue engineering is designed to affect the physical, chemical, and biological environment surrounding the population of cells. It is an interdisciplinary field that uses the principle of engineering and life science to the development of biological products that help enhance the functioning of tissues or an entire organ. Tissue engineering provides solutions that can replace or repair tissues, including transplantation, surgical reconstruction, and medical devices.
Global tissue engineering market has been mainly driven by an increasing geriatric population, an increase in the incidence of chronic and infectious diseases, 3D bioprinting emerging as a novel strategy for tissue engineering due to its cost-efficiency, and an increase in companies focus on tissue engineering therapies. According to the National Statistics Office in 2017, roughly 18% and 2.4% of the total population in the United Kingdom were over 65 years old and 85 years old, respectively. As a result, a growing geriatric population has a positive effect on the growth of the global tissue engineering market.
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Nevertheless, factors such as lack of awareness of tissue engineering, lack of qualified professionals, and strict regulatory policies are constraining tissue engineering market growth.
Covid-19 Analysis /Covid-19 Impact on the Global Tissue Engineering Market
In light of the current novel coronavirus (COVID-19) pandemic, there is a strong need for new diagnostic and therapeutic strategies to battle such diseases worldwide. Traditionally, tissue engineering focuses on applying engineering principles to biological systems, cooperation across disciplines, and rapid translation of technologies.
One of the critical problems of the COVID-19 pandemic is the shortage of supplies in the market for tissue engineering. Shipments of various laboratory supplies and products have been canceled, and, in most cases, delivery of most materials has been postponed. This has made it difficult for research laboratories and research-driven organizations to choose alternative approaches, thereby, seriously affecting the productivity of laboratory work in the last few months.
Financial risks include a significant risk of research volatility along with current socio-economic pressures to cut the price of any novel tissue engineering products that may be used in the treatment of diseases. Other risks include currency volatility and high fixed costs and operating costs, which push mid-sized enterprises at a high risk of loss.
In the last decade, technological advancements in tissue engineering have revolutionized the field of plastic surgery. Compared to plastic surgery, tissue engineering has proven to be more advanced and interdisciplinary. Increasing society’s preference for the use of stem cells, PRP (platelet-rich plasma), growth factors, and synthetic scaffolds for the treatment of facial defects are important factors providing opportunities for the global tissue engineering market. However, in the previous quarter, most regulatory authorities did not allow medical professionals to perform cosmetic surgery. As a result, there is a significant gap created in the demand and supply of tissue engineering products.
Although the world is afraid to reach the point of economic recession, 3D bioprinting is emerging as a new strategy for tissue engineering due to its cost-efficiency. This technology involves the precise layering of cells, growth factors, and biological scaffolding to create bioidentical tissues. 3D bioprinting has the potential to produce healthcare products at a low cost. For small-scale growth, the cost of 3D bioprinting is becoming low. 3D bioprinting is also useful in reducing manufacturing costs by reducing the use of unnecessary resources. While some technology companies have used other means to resolve the shortage of personal protective equipment caused by COVID-19, others are using 3D printing technology to produce samples of human organs and tissues for coronavirus testing.
Since public health authorities are struggling to find treatments for COVID-19, researchers and scientists are actively working to overcome the challenges. For example, companies such as Novoheart Holdings Inc. are seeking to speed up conventional drug and vaccine production processes without sacrificing patient safety by developing miniaturized versions of organs using 3D bioprinting and stem cell engineering. Since several companies are expanding the development of therapies and vaccines, with emergency authorization approvals and regulatory guidelines, 3D organs could be more commonly used as researchers, and companies are searching for a fast way to check the effects of drug therapies.
Several companies operating in this market are focused on improving the conditions of the community throughout the world. For example, as announced on 7 May 2020 by Allergan plc, the Allergan Foundation has fast-tracked another USD 2 million in charitable grants for community organizations responding to the COVID-19 pandemic. The new grants double the total donation of the Allergan Foundation to COVID-19, bringing the total to USD 4 million. The donations are devoted to 57 organizations working on the front lines of the community response to the pandemic in United States and internationally.
The world is facing a major global health crisis. The rate of infection and mortality from COVID-19 makes it different from any virus seen in this century. Physicists and scientists are working together to mitigate the spread of COVID-19. Thus, tissue engineering companies have a rare set of tools and can make significant contributions to the development of therapeutic and diagnostic platforms.
Tissue Engineering Market Segmentation
The global tissue engineering market has been segmented into material and application.
Based on material, the global tissue engineering market has been divided into nano-fibrous material, biomimetic material, composite material, and nano-composite material.
Based on the application, the global tissue engineering market has been classified as orthopedics, skin/integumentary, musculoskeletal and spine, cancer, dental, cardiology, urology, neurology, cord blood & cell banking, and GI & gynecology. The nano-fibrous material held a valuation of 3,625.6 USD million in 2018.
Tissue Engineering Market Regional Analysis
Region-wise, the global tissue engineering market has been divided into the Americas, Europe, Asia Pacific, and the Middle East & Africa.
The Americas are expected to lead the tissue engineering market, primarily due to the growing geriatric population and the availability of modern healthcare facilities in the region. Factors driving the growth of the tissue engineering market are increasing number of clinical trials to assess the therapeutic potential of products, increasing prevalence of chronic diseases, and rising awareness of therapeutic potential.
Europe is anticipated to have the second-largest tissue engineering market share in the forecast period. The factors contributing to market growth in this region are the high availability of R&D funding and increasing government support for the life science sector.
The Asia Pacific is expected to be the fastest-growing region in the global market for tissue engineering due to the biomaterial-based research, rising demand for plastic surgery, increasing incidence of cancer, and growing prevalence of cardiovascular disease. Japan had a market share of 25.3% in 2018.
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The tissue engineering market in the Middle East & Africa is projected to register the lowest market share in the forecast period. The tissue engineering market is likely to expand due to the growing use of tissue engineering in the treatment of various chronic diseases in Saudi Arabia, the UAE, and Kuwait.
Tissue Engineering Market Key Players
The prominent participants in the global tissue engineering industry are Stryker, Allergan, Medtronic, Zimmer, Cook Medical, Baxter International, Organovo Holdings Inc, Integra LifeSciences, DePuy Synthes, and Acelity. Players functioning in this market are focused on product releases and expanding their global presence by reaching untapped markets.
NOTE: Our team of researchers are studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
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