Tissue Engineering Market Size, Trends and Growth Analysis By Material (Nano-fibrous Material, Biomimetic Material, Composite Material and Nano-composite Material), Application (Orthopedics, Musculoskeletal and Spine, Skin/Integumentary, Cancer, Dental, Cardiology, Urology, Neurology, Cord Blood & Cell Banking and GI & Gynecology) and Region, Forecast till 2024
Tissue Engineering Market Analysis
The Global Tissue Engineering Market size is likely to touch USD 53,424 million at a whopping 17.84% CAGR between 2016- 2024, as per the recent Market Research Future (MRFR) analysis. Tissue engineering has been designed to influence the biological, chemical, and physical environment that surrounds the cell population. It uses the principle of life science and engineering to develop biological products that help to augment the functioning of the whole organ or tissues. Tissue engineering offers solutions that can either repair or replace tissues such as medical devices, surgical reconstruction, and transplant.
Tissue Engineering Market Drivers and Restraints
Various factors are propelling the global tissue engineering market and tissue engineering scaffold market growth. As per the latest MRFR report, such factors include the rising geriatric population coupled with the growing prevalence of infectious and chronic diseases. Besides, the 3D bioprinting has emerged as the new tissue engineering market trends owing to its cost-efficiency. This 3D printing technology is widely used for creating human tissues and organs for testing COVID-19, which in turn is adding market growth of tissue engineering.
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On the contrary, strict regulatory policies, scarcity of skilled professionals, and lack of awareness about tissue engineering are factors that may limit the global tissue engineering market growth over the forecast period. Besides, the shortage of supplies due to the ongoing COVID-19 pandemic is also impacting the market growth.
Tissue Engineering Market Segmentation
The MRFR report offers an inclusive segmental analysis of the global tissue engineering market based on application and material.
By material, the tissue engineering market is segmented into composite material, biomimetic material, and nano-fibrous material. Of these, the nano-fibrous material will lead the market over the forecast period while the biomimetic material will grow at a fast pace over the forecast period.
By application, the tissue engineering market is segmented into GI & gynecology, cord blood and cell banking, neurology, urology, cardiology, dental, skin/integumentary, cancer, musculoskeletal and spine, and orthopedics. Of these, the spine, musculoskeletal, and orthopedics segment will dominate the market of tissue engineering over the forecast period while the cancer segment will grow at a high CAGR over the forecast period.
Tissue Engineering Market Regional Analysis
Based on the region, the tissue engineering market report covers the growth opportunities and recent trends across the Americas, Europe, the Asia Pacific, & the Middle East and Africa (MEA). Of these, the Americas will lead the tissue engineering market over the forecast period. The surging public awareness about the therapeutic potency of therapy, increasing cases of chronic diseases, rising number of clinical trials for evaluating the products therapeutic potential, availability of advanced healthcare facilities, and growing geriatric population are adding to the global tissue engineering market growth in the region.
In Europe, the global tissue engineering market is predicted to have the second-largest share over the forecast period. Increasing government support for the life science domain coupled with the rising availability of funds for the research and development is adding to the global tissue engineering market growth in the region.
In the APAC region, the global tissue engineering market is predicted to grow at a fast pace over the forecast period. Rising cases of cardiovascular diseases, increasing cancer incidence, growing demand for plastic surgeries, and rising biomaterial-based research are adding to the global tissue engineering market growth in the region. Japan has the maximum share in the region.
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In the MEA, the global tissue engineering market is predicted to have the smallest share over the forecast period. But it is likely to have a sound growth for its increasing use to treat different chronic diseases in the UAE, Kuwait, and Saudi Arabia.
Tissue Engineering Market Key Players
Leading players profiled in the global tissue engineering market report include Acelity (US), DePuy Synthes (US), Cook Medical (US), Organovo Holdings Inc (US), Integra Life Sciences (US), Baxter International (US), Zimmer (US), Medtronic (Ireland), Allergan (US), and Stryker (US).
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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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