Tissue Engineering Market Size, Growth and Share 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 Scope
MRFR (Market Research Future) expects the tissue engineering market size will grow at a CAGR of 17.84% from 2016 to 2024 (appraisal period). The tissue engineering market report by MRFR also suggests that the value by the end of 2024 can be USD 53,424.00 Million. We will provide COVID-19 impact analysis with the report, along with all the extensive key developments in the market post the coronavirus disease outbreak.
COVID-19 Impact on the Tissue Engineering Market
A major challenge that has emerged following the COVID-19 outbreak has been the shortage of essential supplies required in the tissue engineering industry. Shipments of critical laboratory products and supplies have either been delayed or canceled, in light of the worldwide lockdown post the novel coronavirus. This situation has been worsened by the lack of effective alternative solutions, while the overall productivity of laboratory researches has gone down significantly worldwide.
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However, while a few technology vendors have adopted other methods to deal with the shortage of equipment and supplies, many of the other firms are increasingly opting for the 3D printing technology to develop samples of human tissues as well organs for SARS-CoV-2 testing. As public health authorities are racing to find a COVID-19 breakthrough, scientists and researchers are continuously striving to reduce the number of challenges.
Another factor that could work in the favor of the tissue engineering market is the fact that scientists and physicians are banding together to fight the battle against SARS-CoV-2. Since the tissue engineering vendors boast of a unique set of tools, they are making significant contributions to the advancements in diagnostic and therapeutic platforms. Also, with several candidates presently in trial, the private and public organizations have come together for working in unison, which can also give a substantial boost to the tissue engineering market growth in the near future.
Tissue Engineering Market Growth and Challenges
Tissue engineering has emerged as an ideal alternative to surgical transplants, reconstruction and various mechanical devices that help repair the damaged tissues. The tissue engineering market size is also bolstered by the consistently rising need for efficient regenerative treatments, in the wake of increasing cases of obesity, diabetes, and other conditions owing to expanding aging pool, trauma cases and lifestyle changes. Significant government funding that goes into academic and medical researchers can also lead to tissue engineering market growth.
Technological innovations in 3D tissue engineering, including the rising adoption of stem cells instead of embryo cells, 3D bioprinters and organ-on-a-chip technology are emerging as prominent tissue engineering market trends. Stem cell therapies are promising therapeutics with multiple clinical applications, which has led to colossal investments in clinical trials and research. The provision of better disease management and the surging incidences of diabetes, cancer, and various chronic disorders have encouraged researches based on stem cells.
Many of the top firms are in the process of developing novel tissue engineering-based products while also focusing upgrading their product ranges to cater to the evolving demands. They are also indulging in intensive R&D activities in order to explore the application scope of tissue engineering in different aspects of medical applications. To illustrate, in October 2020, researchers from the Columbia’s College of Dental Medicine and Department of Medicine found a better technique to treat temporomandibular joint (TMJ), which includes analyzing biological TMJ grafts that are developed in the lab and integrating them with the native tissues, then remodeling the joint over a period, thereby providing the patient with a life-long function. The team firmly believes that this technique can also be used for bioengineering of other body joints, and developing high-fidelity models to study joint diseases.
Tissue Engineering Market Segmental Analysis
Tissue engineering market has been categorized into material and application.
The materials studied in the tissue engineering market report include biomimetic material, nano-fibrous material, nano-composite material and composite material. In 2018, the value held by the nano-fibrous material segment was 3,625.6 USD Million, which put it in the lead.
The applications considered in the tissue engineering market study are neurology, orthopedics, cancer, skin/integumentary, cardiology, GI & gynecology, urology, cord blood & cell banking, musculoskeletal and spine, dental, and more.
Tissue Engineering Market Regional Study
Tissue engineering market has been regionally considered for Europe, Asia Pacific/APAC, along with MEA/Middle East & Africa and the Americas.
There is a strong possibility of Americas taking the lead in the global market over the coming years, considering the burgeoning elderly population along with the presence of a well-developed healthcare industry. The tissue engineering market growth in the Americas is also boosted the soaring number of clinical trials that focus on analyzing products’ therapeutic potential along with the surging cases of chronic disorders. The tissue engineering scaffold market in the region has gained significant traction in recent years, since scaffolds are an essential component in tissue engineering, primarily used for restoring and regenerating damaged organs. Emergence of novel scaffolds with special characteristics, like biologically inert also induces substantial market growth in the region.
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The fastest advancing market is expected to be APAC, in line with the spike in biomaterial-based research activities and the heightened demand for plastic surgeries. The surge in cancer cases as well as cardiovascular diseases also bolsters the demand for tissue engineering in the region. Japan has remained the leading market with the biggest share of 25.3% since 2018, thanks to the growth in cancer incidences, advancements in 3D bioprinting and the rising trend of medical tourism.
Renowned Industry Vendors
The highly renowned industry vendors profiled in the MRFR study include Allergan, Zimmer, Organovo Holdings Inc, Stryker, Medtronic, Baxter International, DePuy Synthes, Integra LifeSciences, Cook Medical, Acelity, and more.
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