Tissue Engineering Market: Information by Material (Nano-fibrous Material, Biomimetic Material, Composite Material and Nano-composite Material) by Application (Orthopedics, Musculoskeletal and Spine, Skin/Integumentary, Cancer, Dental, Cardiology, Urology, Neurology, Cord Blood & Cell Banking and GI & Gynecology) and Region – Forecast till 2024
Global Tissue Engineering Market is growing continually, witnessing a rising demand for the process. The market is predominantly driven by the rising popularity of the process in sectors ranging from musculoskeletal & spine, orthopedics, dental, and skin/integumentary to cancer, neurology, and cardiology treatments. Moreover, widening application areas of the tissue engineering process in stem cell reconstructive, skin grafting, and regenerative medicine to treat myriads of chronic diseases escalate the market growth to furthered height.
According to Market Research Future (MRFR), the global tissue engineering market is poised to touch a valuation of USD 53,424.00 MN by 2024, growing steadily at 17.84% CAGR throughout the forecast period (2019 – 2024). Also, increasing prevalence of road accidents, injuries, and trauma cases drive the market substantially, driving the demand for transplants and surgical reconstruction procedures. Furthermore, the funding support for the ongoing tissue regeneration researches is a major growth driver supporting the market.
Market drivers and restraints:
Drivers: Increased focus of pharma & biotechnology companies on the development of tissue engineering-based therapies. Emergence of 3D bio-printing technology as a novel, cost effective tissue engineering strategy. Social media platforms and celebrity endorsements that are spreading the awareness of tissue engineering.
Restraints: Lack of awareness of the benefits of tissue engineering. Lack of skilled professionals. Stringent regulatory policies.
Global Tissue Engineering Market – Segments
The analysis has been segmented into three main dynamics to widen the scope of understanding, By Material : Nano-Fibrous & Biomimetic Materials, Composite & Nano-Composite Materials, and others. By Application : Musculoskeletal & Spine, Orthopedics, Cancer, Dental, Skin/Integumentary, Cardiology, Neurology, Urology, Cord Blood & Cell Banking, GI & Gynecology, and others. By Regions : Americas, Europe, Asia-Pacific, Middle East & Africa, and Rest-of-the-World.
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Tissue Engineering Market – Regional Analysis
North America dominates the global tissue engineering market. The largest market share attributes to the presence of a large number of major players and pharma & biotechnology companies. Besides, huge investments by public & private organizations in the tissue engineering industry drive the market significantly. Moreover, factors such as the rising prevalence of chronic diseases, the increasing clinical trials to evaluate the therapeutic potential of products, and well-spread awareness towards the therapeutic potency of therapy foster the regional market growth. The North American tissue engineering market is estimated to retain its leading position in the global market throughout the assessment period.
Europe stands second in the global tissue engineering market due to the increasing per capita healthcare expenses and deep healthcare penetration. Also, factors such as the rising government support and R&D funding for the life science domain substantiate the market growth in the region. The UK, Germany, and France market contributes to the regional market growth majorly. The European tissue engineering market is estimated to grow at a significant CAGR during the review period.
The Asia Pacific tissue engineering market has emerged as a promising market. Factors such as the significant advances in biotechnology and increasing government support to drive R&D in the field are fostering the growth of the regional market. The tissue engineering market in highly populated countries like China, India, and Japan are growing due to the huge technological advances. The APAC tissue engineering market is predicted to demonstrate huge growth potential.
Global Tissue Engineering Market – Competitive Analysis
The well-established tissue engineering market appears to be highly competitive with the presence of several notable players operating at the international level. To gain a larger competitive share of the market, players incorporate strategies such as mergers & acquisitions, collaborations, expansions, and product/technology launch. They make substantial investments in R&D and to develop their capabilities. R&D funding & programs initiated by the governments to enhance tissue engineering capabilities are offering high growth potential, which, in turn, is attracting several new entrants to the market. This is further going to intensify the market competition.
Players active in the global tissue engineering market include Allergan (US), Medtronic (Ireland), Stryker (US), Baxter International (US), Integra LifeSciences (US), Zimmer (US), Cook Medical (US), Acelity (US), Organovo Holdings Inc (US), and DePuy Synthes (US), among others.
March 17, 2020 —- Evonik Industries AG (Germany), a specialty chemicals company, announced the development of a breakthrough fermentation-based collagen production process. The new advanced collagen platform is made via fermentation-based processes and devoid of animal- or human-derived materials. This recombinant technology will offer a unique a highly soluble, ultra-pure form of collagen that is safe, sustainable, and commercially scalable to pharmaceutical, medical, cell culture, and tissue engineering markets. This is arguably the biggest innovation by Evonik in recent years, which would provide a fermentation-based collagen platform that can effectively substitute the use of animal-derived collagen required by pharma, biotechnology, and tissue engineering companies. For Evonik Nutrition & Care that leverages core competencies across fermentation, biomaterials, and product industrialization, Biotechnology is an important lever for growth & innovation. The new collagen platform strongly complements other recent fermentation-driven biotech breakthroughs that have been pioneered by Evonik.
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