Market Research Future (MRFR) studied the global tissue engineering market 2021 for the assessment period till 2023. As per MRFR analysis, the Tissue Engineering Market is expected to register 17.84% CAGR in the forecast period. By 2023, the tissue engineering market value can touch USD 53,424.00 Million.
Drivers and Restrains Impacting Tissue Engineering Market
The surge in adoption of tissue engineering to improve damaged tissue of a whole organ using engineering cells in suitable biochemical and physicochemical restoring factors and replacement of different types of biological tissues among other techniques can support the market growth.
Tissue engineering is an interdisciplinary study of life science and engineering to develop biological products for improving the overall functioning of tissues or an organ. The expansion of geriatric population and the emergence of 3D bioprinting as a novel and cost-efficient strategies can promote the expansion of the market. The growing focus of key companies on tissue engineering-based therapies for recurring occurrence of chronic and infectious diseases can boost the growth of the global tissue engineering market in the forecast tenure. On the contrary, causes, such as; lack of skilled professionals and awareness about modern tissue engineering solutions among professionals can favor the market rise in the years to come. In addition, stringent regulatory policies imposed by governments on the approval of new products can restraint the rise of the tissue engineering market.
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Medtronic, Stryker, Zimmer, Baxter International, Allergan, Organovo Holdings Inc, Integra LifeSciences, DePuy Synthes, Cook Medical, and Acelity are some top-notch companies in the global tissue engineering market that are listed by MRFR in the years to come.
The global tissue engineering market is gaining traction in several areas, such as; burn treatment, urological products, wound care, and neurology others. Tissue engineering plays a crucial role in pediatric patient treatment. Moreover, the growing trauma from burn and accident can add to the market upsurge in the regenerative and tissue engineering medicine in the analysis period. However, the inability of the technology to control various properties including electrochemical, biological, and mechanical among other cellular functions can induce issues with biomolecular and biosensors detection can limit the market rise.
Segment Assessment of Tissue Engineering Market
According to the recent report on the global tissue engineering market, published by MRFR< the global market of tissue engineering is based on application, and material.
The material-based segments of the global tissue engineering market analysis are nano-fibrous material, composite material, biomimetic material, and nano-composite material. By 2023, the segment of nano-fibrous material is likely to hold market value of around USD 3,625.6 Mn.
The application-based segments of the global tissue engineering market study are orthopedics, skin/integumentary, musculoskeletal and spine, cardiology, cancer, dental, cord blood & cell banking, urology, neurology, and GI & gynecology. The segment of orthopedics is predicted to secure a decent share of the global tissue engineering market through the forecast period.
The propulsion types-based segments of the global tissue engineering market are biomimetic material, nano-fibrous material, nano-composite material, and composite material.
Regional Analysis of Tissue Engineering Market
According to the recently published tissue engineering market report, the region-based assessment of the global market of tissue engineering spans across the Americas, Asia Pacific, Europe, and the Middle East and Africa. In the Americas, the market is likely to dominate the global market tissue engineering market as the availability of advanced facilities in the healthcare sector is becoming easy. The expansion of geriatric population in this region and the surging numbers of clinical trials can promote the market upsurge in the years to come. The rising potential of therapeutic products and the growing awareness of chronic diseases, can support the expansion of the tissue engineering market in the Americas.
Europe is likely to secure the second-largest share of the worldwide tissue engineering market across the forecast tenure owing to the availability of funds for conducting research and development projects. The growing support from the government in the region for R&D in the life science domain can favor the market rise.
In Asia Pacific region, the rapid expansion of the global tissue engineering industry can be attributed to the rising demand for plastic surgeries. The increase in cases of cancer, growing prevalence of cardiac diseases, and rise in biomaterial-based research can prompt the growth of the market in the Asia pacific region. Japan is likely to hold the highest share of around 25.3% by end of the review period owing to the presence of a robust technical base in the region.
Key Findings of the Study:
The Global Tissue Engineering Market is projected to reach over USD 53,424.00 million by 2024 at a 84% CAGR during the review period of 2019 to 2024.
North America accounted for the largest market share.
The nano-fibrous material segment is projected to register the highest CAGR of 18.08% during the forecast period.
Key manufacturers are adopting geographic expansions, corporate acquisitions, and product launches as growth strategies. Moreover, they are focusing on e-commerce for distribution.
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