Global Tissue Engineering Market is expected to reach USD 11.5 billion over the estimated period. Tissue engineering is scientific sector associated with the expansion of biological alternatives capable of changing damaged or diseased tissue in humans. The main function of tissue engineering is to assemble functional construct that improve, restore, or maintain whole organs or injured tissues. It integrates biological components like growth factors and cells, with synthetic materials and engineering principles. The tissue engineering industry is estimated to grow at a significant CAGR over the future period as the scope and its applications are rising enormously across the globe.
High demand for tissue engineering procedures for treating damaged tissue, rising use of enhanced technology in healthcare sector, high demand in pharmaceuticals for drug testing are documented as major factors of tissue engineering market that are estimated to enhance the growth in the years to come. However, high cost and shortage of organ donor in organ transplantation may restrain overall market growth in the coming years. Tissue engineering industry is segmented based on material type, application, and region.
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Biologically Derived Materials, Synthetic Materials, and others material types could be explored in tissue engineering market in the forecast period. The market may be categorized based on applications like cardiology & vascular, cord blood & cell banking, neurology, cancer, urology, GI gynecology, skin/integumentary, dental, and others that could be explored in future period. The sectors like spine, orthopedics, and musculoskeletal accounted for the majority market share and is estimated to continue their dominance over the forecast period. whereas, cardiology and vascular sector is estimated to grow at fastest pace in the coming years.
Globally, North America accounted for the largest market share of tissue engineering industry and is estimated to lead the overall market in the coming years. The reason behind the overall market growth could be technological enhancements, rising base of geriatric populace, enormous R&D funding, and rising awareness regarding the treatment options. The United States is a major consumer of tissue engineering in this region. NIH funds the US healthcare sector, and the region has highest per capita healthcare expenditure in the region.
Instead, Europe and the Asia Pacific are also estimated to have a positive influence on the future growth. Europe is the second largest region with significant market share. However, Asia Pacific is estimated to grow at fastest pace with the highest CAGR in the foremost period. The aspects that may be ascribed to the growth comprise rising regenerative market in emerging countries like India, China, and Japan, rise in medical tourism, and entrance of major manufacturers for the expansion of their regional presence. The developing countries like India and China are the major consumers of tissue engineering in the region.
The key players of tissue engineering market are RTI surgical, Inc., Stryker Corporation, Tissue Regenix Group Plc., Medtronic, Inc., Athersys Inc., Organogenesis Inc., Acelity, and Zimmer Biomet. These players are concentrating on inorganic growth to sustain themselves amongst fierce competition. As such, mergers, acquisitions, and joint ventures are the need of the hour.
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Application Outlook (Revenue, USD Million; 2014 – 2025)
• Cord Blood & Cell Banking
• GI, Gynecology
• Orthopedics, Musculoskeletal, & Spine
• Cardiology & Vascular
Regional Outlook (Revenue, USD Million; 2014 – 2025)
• North America
• Asia Pacific
• Latin America
• Middle East & Africa
• South Africa
Related Reports of this Category available at Million Insights: https://www.millioninsights.com/industry/biotechnology
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