Tissue Engineering Market Driven at 17.22% CAGR due to Growing Need for Human Tissue Replacement

Tissue Engineering Market Driven at 17.22% CAGR due to Growing Need for Human Tissue Replacement

“Tissue Engineering Market”
Global 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

Tissue Engineering Market Insight

Market Research Future (MRFR) has announced a new release on the global tissue engineering market. The report talks about the probable growth trajectory of the global tissue engineering market on the basis of a solid analysis of the market’s historical growth patterns and major drivers. The report projects the global tissue engineering market to exhibit a solid 17.22% CAGR over the forecast period from 2017 to 2022. By 2022, the global tissue engineering market is expected to reach a valuation of USD 48,017.5 million.

Tissue engineering encompasses a wide variety of processes wherein human tissue substitutes are created using various natural materials. A scaffold material is also used as a platform for the tissue growth. The difficulty of preserving human tissue and restoring full functionality in cases of severe damage has led to steady development of the tissue engineering market. These engineered tissue products can replace human tissue in conditions such as irreparable tissue damage, organ failure, etc. The growing incidence of organ failure cases is likely to drive the global tissue engineering market over the forecast period, as tissue engineering provides a reliable way of ameliorating the damage by providing a suitable alternative. The rising prevalence of joint conditions and cartilage damage is also likely to drive the use of tissue engineering in orthopedics, especially in regions with a growing geriatric population.

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Tissue engineering has also become popular due to the growing opposition to the use of animals in medical research. Engineered human tissue is increasingly being used in place of animals in drug testing. This is also likely to be a major driver for the global tissue engineering market over the forecast period, as opposition to the use of animals in medical research on ethical grounds is increasing, especially in developed regions.

Tissue Engineering Market Competitive Analysis:

Leading players in the global tissue engineering market include

  • Cook
  • Baxter
  • Medtronic
  • Stryker
  • Zimmer Inc.
  • DePuy Synthes Companies
  • Acelity

Segmentation:

The global tissue engineering market is segmented on the basis of material, application, and region.

The global tissue engineering market is segmented by material into biomimetic materials, nano-fibrous materials, composite materials, and nano-composite materials. Nano-fibrous materials are likely to dominate the global tissue engineering market over the forecast period. The segment held a dominant 27.2% share in the global tissue engineering market in 2016, followed by composite materials at 22.1%.

On the basis of application, the global tissue engineering market is segmented into orthopedics, musculoskeletal and spine, cancer, cardiology, skin/integumentary, dental, neurology, urology, cord blood & cell banking, GI & gynecology, and others.

Regional Analysis:

The global tissue engineering market is segmented regionally into the Americas, Europe, Asia Pacific, and the Middle East and Africa.

The Americas region dominated the global tissue engineering market in 2016, with a valuation of more than USD 7 billion, thanks to the advanced healthcare sector in the region rife with major players working on innovations in tissue engineering. The high healthcare expenditure in North America is likely to be a major driver for the tissue engineering market in the Americas over the forecast period. The increasing prevalence of arthritis and other conditions affecting joints in the Americas is also likely to be a major driver for the tissue engineering market in the region. The presence of major market players in North America is also likely to aid the market’s growth prospects over the forecast period, as innovations in the field are likely to be pioneered and circulated easily within the region. The Americas region is expected to reach a valuation of USD 17,889.6 mn over the forecast period.

Asia Pacific is likely to make rapid progress in the tissue engineering market over the forecast period. The rapid rise of the research sector in Asia Pacific has led to growing demand from the tissue engineering market. Several countries in Southeast and East Asia have become hotspots for medical and scientific research in recent years, lending the tissue engineering market a highly fertile environment to grow. The growing healthcare expenditure by consumers in Asia Pacific, due to their increasing disposable income, is also likely to be a major driver for the tissue engineering market in the region. The Asia Pacific market for tissue engineering is expected to rise at a robust 15.24% CAGR over the forecast period. 

Industry Updates:

German company CO.DON received EU marketing authorization for a knee cartilage replacement procedure in July 2017. The company has emerged as a major player in the European market since.

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