Tissue Engineering Market Growth Factors, Competitive Landscape and Revenue Forecast till 2025
28th July 2020 - 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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Engineering Market Report with TOC @ https://www.millioninsights.com/industry-reports/tissue-engineering-market-size
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.
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.
Application Outlook (Revenue, USD Million; 2014 - 2025)
• Cord Blood & Cell Banking
• Cancer
• GI, Gynecology
• Dental
• Skin/Integumentary
• Urology
• Orthopedics, Musculoskeletal, & Spine
• Neurology
• Cardiology & Vascular
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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.
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