The Tissue Engineering Market is estimated to be valued at US$ 10570.17 Mn in 2023 and is expected to exhibit a CAGR of 11.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Tissue engineering utilizes living cells and biomaterials to re-grow or regenerate human tissues and organs. It helps to repair or replace damaged tissues and organs. Some key applications of tissue engineering include skin & wound care, orthopedics, cancer, dental, cartilage, blood vessels etc. The technology utilizes various scaffolds, growth factors, and living cells to engineer three-dimensional tissues that resemble nature tissues in structure and function.
Market Dynamics:
The growth of the global tissue engineering market is driven majorly due to rising incidence of chronic diseases and traumatic injuries. According to the estimates of World Health Organization (WHO), chronic diseases accounted for 71% of all deaths globally in 2019. Moreover, according to Centers for Disease Control and Prevention (CDC), around 27 million injuries were reported due to road accidents in 2020. Growing incidences of such chronic diseases and accidents have increased the demand for tissue replacement therapies thus driving market growth. Secondly, rising investments in research and development activities is also fueling the growth. Many key players are investing heavily in R&D to develop innovative tissue engineering technologies. For instance, Acelity invested around $500 million in 2017-2019 on R&D which enabled them to launch innovative product pipelines.
Segment Analysis
The tissue engineering market can be segmented into tissue banks, reagents and consumables, and tools and accessories. Within tissue banks, skin substitute sub-segment currently holds the largest share and is expected to continue its dominance over the forecast period. This is because skin substitutes facilitate faster healing of deep burns and complex wounds.
PEST Analysis
Political: The regulations governing tissue engineering research and applications differ across countries/regions which impacts the market. However, supportive regulatory framework in the US and Europe drives growth.
Economic: High demand for regenerative therapies to reduce healthcare costs propels the market. Rise in healthcare spending also supplements market expansion.
Social: Increasing incidence of chronic diseases and trauma cases worldwide increases the demand for tissue replacement therapies.
Technological: Advancements in biofabrication technologies, stem cell research, 3D bioprinting and development of engineered tissues aid in commercialization of new techniques and products.
Key Takeaways
The Global Tissue Engineering Market Growth is expected to witness high growth, exhibiting a CAGR of 11% over the forecast period, due to increasing prevalence of chronic diseases and rise in the geriatric population globally.
Regional analysis- North America dominates the tissue engineering market currently due to presence of advanced medical infrastructure and high healthcare expenditure. Asia Pacific is poised to grow at the fastest rate owing to rising healthcare standards, availability of low-cost manufacturing facilities and increasing government support for R&D activities in the region.
Key players operating in the tissue engineering market are Acelity L.P. Inc., Allergan Plc., Athersys, Inc., B. Braun, BioMimetic Therapeutics, Bio Tissue Technologies, C. R. Bard, International Stem Cell, Integra Lifesciences, Medtronic, Inc., Organogenesis Inc., Osiris Therapeutics, RTI surgical, Inc., Stryker Corporation, Tissue Regenix Group Plc., and Zimmer Biomet. Key players are focusing on developing advanced bioengineered tissues and launching novel products to gain higher market shares.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
