Tissue Engineering Market Forecast 2024
Date: 2018-10-09   Author: Rahul Sankrityayan  Category: #industry

Tissue Engineering Market Forecast 2024

Global Tissue engineering market size was valued at USD 5 billion in 2015 and is anticipated to exhibit significant growth over the next seven years. Rising need to bridge the organ demand and supply gap is expected to drive industry demand.
Orthopedic applications contributed more than 50% to the tissue engineering market share in 2015, and will continue leading revenue generation, mainly due to increased number of bone implants as a result of accidents and aging population base. Considerable degree of research in the neurology space will drive segment demand. Escalating popularity in numerous sectors such as neurology, burn treatment or wound care, and urological products is expected to fuel tissue engineering market growth over the forecast timeframe.

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North America accounted for largest share in 2015 and is likely to continue its dominance till 2023, driven by the U.S. tissue engineering market. The growth can be attributed to existence of leading industry participants across the region as well as high financial support from the government as well as private organizations for research and development.
Organs developed by this procedure exhibit high durability and efficiency. Increasing applications of this technique from surgical manipulation of tissues and prosthetics to corneal, liver, and cardiac tissue engineering is predicted to propel growth from 2016 to 2023.
This technique involves in-vitro development of organs or tissues in order to support or replace the injured or defective body part. It also involves application of biology and engineering for innovating that can effectively restore, maintain, and improvise the ruptured human tissue’s function. Surging need for humane, reliable, efficient, and cost-effective alternatives is likely to drive the need for in-vitro testing demand. As animal testing models have raised number of ethical issue, the tissue engineered human equivalents are expected to experience high demand growth.
Increasing organ transplantation cost accompanied by growing 3D printing prominence in medical applications for regeneration is anticipated to drive industry growth over the next seven years. High product efficiency as well as reduced rejection ratio is expected to further accelerate the industry demand. High cost involvement and slow development along with increasing biological complexity is anticipated to restrain the tissue engineering market.
Cancer, cord blood & cell banking, GI & gynecology, skin or integumentary, dental, urology, musculoskeletal, orthopedics, spine, cardiology & vascular and neurology are the key application segments. Rising number of replacement as well as reconstructive surgeries has favored industry growth. In addition, increasing accident frequency paired with surging aged population is expected to drive the need for bone implants.
Escalating dental applications are forecast to positively impact the tissue engineering market from 2016 to 2023. This can be credited to wide development scope and rapidly growing research in the field. Based on type of material used, the industry can be segregated into genetically modified, biological materials, and synthetic. Asia Pacific is forecast to be the most attractive region over the next seven years. The regional growth can be attributed to existence of massive man power, technologically advanced procedures along with government funding.

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Europe tissue engineering market is estimated to record moderate growth prospects over the forecast period due to the presence of strict regulatory norms. Constant research & development in regeneration surgeries as well as stem cell research is projected to offer massive growth opportunities, over the next seven years. The regional segment is also characterized by 3D printing adoption for lowering the cost as well as number of errors.
Industry participants accumulating significant share include Zimmer Biomet, Medtronic, Acelity, Organogenesis, Athersys, Stryker and RTI surgical. Other prominent companies are Integra LifeSciences, Advanced Cell Technology, CryoLife, Sanofi, BioMimetic Therapeutics, StemCellsInc, LifeCell Kinetic Concepts, Cook Biotech, and Arteriocyte.
Major players in the industry are acquiring and collaborating with small players in order to leverage technology & research advancements and also expand their product portfolio. Furthermore, rising concentration on approval and patents is predicted to provide substantial growth prospects, over the forecast timeframe.

About Author

Rahul Sankrityayan

Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for AlgosOnline, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experience in t...

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