Market Synopsis
Market Research Future (MRFR) speculates that the global tissue engineering market is presumed to demonstrate 17.22% CAGR during the forecast period (2017-2022) owing to the advancements in healthcare technology. An interdisciplinary field, tissue engineering combines the principles of life sciences and engineering towards the development of biological substitutes. Such substitutes are further used to restore or replace organ or tissue function. Regenerative medicine and tissue engineering deploy biologics, small molecules, organ transplantation, and cell-based therapies, and consists of the use of a scaffold in order to form new tissues for medical purposes. Tissue engineering offer solutions that can replace the present tissue repair solutions comprising surgical reconstruction, transplants, and mechanical devices.
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Market Potential and Pitfalls
With augmenting advancements in healthcare technology and consistent supply of functional tissues, global tissue engineering is anticipated to experience a boost. Tissue engineering has several advantages such as it has replaced the use of animals for drug testing in pharmaceuticals, which is considered to propel the market growth across the globe. As the technique is cost-effective, it will foster the market in the coming years. Moreover, the augmenting need for effective regenerative treatments due to rapid geriatric population and increasing lifestyle diseases like diabetes and obesity, the market is likely to experience an upthrust. The number of people requiring bone implants is increasing due to the rising cases of trauma, chronic diseases, and increasing average life span.
3D tissue engineering is evolving at a rapid pace with technological advancements including organ-on-a-chip technologies, replacement of the embryo cells with proliferative stem cells, and use of 3D bio-printers in order to design in-vitro implants. NIH is offering research funding to human non-embryonic stem cell research and human embryonic stem cell research. With increasing government funding for R&D activities, the market growth for tissue engineering is estimated to propel throughout the assessment period.
On the contrary, the shortage of organ donor during organ transplantation is considered to impede the market growth. Additionally, the high cost of treatments associated with tissue engineering coupled with product recalls and failures are likely to vitiate the market growth in the coming years.
Global Tissue Engineering Market: Segmental Analysis
The global tissue engineering market has been segmented on the basis of materials and application.
By mode of materials, the global tissue engineering market has been segmented into nano-fibrous materials, biomimetic materials, nano-composite material, and composite materials.
By mode of applications, the global tissue engineering market has been segmented into musculoskeletal and spine, orthopedics, cancer, skin/integumentary, cardiology, dental, neurology, urology, GI & gynecology, cord blood & cell banking, and others. Among these, the orthopedics segment is likely to lead the global market owing to the increasing geriatric population combined with the growing incidences of replacement and reconstructive surgeries. On the other hand, the neurology segment is estimated to witness a faster growth rate owing to the rising R&D activities.
Regional Insights
Geographically, the tissue engineering market span across regions namely, Europe, America, Asia Pacific, and the Middle East & Africa.
Among all the regions, the American region is estimated to dominate the global tissue engineering market, especially in the North American region. The growth is credited to the augmenting development in the field of regeneration surgeries, which has created new opportunities for the tissue engineering market. The presence of market leaders and constant technological developments is stimulating the market growth.
The European region is presumed to occupy the second largest share owing to the high availability of funds for R&D activities. Also, the government is highly supporting the life sciences domain, which is contributing to the market growth in this region. Moreover, with industries focusing on the upgradation of 3D technology, the market is likely to flourish.
The Asia Pacific region is considered to expand at the fastest rate owing to the improved economic conditions in the healthcare sector coupled with the increased government focus on R&D activities. The increased adoption of technological developments has led to the improvement of the healthcare facilities which is likely to propel the market growth in this region.
Industry Updates
February 19, 2019: A team of researchers from Texas A&M University has recently developed a brand-new way to deliver treatment for cartilage regeneration. One method for regeneration or repair of damaged cartilage tissues is to deliver therapeutic growth factors. Gaharwar, assistant professor at the Texas A&M, stated that the nanoclay-based platform for prolonged and sustained delivery of protein therapeutics could treat osteoarthritis effectively.
Competitive Dashboard
The prominent players operating the global tissue engineering market are Acelity, Zimmer Inc., Medtronic, Cook, Baxter, Stryker, and DePuy Synthes Companies.
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