MarketersMEDIA / Newsroom / Tissue Engineering Market to Account for USD 53,424.00 Million, With a CAGR of 17.84% by 2024

Tissue Engineering Market to Account for USD 53,424.00 Million, With a CAGR of 17.84% by 2024

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Global Tissue Engineering Market: Information by Material (Nano-fibrous Material, Biomimetic Material, Composite Material and Nano-composite Material) and Region - Forecast till 2024

— Tissue engineering is a process to produce new tissue from stem cells in the laboratory. This process is used in stem cell therapy and regenerative medicine to treat various health conditions ranging from severe intestinal issues in children to deadly diseases like cancer. Either by replacing or repairing damaged tissues, tissue engineering provides solutions including transplants, surgical reconstruction, and mechanical devices.

Over the last couple of years, the tissue engineering market has been growing rapidly mainly due to the rising popularity that this process has garnered in numerous sectors such as neurology, burn treatment and urological products among others. Moreover, increasing prevalence of chronic diseases alongside road accidents, injuries, and trauma cases escalates the market on the global platform.

Acknowledging the accelerating growth that the market perceives currently; Market Research Future (MRFR) in its recently published study report asserts that global tissue engineering market is expected to reach USD 53,424.00 MN by 2024, posting an impressive double-digit CAGR of 17.84% throughout the forecast period (2019 – 2024).

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The funding by the government and private consortium for the ongoing research for tissue regeneration is a major driver contributing to the growth in the development of tissue engineering solutions. Moreover, factors such as the increased focus of companies on tissue engineering-based therapies and the emergence of 3D bio-printing as a novel tissue engineering strategy due to its cost efficiency are increasing the size of the market.

Conversely, the lack of awareness towards the benefits of tissue engineering and the lack of skilled professionals alongside the stringent regulatory policies act as a significant headwind that impedes the growth of the market. Nevertheless, social media platforms and celebrity endorsements that are spreading the awareness of tissue engineering would support the growth of the market during the anticipated period.

Tissue Engineering Market – Segmentation

For a better understanding, the report has been segmented into three key dynamics:

By Material: Nano-Fibrous Material, Biomimetic Material, Composite Material, and Nano-Composite Material among others.

By Application: Orthopedics, Musculoskeletal & Spine, Cancer, Skin/Integumentary, Dental, Cardiology, Urology, Neurology, Cord Blood & Cell Banking, and GI & Gynecology among others.

By Regions: Europe, North America, Asia Pacific, and the Rest-of-the-World.

Global Tissue Engineering Market – Geographical Analysis

The North American region, heading with the presence of a number of well-established players and their investments, would retain its dominance over the global tissue engineering market. In the year 2018, the North America tissue engineering market had valued at USD 8,003.23 MN. The market is expected to growth at a CAGR of 17.17% during the forecast period.

Some of the key drivers behind the growth of the regional market are the rising prevalence of chronic diseases, the increasing number of clinical trials to evaluate the therapeutic potential of products and the well-spread awareness towards the therapeutic potency of therapy.

The tissue engineering market in the European region accounts for the second largest market, globally. Factors such as the higher per capita income and deep healthcare penetration drive the growth of the regional market. With their strong market, countries such as the UK, Germany, and France account for major growth contributors to the regional market.

Furthermore, factors such as the rising government support for the R&D activities in the life science domain are substantiating the growth of the market in the region. The Europe tissue engineering market had valued at USD 6,186.20 MN, in the year 2018 and is expected to further growth at a CAGR of 18.19% over the review period.

The Asia Pacific tissue engineering market is emerging as a profitable market globally. Factors that are fostering the growth of the regional market include significant advancements in the field of biotechnology and the increasing government support for the R&D activities required for the development of tissue engineering.

Owing to the growing market in the highly populated countries like China, India & Japan which are backed by the huge technological advances, the region is projected to register a CAGR 18.43% throughout the forecast period.

Tissue Engineering Market - Competitive Landscape

Highly competitive, the tissue engineering market appears to be fragmented owing to the presence of several large and small-scale players. These players invest substantially in R&D activities to develop their capabilities.

Augmenting government initiatives aimed at enhancing tissue engineering capabilities are anticipated to present the market with high growth potential, which, in turn, has significantly increased R&D activities & programs, and fund allotment for R&D.

Major Players:

Key players leading the global tissue engineering market include Allergan (US), Stryker (US), Medtronic (Ireland), Baxter International (US), Zimmer (US), Integra LifeSciences (US), Cook Medical (US), Organovo Holdings Inc (US), Acelity (US), and DePuy Synthes (US) among others.

Industry/Innovations/Related News:

March 20, 2019 –--- A team of researchers from the University of Washington (the US) introduced a new strategy in tissue engineering that can keep proteins intact and functional in synthetic biomaterials. In the study paper published in the journal Nature Materials; these scientists presented their approach that can modify proteins at a specific point so that they can be chemically tethered to the scaffold using light.

The unique level of precision within a single cell acquired through this approach would not only help with tissue engineering but also with basic research in cell biology. This research would help scientists to understand how protein signals work together to control cell differentiation, heal diseased tissue, and promote human development.

This platform allows precise control when and where bioactive protein signals are presented to cells within materials which open the door to many exciting applications in tissue engineering and therapeutics research.

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About Market Research Future:

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by Components, Application, Logistics and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.

In order to stay updated with technology and work process of the industry, MRFR often plans & conducts meet with the industry experts and industrial visits for its research analyst members.

Contact Info:
Name: Akash Anand
Email: Send Email
Organization: Market Research Future
Address: Market Research Future Office No. 528, Amanora Chambers Magarpatta Road, Hadapsar, Pune - 411028 Maharashtra, India
Phone: 6468459312

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Source: MarketersMedia

Release ID: 88919629

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