Tissue Engineering Market to Reach $6.81 Bn, Globally, by 2027 at 14.2% CAGR: Allied Market Research
Increase in need for tissue engineering in organ transplantation, rise in prevalence of chronic diseases and trauma emergencies & advancements in medical equipment technologies fuel the growth of global tissue engineering market
PORTLAND, Ore., Nov. 17, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Tissue Engineering Market by Type (Synthetic Scaffold Material, Biologically Derived Scaffold Material, and Others), Application (Orthopedics & Musculoskeletal, Neurology, Cardiovascular, Skin & Integumentary, Dental, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027." According to the report, the global tissue engineering industry was pegged at $2.37 billion in 2019, and is expected to hit $6.81 billion by 2027, registering a CAGR of 14.2% from 2020 to 2027.
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Drivers, restraints, and opportunities-
Increase in need for tissue engineering in organ transplantation, rise in prevalence of chronic diseases and trauma emergencies, and advancements in medical equipment technologies fuel the growth of the global tissue engineering market. On the other hand, high cost associated with tissue engineered products impedes the growth to some extent. However, untapped opportunities in the developing markets have proven to be highly beneficial for the growth of the industry.
COVID-19 scenario:
- The outbreak of the pandemic caused disruptions in the clinical research for tissue engineering, as funds were passed on for clinical trials for the COVID-19 vaccine. Also, a number of biotech and pharmaceutical firms have carted their focus on obtaining drugs for novel corona virus.
- At the same time, there's been a huge fall in the number of cell and tissue donation programs since the outbreak.
- Consequently, such disruptions in clinical research have exerted a direct influence on tissue replacement and reconstructive surgeries as well, thereby impacting the global market for tissue engineering badly.
The biologically derived scaffold material segment to retain its dominance by 2027-
Based on type, the biologically derived scaffold material segment contributed to more than half of the global tissue engineering market share in 2019 and is projected to rule the roost by the end of 2027, owing to its properties such as biocompatibility, non-toxicity, biodegradability, good cell recognition properties, and easy functionalization. Simultaneously, the synthetic scaffold material segment would portray the fastest CAGR of 16.2% throughout the forecast period. These materials are bioinert, bioactive, and bioresorbable depending on their ability to bond directly with native tissues, once implanted. This factor fuels the segment growth.
The orthopedics and musculoskeletal segment to rule the roost-
Based on application, the orthopedics and musculoskeletal segment accounted for more than one-third of the global tissue engineering market revenue in 2019 and is anticipated to lead the trail by 2027. Increase in incidences of musculoskeletal disorders along with rise in awareness of tissue engineered products propel the growth of the segment. The cardiovascular segment, on the other hand, is projected to manifest the fastest CAGR of 17.4% during the forecast period. Cardiac tissue engineering mainly involves cardiac grafts, without causing side effects, such as immunogenicity. This factor drives the segment growth.
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North America to dominate in terms of revenue-
Based on geography, North America held the highest share in 2019, generating nearly half of the global tissue engineering market. Higher awareness regarding tissue engineering and its applications in different areas such as orthopedics, cardiology, and dermatology fuel the market growth in the province. At the same time, Asia-Pacific is expected to register the fastest CAGR of 16.3% from 2020 to 2027. Increase in demand for advanced healthcare services in emerging economies, developing R&D sector, and huge presence of key players in the region drive the market growth.
Frontrunners in the industry-
- B. Braun Melsungen AG
- Becton
- Dickinson and Company (C. R. BARD, INC.)
- Integra LifeSciences
- Zimmer Biomet Holdings, Inc.
- Organogenesis Holdings
- Vericel Corporation
- AbbVie Inc. (Allergen Plc.)
- Smith & Nephew Plc. (Osiris Therapeutics)
- Sid Martin Biotech (Axogen)
- TissueTech Inc.
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We have also published few syndicated market studies in the similar area that might be of your interest. Below are the report title for your reference, considering Impact of Covid-19 Over This Market which will help you to assess aftereffects of pandemic on short-term and long-term growth trends of this market.
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