According to a new report published by Allied Market Research, titled, “Tissue engineering Market by Type and Application: Opportunity Analysis and Industry Forecast, 2020–2027," the global tissue engineering market was valued at $ 2,374 million in 2019, and is projected to reach $6,815 million by 2027, registering a CAGR of 14.2% from 2020 to 2027.
Tissue engineering is an interdisciplinary field that applies principles of engineering and life sciences toward development of biological substitutes that restore, maintain, or improve tissue function. Tissue engineering involves use of a tissue scaffold for the formation of new viable tissues for a medical purpose. The process of tissue engineering involves forming a functional tissue to help repair, replace, and regenerate a tissue or an organ in the body.
The tissue engineering market is expected to experience significant growth during the forecast period, owing to rise in prevalence of chronic diseases & trauma emergencies, growth in number of R&D activities with rise in awareness regarding tissue engineering in emerging economies, and technological advancements in the field of 3D tissue engineering. In addition, rise in number of geriatric populations and increase in focus of key players on tissue engineering based therapies further boost the tissue engineering market growth. Increase in commercialization of tissue engineered products for cartilage repair, skin grafts, small artery repair & others, and increase in potential of regenerative medicines for treatment of several diseases fuel demand for tissue engineered products. However, stringent government regulations and high cost of treatment are estimated to hamper growth of the tissue engineering market.
On the basis of type, the market is categorized into synthetic scaffold material, biologically derived scaffold material, and others. The synthetic scaffold materials segment is expected to grow significantly, owing to its efficiency over other naturally derived materials. Synthetic materials are preferred over other materials as they provide a better outcome.
On the basis of application, the market is categorized into orthopedics & musculoskeletal, neurology, cardiovascular, skin & integumentary, dental, and others. The tissue engineering market for orthopedics & musculoskeletal application is expected to witness a significant growth, owing to rise in adoption of tissue engineered products for orthopedics & musculoskeletal applications, with increase in prevalence of these diseases.
Coronavirus (COVID-19) was discovered in late December in Hubei province of Wuhan city in China. There are no drugs that are currently licensed for COVID-19 treatment or prevention. Lockdown and social distancing to stop the spread of a new coronavirus, results into a significant reduction in the tissue donation, and blood donation. The American Red Cross declared a severe blood shortage in response to the coronavirus outbreak in March 2020. Many of the pharmaceutical and biotech companies have shifted their focus on the development of drugs and vaccines for treatment of COVID‐19. Cancelation or delay of tissue replacement & reconstructive surgeries impend the tissue engineering market growth.
Key Findings Of The Study
- By type, the biologically derived scaffold material segment dominated the global tissue engineering market in 2019.
- On the basis of application, the orthopedics & musculoskeletal segment held largest tissue engineering market share in 2019, and is expected to remain dominant throughout the forecast period.
- By region, Asia-Pacific is expected to experience growth at the highest rate, registering a CAGR of 16.3% during the forecast period.
North America accounted nearly half of the global tissue engineering market share in 2019, and is expected to remain dominant throughout the forecast period. This was attributed to higher adoption of tissue engineered products, increase in incidences of trauma emergencies & chronic diseases, availability of advanced healthcare facilities with trained medical professionals; higher number of R&D activities, coupled with large presence of key players; and favorable policies in the healthcare system. However, Asia-Pacific is expected to experience highest growth during the forecast period, owing to improvement in healthcare infrastructure and rise in awareness related to tissue engineered products, with growth in penetration of key players in emerging countries in Asia-Pacific.