by Tissue engineering involves developing biological substitutes that restore, maintain and improve tissue function. It involves the use of a combination of cells, engineering and materials methods, and suitable biochemical and physicochemical factors to improve or replace biological tissues. Tissue engineeringSkin tissue segment holds the largest market share as skin grafts are widely used for treatment of burn injuries and skin defects.
The global Tissue Engineering Market is estimated to be valued at US$ 10570.17 Mn in 2023 and is expected to exhibit a CAGR of 11.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the tissue engineering market is the growing adoption of 3D bioprinting technology. 3D bioprinting utilizes computer-aided transfers of vivifying substances mainly cells, proteins or extracellular components with living elements to architecture living structures that progressingly structure useful tissues. The utilization of 3D bioprinting innovation for assembling living tissues and organs has picked up noteworthy force as of late. Growing demand for organ transplantation and increasing funding from both public and private organizations for research on tissue engineering is also fueling the market growth. The rising prevalence of chronic diseases and trauma injuries leading to organ failure and tissue damage has also increased the demand of tissue engineering products.
SWOT Analysis
Strength: Tissue engineering has the potential to revolutionize regenerative medicine by providing alternatives to solid organ transplants and using the body’s own cells and materials to regenerate tissue. The use of biomaterials, growth factors and stem cells reduces the need for organ donations.
Weakness: High costs associated with R&D, production and clinical trials limits widespread applications. Limitations in types of tissues that can be engineered and challenges in vascularization.
Opportunity: Growing aging population and increasing incidence of chronic diseases like cancer will drive demand for tissue engineered products. Advancements in 3D bioprinting and gene editing tools can help overcome current limitations.
Threats: Stringent regulations, long approval timelines and safety concerns pose challenges. Competition from alternative therapies like medical devices and drugs.
Key Takeaways
The Global Tissue Engineering Market Growth is expected to witness high growth, exhibiting a CAGR of 11% over the forecast period, due to increasing prevalence of chronic diseases and rising number of accidents and trauma cases.
Regional analysis
North America dominates the tissue engineering market currently due to presence of major players, higher healthcare spending, and presence of advanced research infrastructure for developing tissue engineered products in the region. However, Asia Pacific is expected to grow at the fastest pace during the forecast period supported by growing medical tourism, increasing healthcare spending, and expanding private healthcare sector in China and India.
Key players operating in the tissue engineering market include Acelity L.P. Inc., Allergan Plc., Athersys, Inc., B. Braun, BioMimetic Therapeutics, Bio Tissue Technologies, C. R. Bard, International Stem Cell, Integra Lifesciences, Medtronic, Inc., Organogenesis Inc., Osiris Therapeutics, RTI surgical, Inc., Stryker Corporation, Tissue Regenix Group Plc., and Zimmer Biomet. These players are focusing on developing innovative tissue engineered products through collaborations and acquisitions to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
