GLOBAL TISSUE ENGINEERING MARKET IS EXPECTED TO FORESEE SIGNIFICANT GROWTH DURING THE FORECAST PERIOD. NORTH AMERICA TO WITNESS THE HIGHEST GROWTH
Global Tissue Engineering Market is expected to reach the market valuation of USD XX billion by 2027 expanding at a reasonable CAGR of XX% during the forecast period (2021-2027) from USD XX billion in 2020. Tissue engineering is an interdisciplinary field in which engineering, and life science ideas are used to create biological substitutes that restore, maintain, or improve tissue function.
The various factors driving the Tissue Engineering market include the increase in prevalence of chronic diseases & trauma emergencies and rise in awareness related to tissue engineering. For instance, in 2020, according to WHO, cancer was considered as the leading cause of death in the world. Nearly 10 million people die due to cancer each year, making it the leading cause of death across the world. Furthermore, the use of 3D bioprinters to efficiently design in vitro implants, as well as technological advancements in the field of 3D tissue engineering, such as the replacement of embryo cells with stem cells, organ-on-a-chip technology, and the use of 3D bioprinters to efficiently design in vitro implants, are expected to boost growth.
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The Covid-19 has resulted in a profound re-evaluation of the advantages and costs of cancer care. The pandemic has been a devastating disease worldwide. Healthcare industries have been largely impacted by Covid-19 pandemic. After the Covid-19 pandemic, clinical research in tissue engineering has decreased and clinical trials not related to Covid-19 has significantly reduced. The Tissue Engineering industry’s corporation with diagnostic firms, drug makers, research laboratories along with global pharmaceutical corporations has shifted towards development of therapeutic compounds that target Covid-19 is helping to drive market growth. For instance, Pfizer Inc. and BioNTech SE announced a collaboration in March 2020 to research BNT162, a Covid-19 vaccine candidate. Furthermore, significant reduction in cell and tissue donation programs has negatively impacted the growth of the tissue engineering market. This has resulted in delay & disruptions of clinical research and cancelations or delays in tissue replacement & reconstructive surgeries impend the tissue engineering market growth.
For a detailed analysis of the COVID-19 Impact on Tissue Engineering browse through – https://univdatos.com/report/tissue-engineering-market
Based on materials, the market is fragmented into synthetic materials, biologically derived materials, and others. The biologically derived materials segment dominated the market in 2020 and generated the total revenue of USD XX billion. It is anticipated to maintain its dominance during the forecast period owing to the continuous advancements and wide range of applications.
The various application wherein Tissue Engineering is utilized includes orthopaedics and musculoskeletal, neurology, cardiovascular, skin, and integumentary, dental, and others. In 2020, orthopedics and musculoskeletal segment accounted for a maximum market revenue share of XX% and is expected to remain dominant during the analyzed period.
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Additionally, the report provides detailed initiatives that are being taken in the field of Tissue Engineering. The market is classified into distinct regions North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, and Rest of APAC), Rest of World has been conducted. North America dominated the market and generated revenue of USD XX billion in 2020 owing to the important competitors, and high healthcare expenditure. At the same time, Asia-Pacific is anticipated to grow at the highest CAGR of XX% during the forecast period. Major key players include Medtronic plc, Zimmer Biomet Holdings, Inc., Allergan plc, Athersys, Inc., ACell, Inc., Organogenesis Holdings Inc., Tissue Regenix Group plc, Stryker Corporation, RTI Surgical, Inc., and Integra LifeSciences Corporation are some of the prominent players operating in the global Tissue Engineering market. Several M&A’s along with partnerships have been undertaken by these players to develop Tissue Engineering.
Global Tissue Engineering Market Segmentation
Market Insight, by Materials
- Synthetic Materials
- Synthetic Polymer
- Biologically Derived Materials
Market Insight, by Application
- Orthopedics and Musculoskeletal
- Skin and Integumentary
Market Insight, by Region
- North America Tissue Engineering Market
- United States
- Rest of North America
- Europe Tissue Engineering Market
- United Kingdom
- Rest of Europe
- Asia-Pacific Tissue Engineering Market
- Rest of Asia-Pacific
- Rest of World Tissue Engineering Market
Top Company Profiles
- Medtronic plc
- Zimmer Biomet Holdings, Inc.
- Allergan plc
- Athersys, Inc.
- ACell, Inc.
- Organogenesis Holdings Inc.
- Tissue Regenix Group plc
- Stryker Corporation
- RTI Surgical, Inc.
- Integra LifeSciences Corporation