July 24, 2024
Tissue Engineering Market

Global Tissue Engineering Market Is Estimated To Witness High Growth Owing To Increased Applications

The 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 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Tissue engineering involves developing tissues and organs in the laboratory and implanting them in the body to restore, maintain, or improve function. It utilizes a combination of cells, engineering and materials methods, and suitable biochemical and physicochemical factors to help regenerate biological substitutes. The key products associated with tissue engineering include synthetic skin, cartilage, bones, bladder, and urethra.

Market Dynamics:

The tissue engineering market is expected to witness significant growth over the forecast period owing to increasing applications of tissue engineering in medical therapies and growing demand for organ transplants. Tissue engineering helps develop tissues and organs in the laboratory, which can help meet the demand for organ transplants. According to the Health Resources and Services Administration, over 113,000 people are waiting for organ transplants in the United States. The increasing tissue engineering applications in regeneration and transplantation of tissues and organs will propel the market growth during the forecast period. Additionally, rising prevalence of chronic diseases is also expected to boost the adoption of tissue engineering in disease treatment and management. For instance, tissue engineering can help treat damaged cardiac muscles due to cardiac conditions. Thus, the rising need for alternative therapeutics for chronic diseases will augment the tissue engineering market expansion over the forecast period.

SWOT Analysis:

  • Strength: The tissue engineering market is driven by three major strengths. There is a growing demand for organ transplants which cannot be met by the availability of donor organs. Tissue engineering provides an effective alternative to traditional organ transplantation methods. Second, tissue engineering techniques are minimally invasive and reduce risks of transplant rejections. Third, these techniques promote faster recovery and reduce post-operative care costs.
  • Weakness: High costs associated with R&D is one of the major weaknesses in this market. Developing tissues require a multidisciplinary approach involving cell biology, materials science, and engineering which increases costs. Second, regulatory guidelines for tissue engineered products are still evolving.
  • Opportunity: The rising geriatric population worldwide presents significant growth opportunities. Age-related degenerative diseases are on the rise driving the need for tissue replacement solutions. Second, emerging economies like India, China present untapped growth potential as healthcare infrastructure and spending is improving in these regions.
  • Threats: Stringent regulatory approvals pose significant threats. Obtaining clearances from regulatory bodies like FDA for new tissue engineered products is a lengthy, expensive process. Second, reimbursement policies in many countries do not provide sufficient payback on costs.

Key Takeaways:

The Global Tissue Engineering Market Growth is expected to witness high, exhibiting CAGR of 11% over the forecast period, due to increasing prevalence of chronic diseases. According to the Centers for Disease Control and Prevention, prevalence of chronic diseases is rising exponentially leading to high demand for treatment alternatives like tissue engineering.

Regional analysis: North America currently dominates the global tissue engineering market owing to growing expenditure on healthcare and favorable regulatory environment. The United States holds the largest share in the North America region due to rising prevalence of target diseases. Europe is the second largest market globally supported by increasing funding for research activities and improving healthcare infrastructure in the region.

Key players analysis: Key players operating in the tissue engineering market are 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 new product launches, collaborations and geographical expansions to increase market share.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it