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.
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.
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.
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Covid-19 Impact Analysis:
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.
Top Leading Players:
The key players profiled in this report include AbbVie Inc.
(Allergen Plc.), B. Braun Melsungen AG, Becton, Dickinson and Company (C. R.
BARD, INC.), Integra LifeSciences, Organogenesis Holdings, Sid Martin Biotech
(Axogen), Smith & Nephew Plc. (Osiris Therapeutics), TissueTech Inc.,
Vericel Corporation, and Zimmer Biomet Holdings, Inc.
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