Tissue Engineering Market to Reach USD 26.11 Billion By 2027- Reports and Data
The increasing resistance to animal use in medical research and the rising prevalence of disorders associated with the kidney is driving the demand for the market.
The global Tissue Engineering Market is forecasted to reach USD 26.11 Billion by 2027, according to a new report by Reports and Data. In the forecast timeframe, the growing prevalence of kidney-associated diseases is expected to accelerate the market growth of global tissue engineering. In drug testing, engineered human tissue is being used increasingly in the place of an animal, which is also anticipated to be a significant driver of the tissue engineering industry's market development over the forecast timeframe.
Moreover, the rise in tissue engineering application in pediatric patient management is likely to augment the market growth further. In congenital abnormalities like esophageal atresia, bladder exstrophy, and congenital diaphragmatic hernia, tissues missing at the time of birth face a significant challenge to operative treatment.
During the forecasted timeline, the lack of tissue engineering awareness is likely to restrict the market expansion of the global tissue engineering market.
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The COVID-19 impact:
The distribution of Covid-19's has influenced industrial activities worldwide. Over the weeks, the market has experienced a downturn that can continue in the coming months. The virus led to the implementation of lockdown, which disrupted the workings of the asset management program as the healthcare sector witnessed a collapse in several countries. They were loaded with patients infected by a coronavirus. Millions of people were infected, and thousands of them died, including the healthcare staff. Although the market suffered a major setback at the time, the industry is bouncing back as there is a greater need for better management and up-gradation of the medical sector.
Further key findings from the report suggest
- The synthetic materials segment is expected to experience steady market growth as synthetic materials have greater control over the carrier scaffolds' mechanical properties and are a useful method in tissue engineering.
- The vascular and cardiology segment is projected to experience the fastest market growth during the forecast period, due to the swift surge in the prevalence of cardiovascular conditions globally.
- In terms of revenue, the North American market holds the largest market with a CAGR of 14.3% in the global tissue engineering market and is anticipated to retain its domination throughout the forecast timeline. Significant drivers fueling growth in the North American tissue engineering market are the emergence of global players, high healthcare expenditure, and increasing support and funding by the government, including private players.
- Key participants include Cook Biotech Inc., Acelity L.P.Inc, Inc, Zimmer Biomet, Allergan Plc., Organogenesis Inc., Medtronic plc, Integra LifeSciences Corporation, Stryker Corporation, DePuy Synthes Companies, and Organovo Holdings Inc, among others.
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For the purpose of this report, Reports and Data has segmented into the Global Tissue Engineering Market on the basis of material, application, and region:
- Material Outlook (Revenue, USD Billion; 2017-2027)
- Biologically Derived Materials
- Synthetic Material
- Application Outlook (Revenue, USD Billion; 2017-2027)
- Cell Banking & Cord blood
- Spine, Musculoskeletal, & Orthopedics
- Vascular & Cardiology
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- Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Saudi Arabia
- Rest of MEA
- Latin America
- Rest of LATAM
- North America
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