The tissue engineering market is estimated to be valued at US$ 10570.17 Mn or Billion 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 Overview: Tissue engineering involves combining scaffolds, biological materials, and growth factors for culturing live tissues and organs. It aims to regenerate human tissues for treating damaged or diseased tissues. Common applications include skin grafts, cartilage grafts, bone grafts, and scaffold-based tissue engineering. Products include synthetic skin, cultured organs, and cartilage replacement materials. Recently, 3D printing technologies are being explored to develop tissues and organs using a patients' own cells. Market Dynamics: Growing prominence of regenerative medicine is expected to drive the tissue engineering market growth over the forecast period. Regenerative medicine aims to regrow or replace tissues and organs that are damaged due to aging, disease, or injury using stem cell therapy, tissue engineering, and medical devices. Over the past decade, significant advances have been made in 3D bioprinting and stem cell technologies, enabling complex tissues to be printed for organ transplants. Increased private and public funding in regenerative medicine is supporting ongoing research. Additionally, technological advancements are allowing previously untreatable conditions like chronic wounds and organ failure to be treated using engineered tissues. This is expected to create high demand. Segment Analysis: The tissue engineering market can be segmented based on material, application and technology. The skin sub segment dominates the market currently as skin grafts are most commonly required for burn patients and wound care. Better aesthetic appearance and compatibility with host tissue of engineered skin substitutes compared to skin autografts have increased the demand for skin substitutes. PEST Analysis: · Political: Regulations regarding the use of stem cells and approval process of tissue engineered products vary between countries and regions which impacts the market. · Economic: Rising healthcare expenditure due to increasing prevalence of chronic diseases and accidents is a major driver. However, high costs associated can hinder growth to an extent. · Social: Growing awareness about benefits of tissue engineering in regenerative medicine is favoring the market. However, ethical issues regarding the use of stem cells in some countries act as a restraint. · Technological: Advancements in biomaterial science, biomanufacturing processes, and 3D printing is expanding applications and aiding commercialization. However, limited donor tissue availability remains a challenge. Key Takeaways: The Global Tissue Engineering Market Size is expected to witness high growth, exhibiting CAGR of 11% over the forecast period, due to increasing prevalence of chronic diseases and traumatic injuries. The market size is projected to reach US$ 24,562.94 Mn by 2030 from US$ 10,570.17 Mn in 2023. Regional analysis indicates North America currently dominates the market owing to availability of research funding and presence of major industry players in the region. However, Asia Pacific is expected to exhibit fastest growth during the forecast period supported by increasing healthcare expenditures, improving access to advanced treatment options, and rising medical tourism in the region. 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. Major players are focusing on new product launches, acquisitions, and geographical expansion to garner higher market share. Read More - https://www.newsstatix.com/tissue-engineering-market-demand-and-forecasts-analysis/
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