Tissue Engineering Market Value: Information by Material (Nano-fibrous Material, Biomimetic Material, Composite Material and Nano-composite Material) by Application (Orthopedics, Musculoskeletal and Spine, Skin/Integumentary, Cancer, Dental, Cardiology, Urology, Neurology, Cord Blood & Cell Banking and GI & Gynecology) and Region – Forecast till 2024
The global Tissue Engineering Market Value has the potential to score growth by a CAGR of 17.84% between 2016 and 2024, which can be considered the forecast period, as per suggestions made by Market Research Future (MRFR). This regional market is also showing signs to cover a market valuation of USD 53,424.00 Million by 2024. Tissue engineering is a field of study that covers several facilities like chemical, physical, and biological environments that has an association with the cell population. This interdisciplinary study is trying to improve the functioning of tissues or influence better growth for a whole organ.
This market is all set to capitalize on the rising geriatric population number with a hike in chronic and infectious diseases among them. The inclusion of the latest technologies can also inspire better functional scope for the market. One such instance is 3D bioprinting where engineering strategies are profiting much from the increased cost efficiency and the rising number of research incidents. But lack of skilled professionals and high setup costs for various associated technologies can hold back the growth. However, this restraint the market can push aside as the number of investors is rising.
The report discussed by MRFR covering the global Tissue Engineering Market Value has a segmentation on the basis of material and application. This creates opportunities for the market players to get insights and inputs that can be taken into consideration to assist in the advancement of the market in the coming years.
By material, the market report covering tissue engineering includes biomimetic material, composite material, nano-fibrous material, and nano-composite material. The nano-composite material is getting traction and can find a hike in the huge uptake of latest technologies.
By use, the market for tissue engineering can be segmented into orthopedics, musculoskeletal and spine, skin/integumentary, cancer, dental, cardiology, neurology, cord urology, blood & cell banking, and GI & gynecology. The nano-fibrous material held a market value of 3,625.6 USD Million in 2018.
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The Americas has a better chance of growth as the regional market has contributed notably to the research & development field. This would lead to new innovations using which market players would try to advance. High investment from various private companies can inspire the regional market to have better growth and achieve a dominant position. The hike in the geriatric population is also inspiring the market growth.
Europe’s market would record better growth patterns by following the features of North America. Better investment scope for regional players to increase the profit margin is something that the market can explore to the fullest. The Asia Pacific market can also emerge as the fastest growing nation with better biomaterial-based research advantages, rising demand for plastic surgeries, increasing cases of cancer & cardiovascular diseases can provide the market the needed traction. Japan had the largest market (25.3%) share in 2018.
This market has a better growth opportunity in countries like Kuwait, Qatar, Dubai, Saudi Arabia, and others as their economic condition is way better than the other Middle Eastern countries. Africa may not find the growth to be enticing as the regional market would get marred by the presence of several poor economic regions.
Various players from the tissue engineering industry are finding the market appealing and they are implementing latest designs to inspire better growth for the market. These companies can be segmented into Medtronic, Stryker, Allergan, Baxter International, Zimmer, Organovo Holdings Inc, Integra LifeSciences, DePuy Synthes, Cook Medical, and Acelity. These companies are known for their strong market contribution through mergers, acquisitions, and other procedures.