Tissue Engineering Market Predicted to Garner US$ 35.2 Bn by 2032, At CAGR 11.4%
Market.Us
8 min read
Market.Us
Technologically advanced healthcare products have become increasingly sought after in recent years, as the incidence of chronic diseases, trauma injuries, and auto accidents continues to grow worldwide.
New York, April 05, 2023 (GLOBE NEWSWIRE) -- According to Market.us, The global tissue engineering market is anticipated to surpass around USD 35.2 billion by 2032 from USD 12.3 billion in 2022 and it is poised to reach a CAGR of 11.4% from 2023 to 2032. Tissue engineering involves innovating functional and three-dimensional tissues using bioactive chemicals, scaffolds, and cells. This requires life sciences such as medicine, cell, and molecular biology.
By material, the synthetic scaffold material segment held a dominating revenue share of the tissue engineering market
By application, the orthopedic and musculoskeletal sector had the highest revenue share
North America held the highest revenue share of 53.2%.
Asia Pacific is anticipated to be the second-largest region.
Tissue engineering can be used to regenerate and repair damaged tissues, which involves the fusion of cells with biomaterials used as porous scaffolds. Scaffold biomaterials can drive tissue growth and serve as templates for tissue regeneration.
Factors Affecting the Growth of the Tissue Engineering Market
Several factors can affect the development of the tissue engineering market. Some of these factors include:
Increase in chronic diseases, trauma injuries, and auto accidents: Life science is witnessing the tissue engineering industry as one of the fastest-growing industries. The market for tissue engineering has seen an increase in chronic diseases, traumatic injuries, and accidents. Traffic accidents are one of the leading causes of death because of the severe damage they cause to bones and other organs.
Introduction of New Class of Therapeutics: New Class of Therapeutics shows significant potential in inventing treatments for oncology, diabetes, or any other disease.
Growing demand: Tissue engineering is increasingly being used in treating burned wounds. Also, tissue engineering is beneficial in pediatric treatments.
Increase In Regenerative Medicine: Growth in the tissue engineering market is due to a rise in demand for regenerative medicines and biologics used to enhance therapeutic areas of health conditions.
New Product Approvals to Propel Market Growth: In recent years, many technologically advanced products have been introduced to the global market. These products are highly sought after due to the increasing incidence of chronic diseases, trauma injuries, and auto accidents.
The market for tissue engineering has seen an increase in chronic diseases, traumatic injuries, and accidents. Traffic accidents are one of the leading causes of death because of the severe damage they cause to bones and other organs. There is a lot of potential for tissue engineering to be beneficial in treating children. Techniques of using tissue engineering to treat burn wounds have increased. Tissue-engineered skin replacements have a lot of potential for wound healing. The global tissue engineering market will expand due to the anticipated rise in trauma-related burns and injuries.
Regional Analysis
North America is expected to be the dominant region in the future. Because of big government and research institutes funding, the United States is a leading market for tissue engineering research and development. The increasing number of tissue engineering product clinical trials conducted by the Food and Drug Administration (FDA) in the United States and the involvement of leading medical research institutes are significant contributors to market expansion.
Competitive Landscape
The competitive landscape of the market has also been examined in this report. Key Players aim at many strategic policies to grow their business globally. R&D, acquisitions, and mergers help improve the market growth of the tissue engineering market.
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Scope of the Report
Report Attribute
Details
Market Value (2022)
USD 12.3 Billion
Market Size (2032)
USD 35.2 Billion
CAGR (from 2023 to 2032)
11.4%
North America Revenue Share
53.2%%
Historic Period
2016 to 2022
Base Year
2022
Forecast Year
2023 to 2032
Market Drivers
Several factors drive the Tissue Engineering market: An increase in chronic diseases, trauma injuries, auto accidents, the Introduction of a New Class of Therapeutics, Growing demand, an Increase in regenerative medicine, and New Product Approvals to Propel Market Growth. Furthermore, strategic collaborations between major industry players and government initiatives to provide subsidies on medical costs have also served as critical drivers for this market.
Market Restraints
Ineffective cell proliferation, insufficient and unstable growth factor production and a shortage of biomaterials and techniques are current problems in tissue engineering. Managing cell processes and all their properties is also tricky. The high treatment cost and slow progress pace are other factors hampering the market growth.
Market Opportunities
The technological advancements in tissue engineering and the capability of 3D printers to design in vitro implants will account for the market's future expansion. An increase in the number of operations for replacement and reconstruction will contribute to market expansion. The enormous development of tissue engineering research is anticipated to be a significant contributor.
Report Segmentation of the Tissue Engineering Market
Type Insight
The synthetic scaffold materials category has a larger share of the revenue. Tissue engineering uses synthetic scaffolds to control cell proliferation while creating artificial tissues. Two highly effective synthetic scaffold materials exist: Scaffolds can be two-dimensional, three-dimensional, or both. It is possible to assemble bio-mimetic synthetic scaffolds into proper structures that restore, protect, or enhance damaged organs or organ systems. The revenue of this segment is rising as a result of these factors. The market for scaffold materials with biological origins is anticipated to continue to expand. While native extracellular matrix and biodegradable scaffolds are considered permanent templates, biologically generated scaffold material serves as a temporary template with distinct biological and mechanical characteristics.
Application Insight
The use of tissue-engineered products in orthopedic and musculoskeletal applications includes commercializing products to repair bone and cartilage and the rise in musculoskeletal disorders. It is anticipated that the cardiovascular market will experience growth due to an increase in the prevalence of cardiovascular disease and an increase in R&D efforts to develop tissue-engineered products for cardiology
Recent Development of the Tissue Engineering Market
3D Systems, the industry leader in 3D printers, announced that it had purchased Additive Works GmbH, a German software company, in May 2021 to improve its simulation capabilities and speed up its processes for large-scale 3D printing.
The 2022 Symposium on Advanced Wound Care Spring Conference (SAWC) will present the latest Organogenesis wound care research. It will occur in Phoenix, Arizona, between April 6-10, 2022.
MyungMoon Bio Co. Ltd. and ACell signed a distribution agreement to sell wound treatment products MicroMatrix in South Korea in March 2019. MyungMoon is a well-known distributor and manufacturer of medical supplies in South Korea.
Electric Toothbrush Market size is expected to be worth around USD 7.67 Billion by 2032 from USD 3.56 Billion in 2022, growing at a CAGR of 8.20% during the forecast period from 2023 to 2032.
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