April 13, 2024
Tissue Engineering Market

The Rising Tissue Engineering Market Industry is trending by increasing Innovations

The tissue engineering industry enables the repair, replacement, or regeneration of damaged tissues and organs using biomaterials, cells, and factors alone or in combination. It involves using a combination of cells, engineering and materials methods, and suitable biochemical and physicochemical factors to improve or replace biological tissues.
The Global Tissue Engineering Market Share is estimated to be valued at US$ 12176.84 Billion in 2024 and is expected to exhibit a CAGR of 7.9% over the forecast period from 2024 to 2030.

Key Takeaways

Key players operating in the tissue engineering are MAXAM, AEL Mining Services Ltd., EXSA SA, Enaex, Austin International, Orica Limited, Keltec Energies, Economic Explosives, IBP Co., Noble Explochem, Accurate Energetic Systems, LLC., and Detotec North America Inc. Growing demand for skin, nerves, blood vessels replacement therapies and increasing adoption of regenerative medicines are fueling the market growth. The increasing demand from the emerging economies of Asia Pacific and North America is further driving the global expansion of the tissue engineering market.

Market key trends

The increasing R&D investments by both private and public organizations is a major trend witnessed in the tissue engineering market. Various companies are actively focusing on developing new technologies and innovative products. For instance, Organovo is developing 3D bioprinting technology for producing human tissues and organs. It can help create functional human tissues and potentially whole organs through a “bottom-up” approach to biological engineering. Another key trend is the adoption of stem cell therapies for tissue engineering applications. Mesenchymal stem cells derived from tissues such as bone marrow, adipose tissue, etc. can differentiate and regenerate target tissues. This reduces the need for donor tissues and organs.

Porter’s Analysis
Threat of new entrants: New entrants face high capital requirements for facilities, equipment and regulatory approvals.
Bargaining power of buyers: Individual buyers have low bargaining power compared to large groups and organizations.
Bargaining power of suppliers: Suppliers of specific materials and equipment have some bargaining power.
Threat of new substitutes: Researchers are working on developing alternatives using 3D bioprinting and organ transplantation techniques that can pose threats.
Competitive rivalry: Large number of companies are engaged in research and development leading to intense competition.

Geographical Regions
North America currently accounts for the largest share of the global tissue engineering market, contributing over 40% of the total market value. This is attributed to presence of major industry players and availability of research funding in the US.
The Asia Pacific region is expected to witness the fastest growth during the forecast period, owing to rising healthcare expenditures, increasing number of research initiatives and growing collaborations between industry and academia in countries such as China and India.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it