by Tissue engineering involves developing living substitutes for tissues and organs failing due to injury, disease, or aging. It includes scaffolds, cells, and biologically active molecules to help restore, maintain, or improve functions of tissues or whole organs. Tissue engineering products are used in transplantation of tissues and organs minimizing associated risks, costs and waiting periods in patients. Some key applications areas are orthopedics, musculoskeletal and spine, neurology, cardiology and vascular. These key advantages are expected to drive increased adoption in various medical and healthcare applications over the forecast period.
The global Tissue Engineering Market is estimated to be valued at US$ 10570.17 Mn 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 key trends:
Adoption of regenerative medicine is a major trend observed in the tissue engineering market. Regenerative medicine uses innovative medical treatments to repair, replace or regenerate organs and tissues damaged by injury or disease. This includes use of stem cells therapies, tissue engineering, cloning and gene therapy. Stem cell therapy and tissue engineering are actively used in development of organs and tissues to treat various conditions. Growing research and development activities in regenerative medicines is a key driving factor for the tissue engineering market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: The tissue engineering market has high capital requirements and economies of scale for manufacturing facilities to produce tissue engineered products. This poses barriers for new entrants.
Bargaining power of buyers: Individual buyers have low bargaining power compared to large hospitals and healthcare organizations which negotiate prices based on volume.
Bargaining power of suppliers: The availability of raw materials and technologies required for tissue engineering from various suppliers gives them moderate bargaining power.
Threat of new substitutes: Alternatives like organ transplant are available but have limitations like donor shortage. This poses low threat of substitution.
Competitive rivalry: The presence of many global players intensifies the competition in the market.
Key Takeaways
The Global Tissue Engineering Market Growth is expected to witness high growth, exhibiting CAGR of 11.% over the forecast period, due to increasing prevalence of chronic diseases. With aging population and growing obesity rates, the demand for tissue engineered products is set to rise substantially.
Regional analysis: North America is expected to dominate the global market during the forecast period. This is attributed to increasing funding for research activities and presence of major players in the region. Asia Pacific tissue engineering market is poised to grow at fastest pace owing to rising healthcare spending, growing medical tourism and increasing awareness.
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, collaborations and expansion of manufacturing facilities to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
