Tissue Engineering Market Size Is Projected to Reach USD 53,424 Million at a CAGR of 17.84% By 2024

Tissue Engineering Market: 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

Over the last couple of years, the tissue engineering market has been growing rapidly mainly due to the rising popularity that this process has garnered in numerous sectors such as neurology, burn treatment and urological products among others. Moreover, increasing prevalence of chronic diseases alongside road accidents, injuries, and trauma cases escalates the market on the global platform.

Global Tissue Engineering Market is expected to reach USD 53,424 million at a CAGR of 17.84% throughout the forecast period (2019 – 2024), says Market Research Future (MRFR). Tissue engineering is a process to produce new tissue from stem cells in the laboratory. This process is used in stem cell therapy and regenerative medicine to treat various health conditions ranging from severe intestinal issues in children to deadly diseases like cancer. Either by replacing or repairing damaged tissues, tissue engineering provides solutions including transplants, surgical reconstruction, and mechanical devices.

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Tissue Engineering Market Major Players:

Key players leading the global tissue engineering market include Allergan (US), Stryker (US), Medtronic (Ireland), Baxter International (US), Zimmer (US), Integra LifeSciences (US), Cook Medical (US), Organovo Holdings Inc (US), Acelity (US), and DePuy Synthes (US) among others.

Tissue Engineering Market Regional Analysis:

The global tissue engineering market is segmented regionally into the Americas, Europe, Asia Pacific, and the Middle East and Africa.

The Americas region dominated the global tissue engineering market in 2016, with a valuation of more than USD 7 billion, thanks to the advanced healthcare sector in the region rife with major players working on innovations in tissue engineering. The high healthcare expenditure in North America is likely to be a major driver for the tissue engineering market in the Americas over the forecast period. The increasing prevalence of arthritis and other conditions affecting joints in the Americas is also likely to be a major driver for the tissue engineering market in the region. The presence of major market players in North America is also likely to aid the market’s growth prospects over the forecast period, as innovations in the field are likely to be pioneered and circulated easily within the region. The Americas region is expected to reach a valuation of USD 17,889.6 mn over the forecast period.

Asia Pacific is likely to make rapid progress in the tissue engineering market over the forecast period. The rapid rise of the research sector in Asia Pacific has led to growing demand from the tissue engineering market. Several countries in Southeast and East Asia have become hotspots for medical and scientific research in recent years, lending the tissue engineering market a highly fertile environment to grow. The growing healthcare expenditure by consumers in Asia Pacific, due to their increasing disposable income, is also likely to be a major driver for the tissue engineering market in the region. The Asia Pacific market for tissue engineering is expected to rise at a robust 15.24% CAGR over the forecast period.

Tissue Engineering Market Segmentation:

The global tissue engineering market is segmented based on material, application, and region.

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The global tissue engineering market is segmented by material into biomimetic materials, nano-fibrous materials, composite materials, and nano-composite materials. Nano-fibrous materials are likely to dominate the global tissue engineering market over the forecast period. The segment held a dominant 27.2% share in the global tissue engineering market in 2016, followed by composite materials at 22.1%.

Based on application, the global tissue engineering market is segmented into orthopedics, musculoskeletal and spine, cancer, cardiology, skin/integumentary, dental, neurology, urology, cord blood & cell banking, GI & gynecology, and others.

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