Press release
Regenerative Medicine Market Analysis Will Expand at a CAGR of 11.1% from 2015-2019
Tissue Engineering Segment to Fuel the Regenerative Medicine Market Growth
The Global Regenerative Medicine Market is expected to observe the highest growth coming from the Tissue Engineering segment. By technology type, biomaterial segment currently holds the largest market share of global regenerative medicine market. However, Tissue Engineering segment is anticipated to be the fastest growing segment over the forecast period. In terms of value, the tissue engineering segment market is expected to expand at an outstanding CAGR of 17.5% over the forecast period of 2015-2019, to reach a market value of about US$ 1,070 Mn by 2019. Currently, tissue engineering segment accounts for almost 13.2% of the total share of the global regenerative medicine market, which is expected to increase potentially by 2019 end. The tissue engineering segment observed a year-on-year growth rate of about 22% during the year 2015.
Tissue Engineering Technology in Regenerative Medicine - Market Dynamics
Drivers
Tissue engineering is a new field in bone and joint reconstruction and considered a promising segment in the global regenerative medicine (bone and joint) market due to technological innovations (nanotechnology based tissue engineering). Tissue engineering products comprise minimally manipulated components such as biomaterials and cells. Researchers prefer next generation tissue engineered biomaterial based technologies for delivery of drugs, cells and genes. Hence, products manufactured by the technology comprise multiple components such as cells, scaffold and growth factors. Therefore, next generation tissue engineered products would revolutionize the scope of the regenerative medicine market for bone and joint applications. Thus, technological innovations in biomaterials, stem cell therapy and tissue engineering would drive the global regenerative medicine (bone and joint) market.
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Moreover, extensive government support in tissue engineering for the development of innovative treatment would drive the global regenerative medicine (bone and joint) market. For instance, in the U.K., most tissue engineering regenerative medicine projects are reviewed and supported by four research councils: Engineering and Physical Sciences Research Council (EPSRC), Medical Research Council (MRC), The Biotechnology and Biological Sciences Research Council (BBSRC) and Economic and Social Research Council (ESRC).
Restrains
However, strict regulatory compliance for tissue engineered products would hamper demand for tissue engineered regenerative medicine products. In addition, ethical hurdles (use of human tissue for commercial production) with context to tissue engineered products would restrict the demand for regenerative medicine tissue engineering products.
Tissue Engineering Technology in Regenerative Medicine – Market Performance
The market size for tissue engineering technology in regenerative medicine market stood at US$ 200 Mn in the year 2011. The technology observed a good penetration rate in the following year and the market reached US$ 450 Mn in the year 2014, demonstrating a CAGR of close to 30%. Overall, the market is anticipated to grow at an impressive CAGR of close to 23% over the 8 years period, from 2011 till 2019.
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Key Players in Tissue Engineering Technology Market
Major players in the tissue engineering segment include Arthrex, Inc. (Osteochondral Autograft Transfer System), DePuy Synthes, Inc. (COR and COR2) and Smith & Nephew plc. (Mosaicplasty System).
global regenerative medicine market
In the year 2015, Biomaterial technology type held the largest market share of over 60% of the global regenerative medicine market. The segment is estimated to remain the largest market share holder throughout the forecast period. Stem Cell Therapy technology segment is expected to be the second largest market share holder. However, the segment is anticipated to grow at the lowest CAGR in comparison with other technology types for regenerative medicine market.
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