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Tissue Engineering and Regeneration Market: Industry Outlook, Growth Prospects and Key Opportunities
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On the basis of its applications, orthopedic and dermal sections have the largest market in tissue engineering and regeneration market. North America dominates the global market for tissue engineering and regeneration due to large number of aging people and increasing desire for such surgeries in the region. Europe is expected to experience less growth rate as compared to Asia. This is due to more stringent laws and regulations present in the region. Asia is expected to experience high growth rate in global tissue engineering and regeneration market. Some of the key driving forces for growth of tissue engineering and regeneration market in emerging countries are increasing pool of patients and increasing awareness in these regions.
Rising cost of organ transplantation and increasing medical applications of 3D printing in tissue and organ regeneration are driving the global tissue engineering and regeneration market. In addition, this technology is gaining popularity due to its efficient products and reduced rejection rates. Varied applications of this technology, for instance, its woundcare followed by orthopedics applications has been driving this market at a high growth rate. Dental and neurologic applications are also expected to drive tissue engineering and regeneration market in near future. Globally, number of regeneration surgeries performed is increasing every year. According to Clearpoint Medical, which is involved in designing, manufacturing and distribution of compression wear, in 2013, in the U.S., number of reconstruction procedures performed increased by 2% from that in year 2012 and reached a number of about 5.6 million. However, due to slow development, high costs involved in procedure and increasing biological complexity of tissue engineering and regeneration procedures, the global tissue engineering and regeneration market is expected to impede.
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Recent developments in the field of regeneration surgeries, particularly stem cell research, is expected to offer new opportunities for global tissue engineering and regeneration market. Big companies dealing in the market have been involved in partnerships, mergers and acquisitions with smaller companies. This is one the major trends observed in the global tissue engineering and regeneration market. In addition, companies are focussing on approval and patents for their products.
Some of the major companies dealing in Tissue engineering and regeneration market are Advanced Cell Technology, Integra LifeSciences, CryoLife, BioMimetic Therapeutics, Sanofi, StemCellsInc, Cook Biotech, LifeCell Kinetic Concepts, Arteriocyte and BioTissue Technologies.
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