Tissue Engineering Market to Reach at 14.2% CAGR to Generates $6.81 Billion by 2027
Pune, Maharashtra, India, February 8 2021 (Wiredrelease) Allied Analytics –:Rise in need for tissue engineering in organ transplantation, surge in prevalence of chronic diseases and trauma emergencies, and advancements in medical equipment technologies drive the growth of the global tissue engineering market. The market across North America held the lion’s share in 2019, contributing to nearly half of the market. There is a significant reduction in cell and tissue donation programs since the Covid-19 outbreak.
Tissue Engineering Market generated $2.37 billion in 2019, and is projected to garner $6.81 billion by 2027, growing at a CAGR of 14.2% from 2020 to 2027. However, high cost associated with tissue engineered products hampers the market growth. On the contrary, untapped opportunities in the developing markets is expected to create lucrative opportunities in the future.
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Since the Covid-19 outbreak, clinical research in tissue engineering is temporarily suspended and the funds are redirected for clinical trials for the Covid-19 vaccine. Moreover, several biotech and pharmaceutical companies have shifted the focus on finding drugs for Covid-19.There is a significant reduction in cell and tissue donation programs since the Covid-19 outbreak.Disruptions and delay in clinical research have affected tissue replacement and reconstructive surgeries.
The global tissue engineering market is segmented on the basis of type, application, and geography. Based on type, the market is divided into synthetic scaffold material, biologically derived scaffold material, and others. The biologically derived scaffold material segment dominated the market in 2019, accounting for more than half of the market. However, the synthetic scaffold material segment is expected to manifest the highest CAGR of 16.2% during the forecast period.
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On the basis of application, the market is categorized into orthopedics & musculoskeletal, neurology, cardiovascular, skin & integumentary, dental, and others. The orthopedics and musculoskeletal segment held the largest share in 2019, accounting for more than one-third of the market. However, the cardiovascular segment is expected to portray the highest CAGR of 17.4% during the forecast period.
The global tissue engineering market is analyzed across various regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across North America held the lion’s share in 2019, contributing to nearly half of the market. However, the market across Asia-Pacific is estimated to register the highest CAGR of 16.3% during the forecast period.
The global tissue engineering market report includes an in-depth analysis of the major market players such as B. Braun Melsungen AG, AbbVie Inc. (Allergen Plc.), Integra LifeSciences, Becton, Dickinson and Company (C. R. BARD, INC.), Sid Martin Biotech (Axogen), Organogenesis Holdings, TissueTech Inc., Smith & Nephew Plc. (Osiris Therapeutics), Zimmer Biomet Holdings, Inc., and Vericel Corporation.
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