by The 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 Overview:
Tissue engineering involves the development of biological substitutes that can restore, maintain, or improve tissue function. Tissue engineering products include skin or dermal substitutes, cartilage, bone graft substitutes, ligament and tendon substitutes, blood vessels, and nervous tissue substitutes. These products provide a natural alternative to donor tissues and artificial implants. They also help to reduce dependency on organ transplantation.
Market key trends:
Increasing prevalence of chronic diseases such as cardiovascular diseases, orthopedic diseases and wounds are expected to drive the demand for tissue engineering products. Tissue engineering aims to regenerate tissues through collaborative efforts of biology, engineering, and material sciences to develop implantable options. Key focus areas of tissue engineering include development of skin substitutes for wound healing, whole organ fabrication, cartilage regeneration and bone regeneration. Advancements in regenerative medicine along with growing awareness regarding tissue engineering techniques is also fueling market growth.
However, high costs involved in tissue engineering research and development activities pose a challenge.
Porter’s Analysis:
- Threat of new entrants: The requirement of high investment in R&D activities and clinical trials acts as a major entry barrier for new players.
- Bargaining power of buyers: The presence of large number of players in the market increases competition leading to low bargaining power of buyers.
- Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of alternative suppliers and raw material suppliers.
- Threat of new substitutes: Alternatives like drug therapies and stem cell therapies pose moderate threat of substitution.
- Competitive rivalry: Intense competition exists among existing players to gain higher market share.
SWOT Analysis:
- Strength: Growing aging population suffering from chronic and acute diseases and rising demand for organ transplants are key market drivers. Increasing funding for clinical trials and R&D activities by private and public organizations presents lucrative opportunities.
- Weakness: High costs associated with product development, strict regulatory environment and ethical issues related to stem cell research hinder market growth. Commercialization challenges pertaining to intricate manufacturing processes exist.
- Opportunity: Emerging economies in Asia Pacific and Latin America with growing healthcare infrastructure and healthcare spending present remunerative opportunities. Advancements in 3D bioprinting and development of skin and cartilage substitutes will boost market revenues.
- Threats: Complex regulatory approval process for new products delays product launches. Alternative treatment options like drug therapies pose threats.
Tissue Engineering Market
The Global Tissue Engineering Market Demand is expected to witness high growth, exhibiting CAGR of 11% over the forecast period, due to increasing incidence of chronic diseases such as cancer and cardiovascular diseases.
Regional analysis: North America dominates the global tissue engineering market and is expected to retain its position throughout the forecast period. This is attributed to presence of major players, rising healthcare expenditure, and growing adoption of advanced technologies in the region. Asia Pacific is anticipated to be the fastest growing market propelled by surging medical tourism, increasing healthcare spending, and growing base of geriatric population.
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 engaged in new product launches, partnerships, mergers and acquisitions to gain competitive edge in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
