Scienza e Tecnologia
Tissue Engineering Market to Reach $6.81 Bn, Globally, by 2027 at 14.2% CAGR: Allied Market Research
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Increase in need for tissue engineering in organ transplantation, rise in prevalence of chronic diseases and trauma emergencies, and advancements in medical equipment technologies fuel the growth of the global tissue engineering market. On the other hand, high cost associated with tissue engineered products impedes the growth to some extent. However, untapped opportunities in the developing markets have proven to be highly beneficial for the growth of the industry.
Based on type, the biologically derived scaffold material segment contributed to more than half of the global tissue engineering market share in 2019 and is projected to rule the roost by the end of 2027, owing to its properties such as biocompatibility, non-toxicity, biodegradability, good cell recognition properties, and easy functionalization. Simultaneously, the synthetic scaffold material segment would portray the fastest CAGR of 16.2% throughout the forecast period. These materials are bioinert, bioactive, and bioresorbable depending on their ability to bond directly with native tissues, once implanted. This factor fuels the segment growth.
Based on application, the orthopedics and musculoskeletal segment accounted for more than one-third of the global tissue engineering market revenue in 2019 and is anticipated to lead the trail by 2027. Increase in incidences of musculoskeletal disorders along with rise in awareness of tissue engineered products propel the growth of the segment. The cardiovascular segment, on the other hand, is projected to manifest the fastest CAGR of 17.4% during the forecast period. Cardiac tissue engineering mainly involves cardiac grafts, without causing side effects, such as immunogenicity. This factor drives the segment growth.
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Based on geography, North America held the highest share in 2019, generating nearly half of the global tissue engineering market. Higher awareness regarding tissue engineering and its applications in different areas such as orthopedics, cardiology, and dermatology fuel the market growth in the province. At the same time, Asia-Pacific is expected to register the fastest CAGR of 16.3% from 2020 to 2027. Increase in demand for advanced healthcare services in emerging economies, developing R&D sector, and huge presence of key players in the region drive the market growth.
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