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Nov-2021

Global Tissue Engineering Market Size To Hit USD 24.5 Bn By 2026

Global Tissue Engineering Market Size, Share, Trends, COVID-19 Impact & Growth Analysis Report – Segmented By Application & Region (North America, Europe, APAC, Latin America, Middle East and Africa) – Industry Forecast (2021 to 2026)

As per the research report published by Market Data Forecast, the global tissue engineering market size is estimated to grow USD 24.5 billion by 2026 from USD 11.83 billion in 2021, growing at a CAGR of 15.67% from 2021 to 2026.

Tissue engineering is a combination of cellular and material methods to generate tissue-like substances with bio-compatible components. In addition, this technique follows physicochemical and biochemical factors to replace and improve biological tissues.

COVID-19 Impact on the Global Tissue Engineering Market:

The health sectors are focusing on emergency health needs, especially for life treating medical conditions. However, clinical research in tissue engineering and clinical trials has reduced considerably due to the pandemic. In addition, the significant reduction in cell and tissue donation programs for clinical research and cancellations or delays in tissue replacement and reconstructive surgeries are negatively impacting the growth of the global tissue engineering market. Meanwhile, many pharmaceutical and biotech companies have shifted focus on drug and vaccine development to treat COVID-19, which is expected to favor the market during the forecast period.

KEY MARKET INSIGHTS:

The increasing prevalence of chronic diseases and traumas, increased awareness of tissue engineering, rising technological advancements, and availability of refined products are primarily accelerating the market's growth rate.
In addition, the improvement in the R&D sector with increasing awareness in emerging economies is projected to drive market growth. The market is gaining ground in various fields, such as urological products, dermatology, burn treatment, neurology, oncology, wound care, etc. According to the American Burn Association data reports, approximately 455,000 patients each year are hospitalized for treatment of burns. In Europe, severe burns were reported from 0.3 to 2.96 / 10,000 population per year. Almost 52% of the patients were adolescents, and about 55% were men.
Factors such as shortage of trained professionals, lack of awareness of tissue engineering professionals, and strict regulatory policies of respective governments are likely to restrain the growth of the global tissue engineering market during the forecast period.
Based on the application, the cardiology and vascular segment is expected to be the fastest-growing segment during the forecast period due to the rapid increase in the prevalence of cardiovascular disorders. In 2020, the orthopedic and musculoskeletal segment held the largest share, attributed to the increased commercialization of products for bone and cartilage repair, wide availability of products, and increased cases of musculoskeletal disorders with better knowledge of tissue-engineered products. In addition, key players are involved in the development of stem cell therapies or gene therapy, advanced biologics, and small molecules are being explored to stimulate tissue regeneration.
Based on the region, in 2020, North America accounted for the largest share of the global tissue engineering market owing to the increased awareness of stem cell therapy and the growing senior population. In addition, advanced technology for diagnosing and treating chronic disorders, the availability of private and public funding, and high healthcare costs promote greater participation in the regional tissue engineering market.
The market players are adopting strategies such as new product launches, collaborations, and acquisitions. As a result, key market players in the tissue engineering market include Medtronic plc, Zimmer Biomet Holdings, Allergan, Athersys, Inc, Organogenesis Holdings, Tissue Regenix Group plc, and ReproCell, Inc.

MARKET SEGMENTATION:

By Application: