The Tissue Engineering Market will grow at highest pace owing to rising Geriatric population

Tissue Engineering Market


 Tissue engineering involves the use of a combination of cells, engineering and materials methods, and suitable biochemical and physicochemical factors to establish, regenerate, or replace tissues. It aims to regenerate living tissues for reconstructing damaged organs or to accelerate tissue repair. Tissue engineering products help restore or establish normal function in tissues and organs are used in various applications such as orthopedics, musculoskeletal and spine, nerve and tissue repair and regeneration. The growing prevalence of lifestyle diseases, chronic diseases, and life-threatening disorders has increased the demand for tissue substitutes. With increased life expectancy, the aging population continues to rise rapidly which is increasing the demand for tissue substitutes across the globe.

The Global Tissue Engineering Market Share is estimated to be valued at US$ 12,176.84 Bn in 2024 and is expected to exhibit a CAGR of 7.9% over the forecast period 2024 to 2030.

Key Takeaways

Key players operating in the Tissue engineering market are MAXAM, AEL Mining Services Ltd., EXSA SA, Enaex, Austin International, Orica Limited, Keltec Energies, Economic Explosives, IBP Co., Noble Explochem, Accurate Energetic Systems, LLC., and Detotec North America Inc. The rising prevalence of chronic diseases and increasing geriatric population are fueling the demand for tissue engineering products across the globe. The chronic diseases segment accounted for the largest revenue share in the global tissue engineering market in 2021. With increasing R&D investment and technological advancements, new tissues can be formed by combining natural or synthetic materials with living cells or molecules. These advancements help in developing functional substitute tissues for diseased or injured tissues.

The growing prevalence of chronic diseases and genetic disorders is driving the growth of the global tissue engineering market. As per the WHO, chronic diseases accounted for approximately 60% of all reported deaths in the world in 2018. Moreover, cardiovascular diseases, cancer, respiratory diseases, and diabetes accounted for around 75% of all reported deaths in 2018. The increasing cases of chronic diseases have boosted the demand for tissue substitutes globally.

Technological advancements in the field of regenerative medicine and 3D bioprinting have expanded tissue engineering applications. Advancements such as development of bioinks compatible with 3D bioprinting of tissues and organs have enabled scientists to 3D print tissues and organs. Moreover, advances in material science, stem cell biology, and biomolecular engineering have enabled fabrication of scaffolds mimicking native tissues.

Market trends

The market is witnessing increased commercialization of tissue-engineered products. For instance, in November 2022, Anthropic received approval from the FDA for its tissue-engineered product EpiPen for emergency use in treating severe allergic reactions. Also, major players are focusing on development of new 3D bioprinted tissue-engineered products to cater to the unmet needs.

Investments in regenerative medicine and stem cell research have increased globally which is accelerating research on tissue-engineered products. For instance, in 2022, Japan's National Research and Development Agency invested $3 billion over the next decade to support regenerative medicine research.

Market Opportunities

Increased healthcare expenditure and availability of funding for R&D in regenerative medicines in emerging economies present lucrative growth opportunities.

The growing focus on development of organoids and organs-on-chips using tissue engineering approach provides opportunities for innovation and new product development. Development of viable tissue-engineered organs will address the issue of organ shortage for transplantation.

Impact of COVID-19 on Tissue Engineering Market Growth
The COVID-19 pandemic has adversely impacted the global tissue engineering market growth. During the pandemic, non-emergency surgeries were postponed to avoid unnecessary health risks and focus medical resources on COVID-19 patients. This led to a decline in demand for tissue engineered products used in reconstructive surgeries. Moreover, international trade barriers and lockdowns disrupted supply chains, affecting the availability of key materials used in tissue engineering. However, researchers redirected efforts towards developing tissue engineered therapies for critical COVID-19 complications like lung injury and acute respiratory distress syndrome. Going forward, as the pandemic situation eases, postponed elective surgeries are likely to resume, driving the tissue engineering market's recovery. Industry players will need to focus on ensuring supply chain resilience, leveraging digital technologies, and collaborating with research institutes to develop novel antiviral/immunomodulatory tissue therapies.

North America leads globally in terms of tissue engineering market value owing to advanced healthcare infrastructure, rising prevalence of chronic diseases, and increasing funding for regenerative medicine research. Several top universities and companies in countries like the US and Canada are engaged in developing innovative tissue engineered products. Asia Pacific presents significant growth opportunities due to growing healthcare expenditure, large patient pools, and government initiatives supporting medical technology adoption. China in particular is emerging as a major hub for tissue engineering research and manufacturing. Future strategies should tap into opportunities in Asia's fast developing markets to further expand globally.

Geographical Regions with Highest Tissue Engineering Market Concentration
North America accounts for the largest share of the global tissue engineering market in terms of value. Advanced medical technologies, rising healthcare spending, increasing incidence of lifestyle diseases and trauma injuries are major factors driving the North American market. The presence of several top medical device companies and research institutes engaged in tissue engineering also contributes to its large market size. Meanwhile, countries in Asia Pacific such as China, India and Japan are emerging markets experiencing rapid growth owing to growing medical awareness, healthcare reforms expanding insurance coverage and government funding to develop indigenous medical technologies. Europe follows North America in tissue engineering market value due to universal healthcare and strong focus on regenerative medicine across nations like Germany, UK and France.

For more details on the report, Read- https://www.trendingwebwire.com/tissue-engineering-market-growth-demand-and-overview/

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