The use of 3D bioprinters to efficiently design in vitro implants, as well as technological advancements in the field of 3D tissue engineerings, such as the replacement of embryo cells with stem cells, organ-on-a-chip technology, and the use of 3D bioprinters to efficiently design in vitro implants, are expected to boost growth. In addition, an increase in government funding for medical and academic research activities would enhance the growth of the market for tissue engineering throughout the forecast period. For instance, according to the National Institutes of Health's (NIH) April 2019 released a list of funding for various research, condition, and disease categories (RCDC), funding for stem cell research and regenerative medicine was US$ 1.8 billion and US$ 1.0 billion, respectively, in 2018. The NIH estimated that the two sectors would get US$ 1.7 billion and US$ 915 million in funding in 2020, respectively.
Furthermore, with more focus on R&D, several companies in emerging markets are attempting to capitalize on the untapped market potential. For instance, RepliCel, is investing in several regenerative medicine companies. As of 2019, its three products (RCH-01, RCS-01, RCT-01) were in the development phase and its dermal injector device (RCI-02) is under pre-commercialization production and testing phase. Researchers are reprogramming stem cells to restore the normal function of an organ or design an artificial organ transplant using cultured stem cells. Stem cells find use in various applications; hence, the tissue engineering market is expected to achieve the benefitted outcome. For example, advanced reprogramming technologies that make use of stem cells are expected to replace artificial pacemakers.
Medtronic plc, Zimmer Biomet Holdings, Inc., Allergan plc, Athersys, Inc., ACell, Inc., Organogenesis Holdings Inc., Tissue Regenix Group plc, Stryker Corporation, RTI Surgical, Inc., and Integra LifeSciences Corporation are some of the prominent players operating in the global Tissue Engineering market. Several M&A’s along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products.
Insights Presented in the Report
“Amongst materials, biologically derived materials segment holds the major share”
Based on the materials, the market is fragmented into synthetic materials, biologically derived materials, and others. The biologically derived materials segment dominated the market with a share of XX% in 2020 and is expected to maintain its dominance during the forecast period owing to the continuous advancements and wide range of applications.
“Amongst application, orthopedics and musculoskeletal is anticipated to grow at the highest CAGR during the analyzed period”
Further based on application, the market is fragmented into orthopedics and musculoskeletal, neurology, cardiovascular, skin and integumentary, dental, and others. In 2020, orthopedics and musculoskeletal accounted for a maximum market revenue share of XX% and is expected to remain dominant during the analyzed period owing to the rise in the prevalence of musculoskeletal disorders
“North America signifies one of the largest markets of Tissue Engineering Market”
For a better understanding of the market dynamics of the Tissue Engineering market, a detailed analysis was conducted for different regions across the globe including North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea, and Rest of APAC), Rest of World has been conducted. North America dominated the market and generated revenue of USD XX billion in 2020 advanced technology for diagnosis and treatment of chronic disorders, availability of private and government funding, which is fueling market expansion. However, the Asia Pacific region would grow at the highest rate during the forecast period.
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• Deep dive regional level analysis of the industry
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