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Tissue Engineering Market Synopsis
As per the research conducted by Market Research Future (MRFR), the global tissue engineering market is anticipated to assemble a significant market value of USD 53,424 million, prospering at a notable CAGR of 17.84% by 2024.
Boosting factors of the global tissue engineering market 2020 are the growing incidences of chronic malady, trauma injuries, road accidents, and the technical evolution in 3D bioprinting. Further, its cost-effective attribute is likely to gain more traction during the assessment period. Also, the increased funding by the government of various countries for research is estimated to escalate the growth of the market considerably. The other substantial factors encouraging the market development are the rising geriatric population and the grown focus of companies on tissue engineering-based therapies are estimated to intensify the global market further.
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Conversely, insufficient knowledge on tissue engineering, lack of expertise, and strict rules and regulations are estimated to be the restraining factors during the review period. However, the fast pace development in the healthcare sector is anticipated to counter the factors hampering the global market.
Tissue Engineering Market Segmentation
The segment analysis of the global tissue engineering market is done by material and application.
The material-based segments of the global tissue engineering market are Nano-fibrous material, biomimetic material, composite material, and Nano-composite material.
The application-based segments of the global tissue engineering market are musculoskeletal and spine, orthopedics, skin/integumentary, dental, cancer, cardiology, neurology, urology, cord blood & cell banking, and GI & gynecology. The Nano-fibrous material held a market value of 3,625.6 USD Million in 2018.
Tissue Engineering Market Regional Analysis
The regional segment of the global tissue engineering market is segmented into the Americas, Europe, Asia-Pacific, and the Middle East and Africa.
As per the analysis, the global market is estimated to be dominated by the Americas, primarily due to the increasing geriatric population, along with advanced healthcare facilities prevailing in the region. Further, the growing public awareness related to the therapeutic potency of therapy is estimated to boost the regional market.
Europe is predicted to obtain a second position during the review period. The increasing support of the government, an ample amount of funds allotted for R&D are some of the vital factors developing the regional market.
The APAC region is projected to be the fastest-growing market owing to the increasing biomaterial-based research, growing patient pool, growing prevalence of cardiovascular diseases, and the increasing demand for plastic surgeries are some of the crucial factors strengthening the regional market during the evaluation period. Developing countries such as India, China, and Japan are projected to make the most crucial engagement. As per the records, Japan had acquired 25.3% of the market share in 2018. In addition, the growing expenditure and focus on developing the healthcare infrastructure in various countries such as India, China, is likely to fuel the regional market. Also, technical development is predicted to play a crucial role in transforming the regional market.
The MEA region is projected to procure the least market share during the review period. The African countries are likely to have sluggish economic progress, leading to slow regional expansion of the market. However, the region is estimated to witness a rise owing to the participation of the Arabic countries such as the UAE, Kuwait, and Saudi Arabia.
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Tissue Engineering Market Key Players
The renowned players of the global tissue engineering market are Allergan (US), Stryker (US), Medtronic (Ireland), Baxter International (US), Zimmer (US), Integra Life Sciences (US), Cook Medical (US), Organovo Holdings Inc (US), DePuy Synthes (US), and Acelity (US).
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