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Market Overview
The Tissue Engineering Market Size was valued at USD 1.2 billion in 2022 and is projected to grow from USD 1.4 Billion in 2023 to USD 3.3 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 13% during the forecast period (2023 – 2032).
Competitive Analysis
The key players of the market are Stryker, Allergan, Medtronic, Zimmer, Baxter International, Integra LifeSciences, Organovo Holdings Inc, Cook Medical, DePuy Synthes and Acelity
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Market Dynamics
The rising prevalence of chronic illnesses, motor vehicle accidents, and trauma injuries has been demonstrated to contribute to the development of more tissue engineering treatments. More individuals need bone implants because chronic illnesses, injuries, and longer life expectancies are on the rise. Traumatic injuries to the bones and internal organs are common in car accidents, making them a significant cause of mortality worldwide.
The use of 3D bioprinters to effectively create in vitro implants and other technological developments like the replacement of embryo cells with stem cells and organs-on-a-chip are anticipated to fuel the expanding area of 3D tissue engineering. During the forecast period, the market for tissue engineering is also expected to benefit from a rise in government funding for medical and academic research activities.
The expansion of this industry is fueled by the rising prevalence of 3D bio-printing technologies and the promise of goods under development. The expansion of the market is forecasted to be supported by the increasing number of research and development activities and the growing awareness of tissue engineering in developing nations. During the forecast period, the tissue engineering market is also projected to benefit from the increasing attention major firms are paying to therapies based on tissue engineering.
Market Segmentation
The market segments of tissue engineering, based on material, includes Nano-fibrous Material, Biomimetic Material, Composite Material and Nano-composite Material.
The Tissue Engineering Market segmentation, based on application, includes Orthopedics, Musculoskeletal and Spine, Skin/Integumentary, Cancer, Dental, Cardiology, Urology, Neurology, Cord Blood & Cell Banking and GI & Gynecology.
Regional Analysis
As the population ages and awareness of stem cell treatment spreads, the North American tissue engineering market, which was worth $0.6 billion in 2022 and had a share of roughly 45.80%, is projected to increase at a substantial CAGR throughout the research period. Private and governmental financing, substantial healthcare spending, and cutting-edge technologies for the diagnosis and management of chronic diseases all contribute to the growth of the local market.
The tissue engineering market in Asia and the Pacific is the world’s second-largest. Japan is at the forefront of tissue engineering research and development. The rising incidence of serious diseases like cancer is also expected to boost the tissue engineering industry in Asia. Regional medical tourism and advances in 3D bioprinting are also contributing to the sector’s growth.
The increasing need for cutting-edge healthcare services in developing countries, Europe’s expanding R&D industry, and the region’s growing presence of major players in the market all point to a bright future for the tissue engineering market in Europe between 2022 and 2030. Increases in healthcare infrastructure and interest in regenerative medicine have also contributed to the sector’s rapid growth.
Browse In-depth Market Research Report (116 Pages) on Tissue Engineering: https://www.marketresearchfuture.com/reports/tissue-engineering-market-2134
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