The tissue engineering market was valued at US$ 9,529.21 million in 2019 and is expected to grow at a CAGR of 13.5% from 2020 to 2027 to reach US$ 25,586.55 million by 2027.
Driving factors of the tissue engineering market are increasing incidences of chronic diseases, road accidents, and trauma injuries, as well as technological advancements in the field of 3D tissue engineering. However, high cost of treatments related to tissue engineering is expected to restrain the growth of the market during the forecast period. Rising incidence of chronic diseases and growing number of trauma injuries and road accidents are prime factors contributing to the growth of the market for advanced treatment procedures, such as tissue engineering.Road accidents are among the major fatalities worldwide as they cause serious injuries to bones and organs.
As per the WHO, ~20–50 million people get injured every year in road accidents.Tissue engineering offers alternatives to surgical reconstruction, transplantation, and mechanical device instruction to repair damaged tissues.
The tissue engineering market is mainly driven by a continuous need for effective regenerative treatments to treat increasing cases of diabetes, obesity, and other disorders caused by lifestyle changes; growing base of elderly people; and rising number of trauma cases. Moreover, the increasing government funding for research activities is expected to enhance the growth of the tissue engineering market. For instance, as per the National Institutes of Health (NIH) funding study in the US, the research studies pertaining to stem cell and regenerative medicines received funding of USD 1.8 billion and USD 1.0 billion, respectively, in 2018. The global tissue engineering market is segmented into material type and application.The tissue engineering market, by material type, is further segmented into synthetic material, biologically derived materials, and others.
The biologically derived materials segment held the largest share of the market in 2019, whereas the segment synthetic materials is anticipated to register the highest CAGR in the market during the forecast period.Based on application, the market is further segmented into orthopedic, musculoskeletal, and spine; neurology; cardiology and vascular; skin; and others.
The orthopedic, musculoskeletal, and spine segment held the largest share of the market in 2019, whereas the skin segment is estimated to register the highest CAGR in the market during the forecast period. Some of the essential primary and secondary sources included in the report are Centers for Disease Control and Prevention, Food and Drug Administration, and Organization for Economic Co-operation and Development.
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