The global Tissue Engineering Market stood at USD 5.5 billion in 2015 and is expected to witness considerable growth even over the forecast period (from 2016 to 2024). Growing needs to bridge the gap between organ demand & supply are expected to drive the industry demand in the near future. Growing popularity in a variety of sectors including urological products, neurology, burn treatment etc. is also anticipated to boost the market growth. Organs developed using this method have high efficiency and durability. Rising applications of this method from surgical treatment of tissues and prosthetics to liver, corneal, cardiac tissue engineering is said to propel the growth from 2016 to 2024. The global market is categorized as applications and regions.
The applications include GI & gynecology, cancer, cord blood & cell banking, skin or integumentary, urology, dental, musculoskeletal, spine, orthopedics, neurology, and cardiology & vascular. The orthopedic application sector occupied more than half of the total market share in 2015. The sector is further expected to continue leading the market on account of the increased number of bone implants due to accidents as well as a geriatric population base. The neurology sector is one of the fastest-growing application sectors since it has the wider scope for development. In addition to this, a significant amount of research in the neurology sector is also anticipated to drive the sector growth.
Regionally, North America dominated the global tissue engineering market in 2015 accounting for the largest share. It is further projected to continue its dominance even during the forecast period. This can be attributed to the presence of leading players in the region and high financial support for R&D from the government as well as some private organizations. The Asia-Pacific region is expected to be the most lucrative region in the near future. This is mainly because of the existence of immense manpower and highly developed procedures coupled with government funding. The European market is said to register reasonable growth prospects due to the presence of stringent regulatory rules.
Major players in the tissue engineering market are acquiring and working in partnerships with small-scale companies so as to influence technology & research advancements and to expand the product portfolio. Some of the key players include Sanofi S. A.; CryoLife Inc.; StemCells Inc.; and BioMimetic Therapeutics Inc.