Tissue Engineering Market- Growth, Trends, and Forecasts (2020 - 2025)
The tissue engineering market will show rapid growth due to the increasing incidences of chronic diseases, road accidents, and trauma injuries, technological advancements in 3d tissue engineering, and ongoing research for tissue regeneration.
The rising chronic diseases, road accidents, and trauma injuries are found to be contributing to the growth in the development of tissue engineering solutions. There is increasing number of people in need of bone implants that are on the rise owing to the increasing cases of chronic diseases, trauma cases, and growing average life span.
Furthermore, there is also a demand for relatively cheap and available skin-replacement products that have encouraged many research groups worldwide to focus on creating biomaterials for skin substitution. The engineered tissues not only closes wounds but also stimulates the regeneration of the dermis and would provide a significant benefit in human wound healing. Moreover, the increasing prevalence of chronic diseases alongside road accidents, injuries, and trauma cases escalates the market on the global platform.
Key Market Trends
Cardiology & Vascular Segment is Expected to Show the Fastest Growth During the Forecast Period
Cardiology and the vascular segment are likely to grow at the fastest rate in the coming years, due to the rapidly rising incidence rate of cardiovascular diseases and lifestyle changes. According to the American College of Cardiology, cardiovascular disease (CVD) accounted for 800,000 deaths in the United States in 2017 alone. Among Americans, an average of one person dies from cardiovascular disease, every 40 seconds.
There is a rising number of replacements as well as reconstructive surgeries that have favored the industry growth. Despite various technological advancements in this field, cardiovascular disorders are one of the leading causes of death globally. There are advancements in tissue engineering also that are likely to boost the market growth.
Asia-pacific is Expected to Record a High Growth During the Forecast Period
Asia Pacific regional segment is expected to witness the fastest growth over the forecast period, due to the increasing demand for regenerative medicines. There is also growth in medical tourism that helps to accelerate market growth. Moreover, the growing burden and changing lifestyle is also projected to significantly impact market growth over the forecast period. In Asia, more than 1 in 5 cardiovascular diseases, such as heart attack and stroke, results from smoking. The Heart Foundation states that CVD is a major cause of death in Australia, with 43,477 deaths attributed to CVD in 2017.
Furthermore, the market is also increasing due to the rising biomaterial-based research, increasing demand for plastic surgeries, a growing number of cancer incidences and the increasing prevalence of cardiovascular diseases.
There has been a presence of a considerable number of companies that are significantly contributing to market growth. These companies' new product developments, mergers, and acquisitions are some of the strategies undertaken by these companies to strengthen their market presence. Also, there are many companies that are upgrading their product portfolios in order to meet the current demand.
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