Global Tissue Engineering Market, by Material Type (Synthetic, Biological, and Others), by Application (Dermal, Orthopedic, Dental, Neurology, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) is estimated to be valued at US$ 9,436.0 Million in 2022 and is expected to exhibit a CAGR of 11.7% during the forecast period (2022-2030), as highlighted in a new report published by Coherent Market Insights.
The increasing adoption of inorganic growth strategies such as partnerships and agreements by the key players in the market is expected to drive the market growth over the forecast period. For instance, in March 2019, ACell, Inc., a biotechnology company announced that it entered into an exclusive distribution agreement with MyungMoon Bio Co. Ltd. MyungMoon is a leading manufacturer and distributor of medical devices and pharmaceutical products in South Korea. The terms of the distribution agreement grant exclusive rights to MyungMoon for the sale, marketing, and distribution of ACell's MicroMatrix and Cytal Wound Matrix devices in South Korea. MyungMoon will work with ACell to obtain local regulatory clearance.
Global Tissue engineering Market– Impact of Coronavirus (COVID-19) Pandemic
The COVID-19 pandemic and lockdowns in various countries across the globe have impacted the financial status of businesses across all sectors, including the private healthcare sector. The COVID-19 pandemic has impacted the entire supply chain of the healthcare industry, mainly due to strict lockdown in several regions. Private healthcare is one such sector that has been impacted significantly by the COVID-19 pandemic.
However, the COVID-19 pandemic had a positive impact on the tissue engineering market, owing to the increasing efforts by the key players in the market to develop vaccines for COVID-19 infection.
Thus, increasing efforts by the key players to develop new technologies in tissue engineering and carry research and development activities for COVID-19 infection is expected to drive the market growth over the forecast period.
Global Tissue Engineering Market: Key Developments
In July 2021, Integra LifeSciences Holding Corporation, a leading global medical technology company, announced positive clinical outcomes for PriMatrix Dermal Repair Scaffold for the management of hard to heal diabetic foot ulcers (DFUs). This study is one of the largest DFU randomized controlled trials (RCTs) ever completed with more than 100 patients per treatment group and demonstrated that in most cases, one application of PriMatrix plus standard of care (SOC) healed 60% of DFUs in 12 weeks versus 35% of DFUs that healed in 12 weeks with SOC for the per protocol analysis.
In September 2021, The Center for the Advancement of Science in Space (CASIS) and the U.S. National Science Foundation (NSF) announced three awarded projects from a joint solicitation focused on transformative tissue engineering and mechanobiology research. Through this partnership, NSF awarded US$ 1.2 million to the selected projects to leverage the International Space Station (ISS) U.S. National Laboratory to advance fundamental science and biomedical engineering. CASIS, manager of the ISS National Lab, will facilitate hardware implementation in-orbit access, and astronaut crew time to support the investigations on the orbiting laboratory.
Browse 21 Market Data Tables and 24 Figures spread through 156 Pages and in-depth TOC on “Global Tissue Engineering Market”- Forecast to 2030, Global Tissue engineering Market, by Material Type (Synthetic, Biological, and Others), by Application (Dermal, Orthopedic, Dental, Neurology, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
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Moreover, increasing prevalence of chronic diseases such as kidney failure, spinal cord injury is expected to drive the market growth over the forecast period. For instance, in Feb 2022, according to HARVARD office of Technological Development, as of 2021, in the U.S. alone, there are more than 550,000 dialysis-dependent patients and 100,000 patients waiting for kidney transplants, yet only about 20,000 transplants are performed each year, with nearly 5,000 patients on waiting lists dying each year without receiving a transplant.
Key Takeaways of the Global Tissue engineering Market: