The global tissue engineering market was estimated at USD 14.77 billion in 2022 and it is expected to surpass around USD 56.01 billion by 2032, poised to grow at a CAGR of 14.26% from 2023 to 2032.
Report Scope of the Tissue Engineering Market
|Market Size in 2022||USD 14.77 billion|
|Revenue Forecast by 2032||USD 56.01 billion|
|Growth rate from 2023 to 2032||CAGR of 14.26%|
|Forecast Period||2023 to 2032|
|Market Analysis (Terms Used)||Value (US$ Million/Billion) or (Volume/Units)|
|Regions Covered||North America, Europe, Asia Pacific, Latin America, Middle East & Africa|
The potential of tissue engineering procedures in treating irreversible damage of tissues has boosted the market growth. In addition, a rise in demand for regenerative medicine and tissue engineering procedures to treat damaged tissues further supplements this growth.
Tissue engineering provides alternatives to surgical reconstruction, transplants, and other mechanical devices that are used to repair damaged tissues. The market for tissue engineering is also driven by a continuous increase in the need for effective regenerative treatments owing to a rise in the prevalence of diabetes, obesity, and other disorders due to lifestyle changes, aging population, and growing trauma cases.
Technological advancements in the field of 3D tissue engineering, such as replacement of embryo cells with stem cells, organ-on-a-chip technology, and use of 3D bioprinters that can efficiently design in vitro implants, are expected to enhance growth. In addition, an increase in government funding for medical and academic research activities would enhance the growth of the market for tissue engineering throughout the forecast period.
For instance, the April 2019 published list for funding for various research, condition, and disease categories (RCDC) from National Institutes of Health (NIH), (U.S.) indicate that funding for stem cell research and regenerative medicine was USD 1.8 and USD 1.0 billion respectively in 2018. The NIH estimates for funding in 2020 for these two areas correspond to USD 1.7 billion, and USD 915 million respectively.
Stem cell therapies have significant potential as therapeutics across various clinical applications. This has resulted in substantial global investments in research and clinical translation. Rapid advances in stem cell research aid in improved disease management. Thus, with an increase in the incidence of cancer, diabetes, and other chronic disorders, research on stem cells has increased.
Researchers are reprogramming stem cells to restore the normal function of an organ or design an artificial organ transplant using cultured stem cells. Stem cells find use in various applications; hence, the tissue engineering market is expected to achieve the benefitted outcome. For example, advanced reprogramming technologies that make use of stem cells are expected to replace artificial pacemakers.
North America accounted for the largest revenue share in 2019 due to a rise in awareness for stem cell therapy as well as a growing geriatric population. Moreover, advanced technology for diagnosis and treatment of chronic disorders, availability of private and government funding, and high healthcare spending promotes a larger share of the regional market for tissue engineering.
The U.S. is estimated to account for a significant revenue share owing to the availability of government funds as well as high investments by private organizations. The U.S. Department of Health launched the “2020: A New Vision” initiative to bring regenerative medicine and stem cell therapy at the forefront of healthcare. The transformative impact of using regenerative medicine clinically is of utmost importance in technological innovation and progress in translation.
Tissue Engineering Market Segmentations and Key Players:
|By Application||Key Players|
Cord blood & Cell Banking
Skin & Integumentary
Orthopedics, Musculoskeletal, & Spine
Cardiology & Vascular
Zimmer Biomet Holdings, Inc
Organogenesis Holdings Inc
Tissue Regenix Group plc
RTI Surgical, Inc.
Integra LifeSciences Corporation
Baxter International, Inc.