The tissue engineering market is estimated to be valued at USD 11.61 Bn in 2024 and is expected to exhibit a CAGR of 11.9% over the forecast period (2024-2031). The growing prevalence of chronic diseases such as cardiovascular disease, diabetes, and cancer is a key factor driving the growth of the global tissue engineering market. Furthermore, the rise in aging population worldwide is also expected to boost the demand for tissue engineering in the coming years. According to the United Nations, the number of people aged 60 years and older is expected to double from 12% to 22% between 2015 and 2050.
Market Dynamics:
The two key drivers propelling the growth of the global tissue engineering market are the increasing prevalence of chronic diseases and rise in aging population. The prevalence of chronic diseases has grown substantially in recent years. As per the World Health Organization, cardiovascular diseases are the leading cause of deaths globally, taking an estimated 17.9 million lives each year. Also, the geriatric population is more susceptible to chronic conditions and tissue damages due to old age which is expected to surge the demand for tissue engineering products and services in the coming years
Advancement in Regenerative Medicine is Driving the Global Tissue Engineering Market
Regenerative medicine is witnessing significant advancements with the help of tissue engineering techniques. The integration of biology and engineering is helping researchers develop functional replacement tissues and organs for damaged body parts. The growing success of tissue-engineered products like artificial skin, blood vessels, cartilage, and bone grafts is driving more investment in this area. Pharmaceutical and biotech companies are actively funding tissue engineering research to develop new solutions for chronic diseases. The availability of tissue-engineered products is expected to reduce healthcare costs associated with organ transplants and increase patients' quality of life.
Increasing Prevalence of Chronic Diseases and Genetic Disorders
Tissue engineering has the potential to treat chronic diseases and genetic disorders which impact millions worldwide. Diseases like diabetes, cardiovascular diseases, and cancers often damage human tissues. Tissue-engineered products could help restore lost tissue function. Genetic disorders like osteoarthritis also heavily depend on tissue regeneration methods. The rise in morbidity and healthcare expenditure due to chronic diseases is encouraging both private and public funding in tissue engineering. Researchers are developing new strategies to repair tissues affected by these conditions. If successful, these regenerative therapies may emerge as a long-term solution and boost the global tissue engineering market.
High Research and Manufacturing Costs Hamper Market Growth
Developing tissue-engineered products requires extensive research and testing over many years. The process involves stem cell isolation, cell cultivation, scaffold development, bioreactor processes, preclinical studies, and several stages of clinical trials. Each stage demands significant investment which pushes the overall costs very high. Manufacturing tissues on a commercial scale also involves complex bioengineering compared to traditional drugs. The high fixed and variable costs associated with tissue engineering research and production impact product affordability. This pricing barrier currently restrains faster market penetration, especially in emerging economies.
Stringent Regulatory Approval Procedures Delay Commercialization
Tissue engineering involves working with living cells and tissues which increases regulatory complexity and risks. Global regulatory bodies like the U.S. Food and Drug Administration and European Medicine Agency subject these products to rigorous preclinical and clinical testing standards before approval. The approval procedures extensively evaluate product safety, efficacy, and quality control measures. While necessary to ensure performance and safety, the lengthy approval timelines result in significant delays between research success and commercial availability. Navigating the regulatory hurdles involved contributes to the high development costs as well. These stringent regulatory controls increase uncertainty and business risks, slowing market growth
Increasing Aging Population Presents Lucrative Opportunities
As life expectancy rises globally, the aged population (65 years and above) is projected to double by 2050. Age-related degeneration of tissues and organs will consequently increase. There is a growing need for tissue regeneration therapies to treat conditions like osteoarthritis and repair damage from age-related diseases. The expanding geriatric demographic will drive substantial demand for tissue-engineered solutions in joint reconstructive, vascular, and reconstructive surgeries. Pharmaceutical companies can tap into this lucrative opportunity by developing regenerative therapies targeting specific aged-related tissue failures. Partnering with hospital chains and insurers also presents commercialization opportunities.
Link: https://www.coherentmarketinsights.com/market-insight/tissue-engineering-market-2217
Key Development
- In April 2022, Organogenesis Inc, a global leader in regenerative medicine, announced that the latest advanced wound care research on its PuraPly AM, Affinity, Apligraf, NuShield, Novachor, and Organogenesis Physician Solutions product lines would be showcased at the 2022 Symposium on Advanced Wound Care (SAWC) Spring Conference, held between April 6 and April 10, 2022, in Arizona, U.S.
- In May 2021, 3D Systems, a leading provider of 3D printing, announced the acquisition of Allevi, Inc., a technology company making 3 dimensional bioprinters and bioinks to expand regenerative medicine initiative by accelerating growth in medical and pharmaceutical research laboratories
- In May 2021, 3D Systems, a leading provider of 3D printing announced the acquisition of a Germany-based software firm, Additive Works GmbH, to expand simulation capabilities for rapid optimization of industrial-scale 3D printing processes
Key Players: Acelity L.P. Inc., AbbVie Inc., B. Braun SE, BioMimetic Therapeutics, Bio Tissue Technologies, C. R. Bard, International Stem Cell, Integra Lifesciences, Organogenesis Inc., Osiris Therapeutics, RTI surgical, Inc., Tissue Regenix Group Plc., and Zimmer Biomet
