According to the U.S. Centers of Medicare and Medicaid, more than 900 million surgeries are performed for bone reconstruction or replacement. Increasing cases of chronic diseases, road accidents, and trauma injuries is contributing to the growth in development of tissue engineering solutions. In addition, the funding by government for the ongoing research for tissue regeneration is a major driver for market growth.
Currently used tissue repair solutions include surgeries, medical devices, and transplants. Tissue engineering procedures have a huge potential to replace the conventional tissue repair options. The technological advancements in 3D tissue engineering, including use of 3D bio-printers to design in-vitro implants and replacement of embryo cells with proliferative stem cells are likely to boost the market growth in the years to come.
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Further Key Findings From The Report Suggest:
- Orthopedics, Musculoskeletal, and Spine segment held majority of the application revenue in the year 2014, due to research funding and new product developments.
- Geistlich Pharma launched bone-harvesting instruments in 2016, for the collection of autogenous bones. This product restores bone volume and properties.
- Cardiology and vascular segment is likely to grow at the fastest rate in the coming years, pertaining to rapidly rising incidence rate of cardiovascular diseases due to lifestyle changes.
- The focus on cardiovascular tissue engineering solutions is expected to increase as cardiovascular disorders is one of the major causes of death across the globe.
- North America held majority of revenue share, due to presence of major market players in the region, huge R&D funding, and growing base of geriatric population.
- Zimmer Biomet acquired Ortho Transmission for its pioneered technology, which could restore limb amputee patients. With this acquisition, Zimmer can efficiently work on its current project received by the department of defense, U.S.
- Asia Pacific is likely to showcase the fastest growth rate in the coming years, owing to the foreign direct investments in this region.
- In 2013, Japanese Ministry of Healthcare approved clinical trial for developing induced pluriponent stem (iPS) cells for blindness.
- Stryker Corporation, Medtronic, Inc., Organogenesis, Inc., Zimmer Biomet, Acelity, Athersys, Inc., Tissue Regenix Group Plc and RTI surgical, Inc. are some of the key players operating in this market.
- New product developments, mergers and acquisitions are some of the strategies undertaken by these companies to strengthen their market presence.
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