The global Tissue Engineering Market stood at USD 5.5 billion in 2015 and is expected to witness considerable growth even over the forecast period (from 2016 to 2024). Growing needs to bridge the gap between organ demand & supply are expected to drive the industry demand in the near future. Growing popularity in a variety of sectors including urological products, neurology, burn treatment etc. is also anticipated to boost the market growth. Organs developed using this method have high efficiency and durability. Rising applications of this method from surgical treatment of tissues and prosthetics to liver, corneal, cardiac tissue engineering is said to propel the growth from 2016 to 2024. The global market is categorized as applications and regions.
The applications include GI & gynecology, cancer, cord blood & cell banking, skin or integumentary, urology, dental, musculoskeletal, spine, orthopedics, neurology, and cardiology & vascular. The orthopedic application sector occupied more than half of the total market share in 2015. The sector is further expected to continue leading the market on account of the increased number of bone implants due to accidents as well as a geriatric population base. The neurology sector is one of the fastest-growing application sectors since it has the wider scope for development. In addition to this, a significant amount of research in the neurology sector is also anticipated to drive the sector growth.
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