Report : Asia Pacific Tissue Engineering Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Material Type (Biologically Derived Material, Synthetic Material, and Others), Applications (Orthopedic, Musculoskeletal and Spine, Skin, Cardiology and Vascular, Neurology, and Others), and Country
At 12.8% CAGR, the Asia Pacific Tissue Engineering Market is speculated to be worth US$ 5,052.49 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Asia Pacific tissue engineering market was valued at US$ 2,177.47 million in 2022 and is expected to reach US$ 5,052.49 million by 2028, registering an annual growth rate of 12.8% from 2022 to 2028. Higher growth in the healthcare market across the region and elevating incidence of chronic diseases and broadening advancements in regenerative medicine.
The rising incidences of chronic illnesses, escalation in geriatric population, and increase in need for pediatric care are a few of the primary factors boosting the growth of the healthcare sector. The healthcare sector has been experiencing rapid transformation since the last couple of years. Various countries around the region favor the use of advanced technologies in healthcare. With an increase in the need for better healthcare facilities, technology-enabled care (TEC) solutions are in demand in the healthcare systems, especially in the emerging economies. As a result, various healthcare players have been investing significant amounts of their revenues in R&D activities to develop advanced solutions, including stem cell products, and associated therapeutic technologies. Also, the reimbursement provided for various medical procedures are likely to fuel the growth of this sector during the forecast period. The abovementioned factors are expected to generate growth opportunities for the tissue engineering market players during the forecast period.
On the contrary, excessive cost of treatment options involving tissue engineering.
Based on material type, the Asia Pacific tissue engineering market is segment into biologically derived materials, synthetic materials, and others. The biologically derived materials segment held 52.5% market share in 2022, amassing US$ 1,143.57 million. It is projected to garner US$ 2,670.32 million by 2028 to expand at 12.9% CAGR during 2022–2028.
Based on application, the Asia Pacific tissue engineering market is segmented into orthopedic, musculoskeletal, & spine, skin & integumentary, cardiology and vascular, neurology, cancer, gi, gynecology, urology, and others. The orthopedic, musculoskeletal, & spine segment held 34.4% market share in 2022, amassing US$ 748.52 million. It is projected to garner US$ 1,746.30 million by 2028 to expand at 12.9% CAGR during 2022–2028.
Based on country, the Asia Pacific tissue engineering market has been segmented into Japan, China, India, South Korea, Australia, and Rest of APAC. Our regional analysis states that Japan captured 26.6% market share in 2022. It was assessed at US 578.51 million in 2022 and is likely to hit US$ 1,384.26 million by 2028, exhibiting a CAGR of 13.3% during the forecast period.
Key players dominating the Asia Pacific tissue engineering market are Zimmer Biomet; B. Braun Melsungen AG; Stryker Corporation; AbbVie, Inc.; Integra LifeSciences Holdings Corporation; Organogenesis Inc.; Medtronic; Baxter International Inc.; Johnson and Johnson Services, Inc.; 3M; and Cook Biotech Inc. among others.
- In July 2021 for PriMatrix Dermal Repair Scaffold to manage hard-to-heal diabetic foot ulcers (DFUs).
- In April 2018, Medtronic plc announced it has received FDA approval of Infuse Bone Graft for new spine surgery indications.
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