WELLESLEY, MA--(Marketwired - October 13, 2016) - Tissue engineering and regenerative medicines are continuously focusing on developing novel therapies to provide high-level output to complex tissue engineering challenges. BCC Research reveals in its new report that nanomaterials have emerged as promising elements that could improve the quality of tissue engineering and organ transplantation methods.
Tissue engineering is a multidisciplinary field that applies the maxims of life science and engineering to develop biological substitutes that repair, maintain and enhance tissue and organs damaged from disease or trauma.
The global market for tissue engineering and regeneration is expected to reach $60.8 billion by 2021, up from $13.6 billion in 2016, rising at a five-year compound annual growth rate (CAGR) of 34.9%. The North American market, the largest sector of the market, is expected to grow from $6.9 billion in 2016 to $30 billion in 2021, demonstrating a five-year CAGR of 34.3%. The Rest of the World (ROW) sector should reach $478 million and $2.5 billion in 2016 and 2021, respectively, reflecting a five-year CAGR of 39.2%.
Although the overall global market should see impressive double-digit growth, it will face some challenges against movement. Hindrances to market growth will include stiff regulations, lack of awareness and low rates of adoption. Regulatory policies also are countering market expansion. Advancements in stem cell technologies have created a novel platform for regenerative medicines, but have also yielded ethical issues which are pressuring governments to regulate the commercialization of tissue repair and regeneration. Additionally, tissue damage and organ failure are increasing health-related problems which presently account for more than half of all annual healthcare expenses in the U.S., Europe and ROW.
The cell therapy technologies, especially those based on stem cell research, exhibit the most potential of therapeutic technologies. Cell therapy technology is poised to grow substantially due to the increase in research and development of stem cell and cell-based products. As a therapeutic product segment, cell therapy dominated the market with a value of $2.3 billion in 2015. This segment should grow at a five-year CAGR of 32.6% and reach $12.7 billion by 2021. Small molecules and biologics, the fastest-growing segment with a five-year CAGR of 34.2%, should reach $1.1 billion by 2021, up from $270 million in 2016.
"The nanomaterials have revealed the answer for the complex tissue engineering procedures by mimicking the surface properties of surface tissues. Thus, nanomaterials have emerged as promising elements with the potential to improve the quality of tissue engineering," says BCC Research analyst says BCC Research analyst Yojana Jeevane. "The promising areas of nanomaterials are bone, cartilage tissue manufacturing, vascular, neural, and bladder tissues. The nanotechnologies have fueled the integration of global companies to conduct research on the development of nanotissue engineering therapies."
Tissue Engineering and Regeneration: Technologies and Global Markets (HLC101C) analyzes trends, product details, and therapeutic information in the field of tissue engineering. The report examines specific drivers and challenges for the different market segments, and presents data from 2015, estimates for 2016, and projections of CAGRs through 2021.
About BCC Research
BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. Founded in 1971, BCC Research is a unit of Eli Global, LLC. For more information about BCC Research, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearch.