Europe Tissue Engineering Market Forecast to 2027 - COVID-19 Impact and Regional Analysis by Material Type, Applications, and Country
The Europe tissue engineering market is expected to reach US$ 7,368.93 million by 2027 from US$ 2,798.86 million in 2019; it is estimated to grow at a CAGR of 13.2% during 2020-2027.
NEW YORK, Oct. 1, 2020 /PRNewswire/ --
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The market growth is primarily attributed to the increasing incidences of chronic diseases, road accidents, and trauma injuries, and technological advancements in 3D tissue engineering techniques.High cost associated to the tissue engineering process is one of the major factors restraining the growth of the market.
Additionally, increasing financial contributions by government and private sector are likely to fuel the growth of the Europe tissue engineering market during the forecast period.
Tissue engineering is a blend of material methods and cellular activities.This approach involves the use of physicochemical and biochemical attributes of humans to replace the biological tissues and strengthen them.
It is an innovative technology that works either separately or in conjunction with scaffolds, stem cells, regenerative medicine, and growth factors or negotiators. The process utilizes molecular and cellular processes in combination with the principles of material engineering to surgically repair and restore tissue.
The tissue engineering market in Europe is estimated to grow at a significant CAGR during the forecast period, and the growth is driven by the increase in research activities, growing demand for organ transplants, escalating number of initiatives by market players for expanding their presence in the region, and higher adoption of stem cell research in several European countries.France and the UK offer significant growth opportunities for players operating in the 3D bioprinting market, owing to the growing support from government bodies, increasing demand for cosmetic surgeries, and presence of favorable regulations and data requirements in the European healthcare systems.
In the UK, most of the projects related to tissue engineering and regenerative medicine are reviewed and supported by four research councils—Engineering and Physical Sciences Research Council (EPSRC), Medical Research Council (MRC), Biotechnology and Biological Sciences Research Council (BBSRC), and Economic and Social Research Council (ESRC).
BioTissue Technologies, a German company, has developed tissue engineered Oral Bone for applications during jawbone surgery. Co.don, another German company engaged in tissue engineering, produces the autologous product osteotransplant for several bone surgery applications. CellFactors, based in the UK, have developed Skeletex, an osteoinductive product comprising collagen and growth factors. Skeletex is a biologically derived material from human cells that induces bone growth. It has the potential to strengthen damaged or weakened bones, or to create new bones.
In the Europe, due to an increasing number of COVID-19 patients, healthcare professionals and leading organizations are rechanneling the flow of healthcare resources from R&D to primary care, which is slowing down the process of innovation.Further, the pandemic is also hindering the conduct of clinical trials and drug development, and the operations of diagnostic industry in Europe.
For instance, Stryker Corporation, a well-known player in the tissue engineering industry, has diverted operations to manufacture COVID-19 diagnostics and PPE kits.Moreover, according to a recent survey published by Medscape in July 2020, substantial disruption has been witnessed in routine research activities that include tissue engineering and regenerative medicines as a result of the COVID-19 pandemic.
The rapid increase in the number of the infected patients in the Italy and Spain is likely to result in the slowdown of the market growth in the near future.
In 2019, the biologically derived material segment accounted for the largest share of the Europe tissue engineering market.The growth of the market for this segment is attributed to the rising adoption of biomaterials due to their natural regenerative potential to restore tissue functioning and ability to facilitate the on demand release of chemokines with the procedure.
Further, the synthetic material segment is likely to register the highest CAGR in the market during the forecast period.
A few of the significant secondary sources associated with the Europe tissue engineering market report are the World Health Organization (WHO), Centers of Disease Control and Prevention (CDC), European Union, and European Medical Agency.
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