The Asia Pacific tissue engineering market is expected to reach US$ 4,336. 92million by 2027 from US$ 1,538. 97million in 2019; it is estimated to grow at a CAGR of 14. 1% during 2020–2027. 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.
New York, Oct. 01, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Asia Pacific Tissue Engineering Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Material Type, Applications, and Country" - https://www.reportlinker.com/p05974344/?utm_source=GNW
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 APAC 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 Asia Pacific market is estimated to grow at the highest CAGR during the forecast period on the back of the increase in research activities, growing demand for organ transplants, rising number of initiatives by market players for expanding their presence in the region, and higher adoption of stem cell research in several APAC countries. China and India hold 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 less stringent regulations and data requirements than healthcare systems in developed countries.
In July 2019, the Government of India collaborated with the US for the research and development of 3D bioprinting regenerative medicine.This collaboration involves the exchange of faculty members and students for the trade of scientific ideas/information and technologies, as well as the joint use of scientific infrastructure for research, especially in the field of 3D bioprinting.
The Government of South Korea announced plans to invest ~USD 37 million to boost the development of 3D bioprinting across the country. The country’s Ministry of Science announced plans to spend a considerable portion of its budget on a plethora of 3D bioprinting applications to strengthen its competitiveness and ability to meet demand.
In APAC, due to an increasing number of COVID-19 infected 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 COVID-19 pandemic is also hindering the conduct of clinical trials and drug development, and the operations of diagnostic industry in the region.
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 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 India and China 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 APAC 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 Asia Pacific tissue engineering market report are the World Health Organization (WHO), Government of India, Government of South Korea, and US Food and Drug Administration.
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