Global tissue engineered medical devices market expected to cross US$ 26 billion by 2020

Nov 19 2015

Increasing aging population, rising number of diabetic patients and various ongoing innovations to drive the global tissue engineered medical devices market

According to recently published Pharmaion report, "Global Tissue Engineered Medical Devices Market Forecast & Opportunities, 2020", global tissue engineered medical devices market is anticipated to cross US$ 26 billion by 2020. A wide array of factors that are expected to positively influence the global tissue engineered medical devices market during forecast period include increasing aging population, ongoing technological advancements and growing consumer awareness. Moreover, as compared to artificial implants, tissue engineered implants offer better biocompatibility, thereby minimizing the probability of rejection of implant from the body.

Global tissue engineered medical devices market is also driven by the increasing prevalence diabetes and associated diseases across the globe. Diabetes carries a high risk of cardiovascular diseases and neuropathy. Neuropathy is among the root causes of foot amputations and ulcers in the diabetic patient, and treatment process in this case requires skin substitutes. Rising prevalence of diabetes and resulting increase in foot ulcers is expected to be one of the major factors responsible for the rapid growth of skin substitutes during the forecast period.

New product launches by existing market players as well as new entrants is expected to boost the global tissue engineered medical devices market during forecast period. North America dominated the global tissue engineered medical devices market in 2014, and is anticipated to continue its dominance through 2020 as the percentage of geriatric population is very high in this region. Moreover, the economic stability of the region also helps patients to undergo expensive treatment options.

"Global tissue engineered medical devices market will continue to exhibit growth during the next five years. Growing adoption of nanotechnology and 3D Bioprinting, rising application of engineered protein, and escalating applications of stem cells are among the major factors driving global tissue engineered medical devices market. The demand of skin substitutes is increasing at a significant pace on account of rising neuropathy cases among diabetics and improving efficacy of skin substitute products." said Mr. Karan Chechi, Research Director with Pharmaion, a research based global pharmaceutical and healthcare consulting firm.

"Global Tissue Engineered Medical Devices Market Forecast & Opportunities, 2020" has analyzed the potential of global tissue engineered medical devices market and provides statistics and information on market sizes, shares and trends. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment evaluation. Besides, the report also identifies and analyzes the emerging trends along with essential drivers and key challenges faced by the global tissue engineered medical devices market.