Global scaffold technology market is expected to accumulate a valuation of $1,508.2 million by 2025, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2018-2025.
As per the report, based on application landscape, cancer application segment garnered maximum revenue and held a major share of the global market in 2017. With regards to regional segmentation, North America registered a major share of the global scaffold technology market.
According to the report, the global market is primarily driven by the increasing number of cancer patients across the globe and the rising number of minimally invasive surgeries. In addition, the market is further supported by increasing organ transplant for the treatment of damaged organ or tissues and rising preference for the regenerative technology. Additionally, the rising geriatric population which is highly susceptible to organ dysfunction and increasing research and development efforts for the use of 3D cell and its application will also contribute to market growth.
Some of the key insights from the report include:
- Several technologies currently available in the market are constantly focusing on technological advancements.
- Industry majors are considering factors like increasing awareness for the treatment of numerous chronic diseases and organ transplant within emerging economies for the development of new advanced technology.
- North America is projected to dominate the global scaffold technology market during the forecast years while the Asia Pacific exhibits signs of substantial growth due to flourishing economies of India, and China.
Based on product type, the segments of the scaffold technology market include polymeric scaffolds, micropatterned surface microplates, hydrogels, nanofiber-based scaffolds, and freeze embryo testing. With regards to application, the market is further segmented into stem cell research, drug development, tissue engineering and clinical application, cancer, and others. Based on end use, the market is bifurcated into hospital & diagnostics center, biotechnology and pharmaceutical organizations, research laboratories & institutes, and others. Geographically, the market is divided into five major regions namely North America, Latin America, Asia Pacific, Europe, and Middle East & Africa.
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In terms of regional growth, North America leads the scaffold technology market, primarily owing to the increasing prevalence of cancer and the growing number of deaths due to the disease. According to the World Health Organization, cancer is the second biggest cause of death worldwide that accounted for the death of 8.8 million individuals in 2015. Additionally, investments by the government and major companies in the region along with surging research and development efforts for the use of this technology will support regional growth. Meanwhile, Asia-Pacific is anticipated to emerge as a strong contender, driven by the continuous surge in government investments towards healthcare infrastructure due to strongly regulated policies for endorsing the use of this technology, increasing prevalence of cancer, and increasing awareness about organ transplant. Moreover, the rising number of people indulging in smoking and alcohol consumption, on account of changing lifestyles, is also projected to drive the scaffold technology market in Asia-Pacific.
The competitive landscape of the global scaffold technology market encompasses eminent industry players such as Merck and Company, 3D Biotek LLC, Thermo Fisher Scientific Inc., Pelo Biotech GmbH, Becton, Corning Inc., Dickinson and Company, Nanofiber Solutions, Avacta Life Sciences Limited, NuVasive, Inc., Marticel GmbH, ReproCELL Europe Ltd., Molecular Matrix Inc, and Tecan Trading AG. The chief growth strategies adopted by these companies include launching innovative products and teaming up with other market leaders to design new products and suffice the rising patient needs and requirements, thereby boosting the global market growth over the foreseeable years.