Tuesday, 17 January 2017
Scaffold Technology Market To Reach USD 1.5 Billion By 2024: Hexa Reports
The Global Scaffold Technology Market is anticipated to reach USD 1.5 billion by 2024, according to a new report by Hexa Reports. Evolution of scaffold technology, which facilitates the transplantation process, has created opportunities to address tissue engineering-associated challenges such as vascularization. Also, scaffolds are used in the treatment of damaged and diseased organs or tissues to provide support to implants that are surgically inserted into the patient's body. This is expected to further support the emergence of this vertical.
Rise in the aging population and the number of organ defunctionalization cases coupled with the demand for effective treatments are some of the factors promoting the adoption of scaffold technology.
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Further Key Findings from the Study Suggest:
In 2015, hydrogels-based scaffolds dominated the market with a share of over 41% with respect to revenue generation owing to their higher availability as well as continual progress in their development. Moreover, their promising use as cartilage tissue engineering scaffolds, which enable simultaneous cell growth and drug delivery, is fueling their adoption.
Even though nanofiber-based scaffolds are estimated to exhibit the lowest market penetration in the current scenario, this segment is expected to witness the fastest growth rate in the coming years due to their ability to mimic the nanoscale properties and structural characteristics of native extracellular matrix; this factor is expected to increase their incorporation in regenerative medicine and other clinical applications.
Biotechnology and pharmaceutical organizations held the largest share in 2015 and are expected to witness considerable growth over the forecast period due to the demand for robust tools in metabolic and toxicology profiling of drug moieties during the process of drug development. Also, several biotechnological companies have begun investing in the development of novel products targeting this vertical, which is expected to boost revenue generation through these entities.
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In 2014, North America emerged as one of the largest markets. This is attributable to the developed healthcare infrastructure and presence of large number of key participants operating in this region. Asia pacific is expected to be one of the fastest growing regional segments owing to the rapidly improving infrastructure and favorable government initiatives pertaining to research and development in the pharmaceutical industry.
Some of the key players operating the market space include Merck KGaA (Sigma-Aldrich Co. LLC);Thermo Fisher Scientific, Inc.; 3D Biotek LLC; Molecular Matrix, Inc; ReproCELL Europe Ltd (Reinnervate); Xanofi; Pelo Biotech GmbH; Corning, Inc; Becton, Dickinson and Company; 3D Biomatrix; Avacta Life Sciences Limited; Nanofiber Solutions; NuVasive, Inc; Vericel Corporation; Molecular Partners; Acelity (LifeCell Corporation); and Medtronic (Covidien plc).
These players are undertaking different market strategies to maintain their dominance in the market. These strategic endeavors include new product development, acquisitions and mergers, partnerships, and global expansion efforts.
Scaffold technology is considered as the leading candidate employed to perform 3D-culture assays including high throughput screening, cell to matrix interactions, cell to cell interactions, cell migration assays, and transfections, which collectively accounted for the largest segment share in 2015 and is anticipated to witness lucrative growth in the coming years. The significant share is attributed to the increasing use of scaffold technology to study cellular behavior and understand the underlying mechanism of diseases.