The Biodegradable Scaffold Market is estimated to be valued at US$ 2.00 Bn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Biodegradable scaffolds are temporary three-dimensional structure made from natural or synthetic biomaterials used in tissue engineering to repair or replace damaged tissues or organs. They provide structural support for new tissue formation and vascularisation. Biodegradable scaffolds degrade through both non-enzymatic hydrolysis and cellular enzymatic degradation as the tissue heals. Advantages of biodegradable scaffolds over permanent implants include elimination of long term biocompatibility issues and no need for implant removal surgeries.
Market key trends:
Advancements in tissue engineering technologies is a major trend fueling growth of the biodegradable scaffold market. Novel technologies such as 3D bioprinting, cell sheet engineering, and decellularization techniques are being used to develop scaffolds that more closely mimic the biomechanical properties and microarchitecture of native tissues. This is paving way for development of next generation scaffolds tailored for specific tissue regeneration applications. Other key trends include increasing research in stem cell based therapies for regenerative medicine and growing clinical and commercial applications of biodegradable scaffolds in wound care management and orthopedic, cardiovascular, dental and neurology applications.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the biodegradable scaffold market is low as it requires considerable R&D investment and regulatory approvals.
Bargaining power of buyers: The bargaining power of buyers is moderate as the biodegradable scaffold market has presence of both small and large established players providing a variety of options.
Bargaining power of suppliers: The suppliers have a moderate bargaining power due to the availability of various biomaterial options such as collagen, hyaluronic acid etc. used for manufacturing biodegradable scaffolds.
Threat of new substitutes: Threat of new substitutes is low as tissue engineering therapies are still in early stages of development and lack long term efficacy data.
Competitive rivalry: High as major players focus on new product development and expansion into lucrative regional markets.
SWOT Analysis
Strengths: Biodegradable scaffolds offer advantages like better biocompatibility, minimal invasiveness and tissue regeneration.
Weaknesses: High costs involved and limited expertise for complex surgeries.
Opportunities: Growing geriatric population, rising chronic diseases and favorable reimbursement scenarios present opportunities for market growth.
Threats: Stringent regulations and long approval times pose challenges. Lack of skilled professionals can also hamper market growth.
Key Takeaways
The Global Biodegradable Scaffold Market is expected to witness high growth, exhibiting CAGR of 13% over the forecast period, due to increasing prevalence of chronic diseases. The United States currently dominates the biodegradable scaffold market owing to rising number of orthopedic surgeries and presence of major players. Meanwhile, Asia Pacific region is anticipated to grow at a fastest rate due to improving access to healthcare and rising medical tourism in countries like India and China. Key players operating in the biodegradable scaffold market incorporates Merck KGaA, 3D Biotek LLC, Medtronic, Xanofi, Akron Biotech, Nanofiber Solutions, Vericel Corporation, NuVasive, Inc., Organogenesis, Inc., Biostage, Inc., In2Bones Global, Orthofix Medical Inc., Spine Smith, Invivo Therapeutics Holdings Corp., and Onkos Surgical.
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