AbbVie Inc. (US) and Baxter (US) are Leading Players in the Tissue Engineering Market
The tissue engineering market is projected to reach USD 8.9 billion by 2028 from an estimated USD 4.4 billion in 2023, at a CAGR of 15.3% during the forecast period. The major factors driving the growth of this tissue engineering market include increasing demand for regenerative medicines, growing investments for the developments of the biopharmaceutical field, and increasing incidence and prevalence of chronic and degenerative diseases.
The global tissue engineering market is competitive with top players such as AbbVie Inc. (US), Baxter (US), Integra Lifesciences (US), Organogenesis Inc. (US), and Medtronic (Ireland) . The market players have adopted various strategies such as acquisitions, new product launches, collaborations, agreements, and geographical expansions to strengthen their position in the global tissue engineering market.
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AbbVie Inc. (US)
AbbVie Inc. is a research-based biopharmaceutical company operating in different areas, including oncology, immunology, neuroscience, aesthetics, and eye care. The company has a strong geographic presence across 70 countries with a broad range of distribution channels across 175 countries. AbbVie Inc. adopted strategic approaches such as acquisitions, partnerships, and collaborations to strengthen its geographic presence. For instance, in May 2020, AbbVie Inc. acquired Allergan plc. The acquisition aims to expand the long term growth of the company in therapeutic categories. Allergan offers new growth opportunities through its leading brands of tissue engineering products such as AlloDerm and Strattice.
Baxter (US)
Baxter (US) is a leading healthcare solution provider with a wide range of products under pharmaceutical injectables, diagnostics, anesthetics, adhesion prevention, hemostats & sealants, tissue repair technology, and bone repair technology. The company has strong distribution channels across 100 countries. Baxter focuses on the expansion of the product portfolio through product approvals and product launches. For instance, in July 2020, Baxter International received clearance from the US FDA for Altapore Shape Bioactive Bone Graft, which is designed to enhance bone growth and help achieve fusion in surgeries involving the skeletal system. The product is easy to mold and can be used as a standalone bone graft substitute or as an autograft extender to fill bony voids or gaps in the skeletal system, including in the pelvis, extremities, and posterolateral spine, which are surgically created or result from trauma.
Integra Lifesciences (US)
Integra Lifesciences is a leading provider of neurological solutions, regenerative technologies, and surgical instrumentation. The company offers a wide range of products for hemorrhagic stroke, multiple disease states, traumatic brain injury, and other neurological conditions. The company has a strong global presence in 130 countries. Integra Lifesciences aims to expand its customer base by adopting various strategic alliances such as partnerships, acquisitions, and collaborations. For instance, in January 2021, Integra Lifesciences acquired Acell Inc. ACell is a regenerative medicine company known for its proprietary porcine urinary bladder matrix platform technology, MatriStem UBM, which aligns with Integra's focus on regenerative medicine and tissue technologies.
Related Reports:
Tissue Engineering Market by Product (Scaffolds (Collagen, Stem Cell), Tissue Grafts (Allograft, Autograft, Xenograft)), Material (Biological, Synthetic), Application (Orthopedics, Dermatology, Wound Care, Cardiovascular) - Global Forecast to 2028
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