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GEN Reports on Growth of Tissue Engineering Revenues
New Rochelle, NY, July 9, 2012—More than half (52%) of the companies comprising the tissue engineering (TE) and stem cell industries are revenue-generating, compared to about 21% four years ago, reports Genetic Engineering & Biotechnology News (GEN). Of those companies, 31% have commercial products and 21% are service-based; another 30% have products in clinical trials, according to the current issue of GEN.
The GEN article is based on interviews with leading tissue engineering researchers and on the findings of a landmark paper (“Progress in the Tissue Engineering and Stem Cell Industry, Are we there yet”), which appears in Tissue Engineering: Part B, Volume 18, Number 3, 2012, published by Mary Ann Liebert, Inc.
“Like many other biotechnologies, tissue engineering has experienced an up and down history,” said John Sterling, Editor in Chief of GEN. “But with numerous technical advances moving the field forward combined now with rising revenues, this segment of bioresearch is really taking off.”
The industry itself is beginning to attain profitability, with sales revenues reaching $3.5 billion and industry spending approaching $3.6 billion. The 2012 analysis by a group led by Robert Langer, Sc.D., one of the authors of the paper in the Liebert journal, reported a nearly threefold increase in commercial sales for TE and stem cell products and services compared to the previous four-year period. Furthermore, the number of companies selling products or offering services increased more than twofold to 106.
The GEN article also notes that Tissue Engineering has formed an industry council for the purpose of helping to guide the evolution of the industry and to create strategic initiatives aimed at overcoming some of the R&D, manufacturing, and regulatory challenges facing the industry.
Among the companies interviewed for the GEN article are Organogenesis, Cytograft Tissue Engineering, Scintellix, and Humacyte.