Global Tissue Engineered Skin Substitutes Market is expected to grow at a CAGR of 17.5% during the forecast period 2020-2027
A new research report published by Fior Markets with the title Tissue Engineered Skin Substitutes Market by Type (Synthetic, Biosynthetic, and Biological [Allograft and Xenograft]), Application (Burn Injury, Diabetic Foot Ulcers, Chronic Wounds, and Others), and End-Users, Region, Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast 2020 to 2027.
The global tissue-engineered skin substitutes market is expected to grow from USD 2.01 billion in 2019 to USD 7.3 billion by 2027, at a CAGR of 17.5% during the forecast period 2020-2027. North America is expected to dominate the market during the forecast period. The rapid changing lifestyles of people has led to increasing prevalence of cardiovascular diseases in the region. The population constitutes a large proportion of elderly, obese, and diabetic people. The high concentration of biological skin substitutes is also expected to contribute to market growth. Asia-Pacific region is expected to witness the highest growth rate during the forecast period. The high geriatric population in countries like Japan and South Korea is expected to fuel the market growth. The affordable treatment facilities as compared to developed nations in Europe and North America is anticipated to attract high number of patients boosting the market growth.
NOTE: Our analysts monitoring the situation across the globe explains that the market will generate remunerative prospects for producers post COVID-19 crisis. The report aims to provide an additional illustration of the latest scenario, economic slowdown, and COVID-19 impact on the overall industry.
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Some of the leading players include Organogenesis, Inc., Amarantus BioScience Holdings, Acelity L.P., Inc., BSN Medical, Smith & Nephew plc, Molnlycke Health Care, Medtronic, Integra LifeSciences Corporation, Tissue Regenix Ltd., and Stratatech Corporation. The companies are focusing on substantial investments in research and development activities for product innovation to gain a competitive edge in the market. The companies are also planning expansion in emerging markets to strengthen their presence globally.
This study delivers a comprehensive analysis of type, application, end-user, and regions. On the basis of type, the market can be divided into synthetic, biosynthetic, and biological skin substitutes. The biological skin substitutes can be classified into allograft and xenograft skin substitutes. The allograft skin substitutes can be further classified into cellular allograft and acellular allograft. Biological skin substitutes are expected to dominate the market during the forecast period. The extensive use of biological materials in tissue regeneration is gaining momentum. On the basis of application, the market can be divided into burn injury, diabetic foot ulcers, chronic wounds, and others. Diabetic foot ulcer is expected to dominate the market and show significant growth rate during the forecast period. The increase in geriatric population is giving a rise to incidences of ulcers due to their weak immunity and reduced blood flow. On the basis of end-users, the market can be divided into hospitals and other healthcare facilities.
The increasing use of tissue engineered skin substitutes in the treatment of diabetic foot ulcers, and pressure ulcers is expected to drive market growth. The rising prevalence of chronic wounds and excess skin loss will further boost the market growth. The increasing investments in the development of complex skin substitutes and dermo epidermal substitutes is anticipated to fuel market growth. The rising demand for breast reconstruction is also expected to contribute to market growth.
About the report:
The global tissue-engineered skin substitutes market is analyzed on the basis of value (USD Billion), volume (K Units), export (K Units), and import (K Units). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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