Amniotic Membranes Market Is Projected to Grow Significantly to Reach US$ 2.3 Billion By the Year 2028
According to the latest market report published by Future Market Insights, titled ‘Global Amniotic Membrane Market: Global Industry Analysis 2013 – 2021 and Opportunity Assessment 2022 – 2028’, the global amniotic membrane market is expected to expand at a CAGR of 9% over the forecast period 2022–2028.
FMI estimates that the global market for amniotic membrane is to be valued at US$ 1.4 Bn in 2022 and is expected to expand at CAGR of 9% over 2022–2028, to surpass US$ 2.3 Bn by 2028 end. Based on product type, the cryopreserved amniotic membrane segment dominated the global amniotic membrane market, with over 70% value share in 2017. The segment is expected to grow at above 9% CAGR over the forecast period of 2022–2028. North America is expected to maintain its dominance in the global market due to regulatory approvals of several new products in the U.S.
Population of all age groups has emerged as a prominent consumer base, characterised by untapped product segments for amniotic membranes to offer effective wound healing and eye surgeries. This has prompted the amniotic membrane product manufacturers to capitalize on the emerging latent opportunity. The companies in the market are optimistic with regard to increasing amniotic membrane transplants and increasing demand for amniotic membrane products around the world, particularly in North American countries.
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It is more than likely that over the span of the next four to five years, the companies focus on developing innovative products and designing market level strategies to leverage the potential opportunities emerging in parallel with growing human population with various chronic diseases.
Amniotic membrane products such as Amniotic Allograft Membrane and Amniotic Allograft Suspension used to treat surgical wounds and defects of the corneal epithelia have gained traction over the last two decades. The major types of amniotic membranes such as cryopreserved amniotic membrane and lyophilized amniotic membrane have evolved back in the 1990s, but they became significant and the market for amniotic membranes to be used on humans boomed over the past fifteen years.
The global amniotic membrane market has been segmented on the basis of product type, application, end user and regions. Globally, cryopreserved amniotic membrane is the most attractive segment from manufacturers’ point of view. Cryopreserved amniotic membrane is majorly used in ocular surface eye surgery owing to its positive effect on wound healing due to its anti-inflammatory property. Among all end users of amniotic membrane, high demand for amniotic membrane is expected to come from the hospitals segment due to rising application of amniotic membrane in advanced surgical healing.
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By volume, the global amniotic membrane market is expected to expand at 11.4% over the forecast period of 2022–2028. With nearly 43% market value share, North America dominated the global amniotic membrane market in 2017, partly due to penetration of newly approved products in the U.S. Western Europe, the second large market globally, with U.K., France and Germany being countries with high growth rates., is expected to gain 110 BPS in its market share over 2022–2028. APEJ is expected to be the third large market for amniotic membrane. APEJ and China collectively are expected to contribute over 15% share in the global market by 2028 over 2022.
The market for amniotic membrane is highly consolidated with top 5 players contributing over 60% of the revenue share in 2017. Examples of some of the key players identified in the global market are Integra LifeSciencesm Inc., MiMedx Group, Inc., Alliqua BioMedical, Inc., Skye Biologics Inc., Katena Products, Inc., Tissue-Tech Inc., Amnio Technology, LLC, Applied Biologics LLC, Human Regenerative Technologies, LLC, etc. Depth of research, along with proper documentation and statistical validation are factors that could determine a player’s success in the global amniotic membrane market
Some of the key points identified in global amniotic membrane market are:
- FMI forecasts the global amniotic membrane market to grow at a CAGR of 9.3% over the forecast period by 2028 end. The growth in revenue generation across the amniotic membrane market is registered on the account of rise in amniotic membrane transplants in both developed and developing economies.
- The hospitals segment has proved to be the leading end user segment on account of increase in number of amniotic membrane transplants, growing awareness among the people about the benefits of the amniotic membrane transplant.
- Ease of FDA approval for novel and innovative amniotic membrane allografts coupled with adoption of amniotic membrane for varied applications would boost the revenue growth in Germany & the U.S. markets.
- Most often, apart from major applications including surgical wound and ophthalmology, the use of amniotic tissue in orthopaedic surgery, sports medicine and podiatry treatment has increased in the recent years.
- The amniotic membranes used majorly to treat human surgical wound needs to be FDA approved, thus amniotic membrane manufacturers focus on getting fast FDA approvals.
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