(PharmaNewsWire.Com, October 16, 2019 ) Rising chronic skin diseases, increasing geriatric population, increasing number of burn injuries and the advances in technology are some of the fundamental factors that are driving the skin substitute’s market growth across the globe.
Biological skin substitutes was valued at USD 585.8 Mn in 2018, and is estimated to grow at a CAGR of 4.6% over the forecast period. Rise in preference for cellular and acellular skin substitutes to implant-based skin surgery, and the rising incidence rate of skin disorders across the globe may lead to an increased number of patients who will undergo either invasive or non-invasive skin surgeries.
Cellular allogenic skin substitutes are produced using living neonatal foreskin fibroblasts with a mesh or a matrix. They are used in vestibuloplasty, after mucogingival junction and supra-periosteal dissection. Acellular allografts are a category of skin substitutes that consist of decellularized human tissue. North America is anticipated to witness the highest growth rate over the forecast period. North America Market was valued at US$ 403.1 Million in 2018 and is estimated to grow at a CAGR of 6.5% over the forecast period. This is owing to the increasing incidence rate of chronic wounds like diabetic foot ulcers and pressure ulcers, rising elderly population and technological benefits such as rapid wound healing and reduced chances of infection.
Growing prevalence of chronic skin diseases across the world along with rapidly growing geriatric population base are some of the factors positively helping the global market growth and also expected to boost the demand for skin substitutes in coming years. Aged population is highly prone to various diseases due to various functional and structural changes. This factor is anticipated to spur the industry growth during the forecast period. Moreover, advances in technology will further positively impact the growth of global skin substitutes market. For instance, In January 2019, AVITA Medical Limited announced the launch of the RECELL autologous cell harvesting device (RECELL System) in the U.S. market for the treatment of acute thermal burns in patients aged 18 years and older. Rising number of burn injuries is anticipated to fuel the global market growth over the forecast period. Skin substitutes is one of the widely preferred treatments in case of burns as it enables fast recovery with minimum or no complications. Therefore, availability of superior quality synthetic substitutes and its growing demand in treatment of burns has proven beneficial for the industry growth.
North America to Grow at Highest Rate in Skin Substitutes Market
Geographically, the global skin substitutes market has been divided into North America, Europe, Asia Pacific, Latin America and Middle East and Africa. North America is forecasted to witness high growth and grow at highest CAGR during the forecast period owing to the increasing incidence rate of chronic wounds such as diabetic foot ulcers and pressure ulcers. Furthermore, other factors contributing towards the market growth are a rise in elderly population and technological benefits such as rapid wound healing and reduced chances of infection. Europe is also expected to show substantial growth over the forecast period. Factors such as rise in geriatric population, diabetic foot ulcers and pressure ulcers are contributing to the growth of the overall skin substitutes market in Europe. Moreover, increasing prevalence rate of chronic wounds, high healthcare expenditure and favourable reimbursement scenarios are also expected to drive the growth of this market.
The skin substitutes market is consolidated with large number of manufacturers. The company profiling of key players in the market includes major business strategies, company overview and revenues. The key players of the market are Amarantus BioScience Holdings, Organogenesis, Inc., Acelity L.P. (3M), Inc., Smith & Nephew plc, BSN Medical, Molnlycke Health Care, Integra LifeSciences Corporation, Tissue Regenix Ltd., Stratatech Corporation. The key players are adopting various growth strategies such as product launches, mergers & acquisitions, partnerships, and collaborations which are contributing to the growth of the skin substitutes market globally. For instance,in May 2019, Organogenesis, Inc. has received an Innovative Technology contract from Vizient, Inc. for its portfolio of advanced wound care and surgical and sports medicine products.
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