Published Year: 2020
Global Bioengineered Skin Substitutes Market: Focus on Product Type, Application, End User, 4 Region
The global bioengineered skin substitutes market was valued at $1.31 billion in 2019 and is...
Market Research Report
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Global Wound Skin Substitutes Market Industry Overview
Introduction of Wound Skin Substitutes
The global wound skin substitutes market, valued at $1,181.0 million in 2022, is on a robust growth trajectory and is anticipated to reach $2,062.6 million by 2030. This market is expected to expand at a compound annual growth rate (CAGR) of 7.35% between 2023 and 2030. Driven by the increasing prevalence of chronic wounds such as diabetic foot ulcers, pressure ulcers, and venous leg ulcers, the market is witnessing a surge in demand for innovative and effective wound healing solutions.
Market Introduction
Technological advancements in biomaterials and the development of more efficient skin substitute products are further fueling this growth. Moreover, the rising geriatric population, which is more prone to chronic conditions, and the expanding capabilities of healthcare infrastructures globally are significant contributors to the market’s expansion. This growth has also been supported by a growing focus on improving patient outcomes and reducing the overall healthcare costs associated with chronic wounds.
Regional Segmentation:
• North America
o U.S.
o Canada
• Europe
o U.K.
o Germany
o France
o Italy
o Spain
o Netherlands
o Switzerland
o Russian Federation
o Turkey
o Poland
o Belgium
o Sweden
o Ireland
o Norway
o Austria
o Denmark
o Finland
o Portugal
o Czech Republic
o Romania
o Greece
o Slovakia
o Ukraine
• Asia-Pacific
o Japan
o China
o India
o South Korea
o Australia
o Malaysia
o Thailand
• Latin America
o Brazil
o Mexico
o Colombia
o Argentina
o Chile
• Rest-of-the-World
The global wound skin substitutes market has been dominated by North America, which held a 78.12% share in 2022. This significant share can be attributed to several factors, including an aging population, the steep rise in the prevalence of obesity that is heavily correlated to diabetes, and the late effects of radiation therapies. These factors have further boosted the adoption of wound skin substitutes among patients, thereby boosting revenue growth. Asia-Pacific, Europe, and Latin America regions are expected to witness significant growth in the wound skin substitutes market due to a surge in the incidence rate of chronic wounds, technological advancements leading to the development of innovative products, and increasing healthcare expenditure.
Recent Developments in the Wound Skin Substitutes Market
• In July 2023, Coloplast announced an agreement to acquire Kerecis for up to $1.3 billion. Kerecis has pioneered patented technology for treating wounds and burns by utilizing unaltered fish skin.
• In April 2023, Coloplast (Kerecis) announced MariGen Shield, which integrates the company’s proven fish-skin graft with a silicone contact layer for treating chronic and complex wounds.
• In January 2023, Coloplast (Kerecis) announced the release of two new products for the burn market, GraftGuide Mano and GraftGuide Micro. This latest innovation is a specialized fish skin product tailored for treating burns specifically on the hand.
• In January 2022, Researchers from the University of Birmingham and the University of Huddersfield, UK, developed a new 3D bioprinting technique that could be used to treat chronic wounds.
• In October 2021, Coloplast (Kerecis) received authorization from the FDA to market Kerecis Omega3 SurgiBind. This implant is a fish-skin graft that can be implanted for plastic and reconstructive surgical procedures.
Analyst’s Thoughts
According to Swati Sood, Principal Analyst – BIS Research, The global wound skin substitutes market is poised for significant growth, driven by technological innovations in biologics and a rising prevalence of chronic wounds. As healthcare systems increasingly focus on cost-effective and efficient wound care solutions, the market is expected to see a steady expansion, underpinned by advancements in regenerative medicine and increased healthcare spending.
Wound Skin Substitutes Market - A Global and Regional Analysis
Focus on Region, Country-Level Analysis, and Competitive Landscape - Analysis and Forecast, 2023-2030
Some Faq's
Frequently Asked Questions
Ans: The wound skin substitutes market comprises the development, manufacturing, and sale of bioengineered products designed to replace or support the function of damaged or missing skin tissue. These substitutes are crucial in treating a variety of wound types, including burns, diabetic ulcers, venous ulcers, and pressure sores, particularly when healing is hindered by poor vascularization or large areas of tissue damage. The products in this market vary widely, from autologous and allogeneic skin grafts to synthetic and xenogeneic materials that promote cellular migration, proliferation, and new tissue formation. The market has been driven by advancements in biotechnology and an increasing demand for effective wound-healing modalities in the context of a growing global burden of chronic wounds and an aging population. This sector is also heavily influenced by regulatory frameworks, which ensure the safety and efficacy of skin substitute products.
Ans: Companies are heavily investing in R&D to develop more advanced and effective skin substitute products. This includes enhancements in biocompatibility, integration with stem cell technology, and incorporation of growth factors to improve healing outcomes.
The following are the USPs of this report:
• Wound skin substitutes market opportunities across regions
• Wound skin substitutes industry overview in the next decade
• Detailed regional analysis of the market
• Key strategies and developments in the market
• Ecosystems of the key companies
Ans: A regional analysis of the wound skin substitutes report would be valuable to a range of stakeholders interested in understanding the market dynamics and opportunities within specific geographic regions. Companies involved in the production and distribution of wound skin substitutes can use regional analysis to identify market opportunities, assess regional competition, and tailor their marketing and distribution strategies to specific geographic areas.
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