Tissue Engineered Skin Substitute Market- Growth, Trends, and Forecasts (2020 – 2025)
The Tissue Engineered Skin Substitute market studied is anticipated to grow with a CAGR of nearly 5.2%, during the forecast period.
· Certain factors that are driving the market growth include increasing prevalence of chronic wounds, growing burn & trauma cases, and rising focus on technological advancements.
· There is also a demand for relatively cheap and available skin-replacement products that have encouraged many research groups worldwide to focus on creating biomaterials for skin substitution. The engineered tissues not only closes wounds but also stimulates the regeneration of the dermis and would provide a significant benefit in human wound healing. Moreover, the increasing prevalence of chronic diseases alongside road accidents, injuries, and trauma cases escalates the market on the global platform.
· There is also an increase in funding from government and private companies for R&D of regenerative treatments and growth in the adoption of the regenerative medicine industry that is expected to drive the overall market.
Key Market Trends
Chronic Wound Holds Significant Share in the Global Tissue Engineered Skin Substitute Market
The growing prevalence of several lifestyle disorders leading to chronic wounds, such as diabetic foot ulcer, venous leg ulcer, and pressure ulcer is one of the key factors estimated to encourage the growth of the tissue engineered skin substitute market in the coming years. Diabetes is found to be the major wound causing disease along with other chronic diseases.
There has been a tremendous increase in the diabetic population, across the globe, over the past decade. Several reports and surveys documented drastic increase in the diabetic population, based on the changing life style and habits. For instance, according to the British Diabetic Association, it is estimated that almost 3.7 million people are living with diabetes in the United Kingdom and the number has doubled in the past two decades. Moreover, around 12.3 million people are at an increased risk of Type 2 diabetes in the United Kingdom, and obesity is the leading cause in the majority of preventable cases.
In adults who are aged over 65 years, the population suffering from diabetes is more than 25%. The incidence of chronic wounds, especially foot ulcers is increasing among the diabetic population. While more than 80,000 adults are expected to undergo a lower extremity amputation, it is also estimated that patients with diabetes are 10 times more likely to undergo amputation at some point in their life.
North America Dominates the Global Tissue Engineered Skin Substitute Market
North America dominates the tissue engineered skin substitute market due to the increasing incidence of chronic wounds, favorable reimbursement policies, and rise in the ageing population. People with diabetes need proper and effective therapeutics, and hence the demand for incretin-based drugs is observing a significant rise across the region.
In Canada, the prevalence of diabetes among adults is 10.2% and about 3.6 million patients were suffering from diabetes in 2017. The number of patients suffering from type 2 diabetes is 94.4% of the diabetic population.
However, Asia-Pacific is expected to witness the highest CAGR, with the growth in this market centered on Japan, China, and India. Additionally, there are factors, such as the increasing focus of the major players in the emerging Asian countries and government support that is driving the growth of the wound care management device market in this region.
The global Tissue Engineered Skin Substitute market is competitive and consists of very few major players. Companies like 3M Company, Amarantus BioScience Holdings, Integra LifeSciences Corporation, Molnlycke Health Care, Organogenesis Inc., Smith & Nephew plc, Stratatech Corporation, Tissue Regenix, among others, hold the substantial market share in the market.
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