Skin Replacement Market Share to rise upto US$ 1,202.2 million in 2024 | Research by FMI

The primary growth drivers for the skin replacement market during the study period are predicted to be an increase in global life expectancy, advancements in skin replacement technologies, and increased healthcare spending.

The skin replacement market share is expected to increase at a 6.4 percent CAGR from US$ 838.0 million in 2018 to US$ 1,202.2 million in 2024. The rising frequency of dermatological disorders is a major driving force for the demand for skin replacement.

The rising number of burn patients is another important factor driving the skin replacement market share forward. According to research published by the World Health Organization, the bulk of the 180,000 global deaths related to burn injuries each year occur in low and middle-income nations.

Key companies profiled

• Platelet Bio Genesis
• Cynata Therapeutics Limited
• TissueGene, Inc.
• Cellular Dynamics International
• Tengion.

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In nations like Egypt, Bangladesh, Pakistan, and Colombia, many children with burns become crippled as a result of the severity of the condition and inadequate medical care. Skin replacement and substitute goods are extremely beneficial in the treatment of burn wounds.

Geographically, North America dominated the skin replacement market, owing to world-class healthcare infrastructure, sophisticated facilities, increased awareness, increased technological penetration, and increased citizen spending on healthcare. Europe and Asia-Pacific had the second and third largest demand for skin replacement, respectively.

Asia Pacific is expected to have the fastest growth in rising demand for skin replacement owing to the broadening healthcare systems, rising expenditure, public programs, and increasing human awareness, as well as a growing medical tourism business in developing countries like China and India.

How is the Skin Replacement Market Characterized?

Skin is the largest organ in the human body which is highly dynamic in nature. It is composed of two layers; the outer layer called the epidermis and the inner layer called the dermis. Its network of nerves, blood vessels and cells thus act as protective armor. It serves the body in diverse ways. It’s of paramount importance owing to its protective functionality.

The skin’s protective function creates a barrier for internal organs and tissues from toxins, disease-carrying microbes, heat and cold, and other dangers present in the environment. It also plays a significant role in regulating the body temperature and preserving the body’s fluid balance. Nerves within the skin sense the presence of potentially harmful agents, such as bees, and immune cells in the skin help to fight against these malicious agents.

For the aforementioned reasons, the loss of skin due to burns or trauma can cause a severe blow to the human body; leading to impairment or sometimes elimination of many vital functions that it typically performs.

The artificial skin can be easily sterilized and usually stored at room temperature. Skin replacement represents a prospective source of advanced therapy in combating acute and chronic skin wounds. With the capability of large-scale production and immediate availability for grafting, its potential for use is easy and relatively economic among the burn patients.

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What are the Key Drivers and Restraints of the Skin Replacement Market?

Much progress has been made toward the development of artificial skin replacement products. Continued research promises a growth in the demand for skin replacement products to the marketplace, and each new product seems to develop a niche in the field of skin replacement. Increased life expectancy, increasing disposable income and favorable demographics are some of the key factors driving the growth of the global skin replacement market.

Bioengineered skin replacements are continually being developed and improved. The next generation of skin replacements will probably evolve from lessons learned from our understanding of wound repair and regeneration. Competition from low-cost substitutes, lack of clinical support are probable factors restraining the growth of the global skin replacement market.

Though skin replacement is a new technology for emerging economies, in developed nations the same technology has been in use for a few decades. With increasing disposable income and rising urbanization, the acceptance of skin replacements is gaining popularity. The global skin replacement market is expected to expand at a promising CAGR during the forecast period.

What is the Regional Outlook of the Skin Replacement Market?

Skin replacement market is still in its early stage of maturity. The global skin replacement market is expected to register an optimistic CAGR for the forecast period. Depending on geographic regions, global skin replacement market is segmented into seven key regions: North America, South America, Eastern Europe, Western Europe, Asia Pacific, Japan, and Middle East & Africa.

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Scope Of Report

Growth rate

CAGR of 6.4% from 2022 to 2032

Base year for estimation

2021

Historical data

2015 – 2020

Forecast period

2022 – 2032

Quantitative units

Revenue in USD billion, volume in kilotons, and CAGR from 2022 to 2032

Report coverage

Revenue forecast, volume forecast, company ranking, competitive landscape, growth factors, and trends, Pricing Analysis,

Segments covered

Product, application, end user, region

Regional scope

North America; Western Europe, Eastern Europe, Middle East, Africa, ASEAN, South Asia, Rest of Asia, Australia and New Zealand

Country scope

U.S.; Canada; Mexico; Germany; U.K.; France; Italy; Spain; Russia; Belgium; Poland; Czech Republic; China; India; Japan; Australia; Brazil; Argentina; Colombia; Saudi Arabia; UAE; Iran; South Africa

Customization scope

Free report customization (equivalent to up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope.

About FMI:

Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

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