The global market for tissue engineered skin substitutes is consolidated in nature as a large share of the market is being held by three leading players, namely Smith & Nephew, Molnlycke, and Acelity, states a new research study by Transparency Market Research. These players are focusing on the development of new products and technological developments, owing to which the market is anticipated to witness a promising growth throughout the forecast period.
In addition to this, the rise in the investments by the key players for research and development activities are projected to support the development of the market in the coming years. Some of the other key players that are operating in the tissue engineered skin substitutes market across the globe are Medtronic, ConVatec, and BSN Medical.
As per the research report by TMR, in 2016, the global market for tissue engineered skin substitutes stood at US$1.2 bn and is predicted to reach a value of U$3.87 bn by the end of 2023. The market is further estimated to exhibit a strong a 17.20% CAGR between 2015 and 2023. The North America tissue engineered skin substitutes market is estimated to lead and reach a value of US$1.96 bn by 2023. The rising prevalence of vascular diseases is one of the key factors that is projected to ensure the growth of the North America market in the next few years. Europe is further likely to witness a healthy growth in the coming few years.
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High Development of Medical Tourism Sector to Enhance Market Growth
The rapid development of the medical tourism industry is one of the main factors that is predicted to ensure the growth of the global tissue engineered skin substitutes market over the next few years. The increasing research activities and the rising investments for the infrastructure development are predicted to ensure the growth of the overall market in the next few years. In addition to this, the immense growth opportunities provided by the emerging economies for the market players is predicted to enhance the overall growth of the market in the next few years.
Furthermore, the advancements in technology and the rising consumer awareness are predicted to support the growth of the tissue engineered skin substitutes market across the globe. Also, the expansion of the product portfolio is likely to enhance the growth of the market in the next few years. The rising number of burn injuries and the rising spending capacity of people to spend on healthcare services are estimated to propel the global tissue engineered skin substitutes market throughout the forecast period.
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Lack of Inability to Replace Lost Tissue to Curtail Market Growth
The global market for tissue engineered skin substitutes is projected to face a lot of challenges, which may further curb the growth of the market in the next few years. The incapability of reproducing skin appendages is one of the key factors that is projected to hamper the market growth in the near future. Also, the lack of competence to replace the lost tissue, particularly the dermis is projected to curtail the overall market growth in the near future. Nonetheless, the growing focus on innovations and the rise in the development activities in this field are predicted to ensure the growth of the tissue engineered skin substitutes market over the next few years.
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