Albany, NY -- (SBWIRE) -- 08/16/2017 -- The global market for tissue engineered skin substitutes is mostly consolidated as four companies currently maintain a strong hold over revenue shares in market value. The top three players in 2014 were Acelity, Smith & Nephew, and Molnlycke. Their collective share in market value in 2014 was 51.4%. Most commonly, the key providers of tissue engineered skin substitutes offer a wide product profile, invest heavily in research and development to stay ahead of the pack, and possess strong marketing processes and distribution networks.
As a result, although the collective share of regional tissue engineered skin substitute providers is quite large, the reach of key players coupled with the strict set of guidelines governing the release of any product in the market, have created only a moderate threat level from new entrants.
View Report @ http://www.transparencymarketresearch.com/tissue-engineered-skin-substitute.html
The global market for tissue engineered skin substitutes is expected to generate revenue at a highly positive CAGR of 17.2% within a forecast period from 2015 to 2023. This market is expected to generate a revenue of US$1.2 bn by the end of 2016, and US$3.87 bn by 2023.
Medical Tourism Creates Wide Revenue Stream for Tissue Engineered Skin Substitute Providers
"Medical tourism, as an industry, is already a multi-billion dollar one and is showing an annual growth rate in double digits," states a TMR analyst. "The use of tissue engineered skin substitutes in developed nations is not only growing in numbers, but is also over-expensive and unaffordable for some without a feasible reimbursement policy. As a result, a large number of patients seeking tissue engineered skin substitute treatment are doing so through medical tourism."
Nations such as Thailand, Malaysia, India, and Singapore are at the forefront of medical tourism and can offer state of the art technologies for tissue engineered skin substitute treatment at a much cheaper rate than that from North America or Europe.
Additionally, medspas, or medical clinics that include a day spa, are a highly preferred place for treatment and healing by the elderly, especially for cases such as treatment of ulcers and venous diseases. Their higher number in developing economies is another factor driving the scope of medical tourism in the tissue engineered skin substitute market.
Cost Effectiveness of Tissue Engineered Skin Substitutes Reduced by Intense Competition
The presence of a large number of local players adds a major layer of restraint to the globally prominent ones for the tissue engineered skin substitutes market. Local players can offer products at a much cheaper cost, thereby forcing key players to match their prices and reduce profit margins.
The profits that can be channeled into research and development, therefore, decrease, slowing down the overall growth of the market for tissue engineered skin substitutes. This is more prevalent in developing economies, where the disparity in costs between local and global tissue engineered skin substitute players is quite high.
Asia Pacific to Scale up Demand for Tissue Engineered Skin Substitutes
Owing to a growing population and a rapidly improving healthcare infrastructure in terms of quality and outreach, Asia Pacific is expected to show the fastest growth rate for tissue engineered skin substitutes. It is expected to progress at a CAGR of 18.3% within the forecast period from 2015 to 2023.
Get accurate market forecast and analysis on the Tissue Engineered Skin Substitutes Market. Request a sample to stay abreast on the key trends impacting this market.
Acellular skin substitutes have not only been the dominant type of tissue engineered skin substitutes, but have registered promising growth. From 2015 to 2023, this segment is expected to progress at a CAGR of 17.8%. The leading application for tissue engineered skin substitutes is to treat ulcers. This application segment is expected to progress at a CAGR of 17.5% from 2015 to 2023.
The information presented in this review is based on a Transparency Market Research report, titled, "Tissue Engineered Skin Substitutes Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 - 2023."
By 2023, acellular skin substitutes are expected to generate a revenue of US$2.29 bn.
Ulcers expected to be a prominent application segment by 2023, estimated to generate revenue of US$2.15 bn.
North America to continue leading demand and revenue for tissue engineered skin substitutes, expected to generate US$1.96 bn by 2023.
Key segments of the Global Tissue Engineered Skin Substitutes Market
Global Tissue Engineered Skin Substitutes Market, by Type
Global Tissue Engineered Skin Substitutes Market, by Application
Diabetic Ulcers/Vascular ulcers
Global Tissue Engineered Skin Substitutes Market, by Geography
The Middle East and Africa