Global tissue engineered skin substitutes market was valued at USD 0.9 billion in 2014 and is estimated to reach USD 3.8 billion in 2023 expanding at a CAGR of 17.2% from 2015 to 2023.
Albany, NY -- (SBWIRE) -- 06/15/2016 -- In 2014, the global tissue engineered skin substitutes market was recorded at US$0.9 bn. In what is considered to be a meteoric rise, this market will be valued at US$3.8 bn by the end of 2023. According to the latest research report published by market intelligence powerhouse Transparency Market Research, the global tissue engineered skin substitutes market is expanding at a CAGR of 17.2% within a forecast period of 2015 to 2023.
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One of the greater markets that has emerged from bioengineering is the global tissue engineered skin substitutes market, which comprises treatments and solutions for burns, lacerations, vascular ulcers, and diabetic ulcers. These skin substitutes are generated from either human tissue or non-human tissue, or a combination of both. The common constituents of skin substitutes are generated from tissue or skin. They include a combination of bioengineered cells and extracellular matrices.
According to the report, the key driver for the global tissue engineered skin substitutes market is the increasing number of patients suffering from diabetes and vascular ulcers. Both types of patients form the largest pool of patients in need of bioengineering solutions. Another factor propelling the global tissue engineered skin substitutes market is the growing percentage of the elderly. The currently high geriatric population, along with the high need for minimally invasive procedures, is building this market for a much faster growth rate than previously expected.
Another regional driver for the global tissue engineered skin substitutes market in general is the increasingly popular concept of medical tourism. Patients from developed nations are turning to Asia Pacific and Latin America for cheaper medical solutions, including the use of tissue engineered skin substitutes. This applies especially to Asia Pacific, which is why the Asia Pacific tissue engineered skin substitutes market is likely to exhibit the fastest growth rate in the given forecast period. This region is further aided by rapidly developing healthcare infrastructure and the increase in medical expenditures by patients in the region.
A major restraint to the global tissue engineered skin substitutes market, however, is the lack of feasible reimbursement policies.
The report offers a segmented perspective on the global tissue engineered skin substitutes market to create a highly detailed analysis for its readers. One of the segmentation criteria involves the types of skin substitutes in this market: cellular autologous, cellular allogenic, acellular, and others. This market was led by the segment of acellular skin substitutes in 2014 and the report expects this segment to grow at the fastest CAGR in the given forecast period. Acellular skin substitutes are highly preferred due to their use in implant-based skin surgery.
On the basis of applications, the global tissue engineered skin substitutes market is segmented into diabetic and vascular ulcers, burn injuries, and others. The largest segment in the market in 2014 was diabetic and vascular ulcers. TMR analysts expect this segment to continue leading the market throughout the forecast period, within which it will display the fastest growth rate in applications. This segment, as well as the overall tissue engineered skin substitutes market, is therefore being propelled by a growing number of patients suffering from diabetes.
The key players in the global tissue engineered skin substitutes market are Integra LifeSciences Corporation, Mölnlycke Health, Acelity, L.P., Inc., Medtronic, BSN Medical, and 3M Health Care.
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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
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