Artificial Skin Market
By Skin Type (Artificial, Natural),
By Application (Chronic Wounds [Venous Leg Ulcer, Diabetic Foot Ulcer (DFU), Pressure Ulcer (PU), Other Chronic Wounds], Acute Wounds [Surgical and Traumatic Wounds, Burn Injuries]),
By Product (Allogenic, Autologous, Xenogeneic, Acellular, Others),
By End Use (Hospitals, Specialty Clinics, Wound Care Centers, Others),
By Region (North America, Europe, Asia-Pacific, Latin America, Middle East & Africa):
Global Analysis and Forecast 2022-2032.
The global artificial skin market is to be worth more than USD 4.7 billion by 2032
Future treatments for acute and chronic wounds, such as artificial skin, include tissue regeneration and traditional wound healing techniques. These bioengineered products function by eliminating germs, foreign objects, and dead tissue from the injured area. They also reduce inflammation, promote healing, and shield the area from further damage. It can be exceedingly difficult to manage chronic wound disorders like pressure ulcers and diabetic foot ulcers because they frequently stop healing. According to a study published in the Value in Health journal of the International Society for Pharmacoeconomics and Outcomes Research, the economic costs of treating chronic wounds in the United States for 8.2 million patients are estimated to range from $28.1 to $31.7 billion. Although there are still difficulties with wound care, developments over the past ten years have increased the clinician's toolkit for managing wounds medically and surgically. The lifecycle of wound management includes prevention, setup, care, regeneration, and closure. A variety of goods targets each stage of the lifecycle. Technology advancements combined with a thorough understanding of the intricate molecular processes involved in wound healing have resulted in the creation of a number of advanced wound-healing modalities, including bioengineered skin substitutes.
The companies operating within the artificial skin industry are undergoing mergers, collaboration, acquisition, long-term contracts, and service agreements to increase their global footprint. Acute care facilities and emergency rooms increasingly accept artificial skin substitutes to shorten patient stays and lower wound management costs. Global market expansion is fueled by quick technological advancements and growing consumer awareness of carefully produced products. Additionally, the growing elderly population and the prevalence of chronic diseases like diabetes, which cause chronic wounds that require high-level care, are creating prospects for the worldwide bioengineered skin substitutes market.
According to the CXOs and primary research conducted, the research and development conducted by several universities across the world will play a crucial role in defining the market opportunities within the forecast period of 2022-2032. Top universities across the globe, such as Stanford, Harvard, and John Hopkins University, among others, are actively investing in improving the application areas of artificial skin. The technology is expected to mature over the coming years, showcasing an aggressive growth rate.
The artificial skin market is analyzed across North America (NA), Europe (EU), Asia-Pacific (APAC), Latin America (LA), and Middle East & Africa (MEA). In line with the analyzed region, the North American region will witness the highest market share, followed by Europe, Asia-Pacific, Latin America, and Middle East & Africa. In 2021, North America accounted for the highest proportion of the global market for bioengineered skin substitutes due to the region's rapidly aging population, increased patient awareness, and rising prevalence of chronic diseases, particularly in the U.S. Due to the increased demand and expanding use of skin replacements in managing chronic wounds, the chronic wound care market segment is expanding quickly. By providing a reliable source of income for the businesses present in this market, this segment is witnessed to propel the growth of the bioengineered skin replacement market. As a result, the prevalence of chronic wounds such as diabetic foot ulcers and pressure ulcers has increased, which is the main driver of the market for bioengineered skin substitutes.
Quick adoption of new technologies, support by the healthcare industry towards integrating artificial skin, followed by research and development towards application and integration of these skin substitutes, supports business opportunities. The major companies operating within the market are AbbVie Inc, Anika Therapeutics, Inc., Aroa Biosurgery Limited, Boston Scientific Corporation, Integra LifeSciences Corporation, Organogenesis Inc., Smith & Nephew plc, Stryker Corporation, Vericel Corporation, and Zimmer Biomet Holdings, Inc.
