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Bioengineered artificial skin provides an effective treatment for burn victims and skin injuries. It acts as a protective barrier and helps prevent fluid and heat loss while also reducing infection risk.
The global Bioengineered Artificial Skin Market is estimated to be valued at US$ 3.32 Billion in 2023 and is expected to exhibit a CAGR of 16% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The rising prevalence of chronic diseases coupled with trauma cases has contributed significantly to the healthcare burden worldwide. This has propelled the demand for advanced treatment options such as bioengineered artificial skin grafts. With growing healthcare expenditure, especially in developing countries, there is increasing investment in the research and development of artificial skin that mimics the characteristics of natural skin closely. This has led to development of biomimetic artificial skin substitutes with improved healing properties and lower risk of contraction and scarring.
SWOT Analysis
Strength: Bioengineered artificial skin can help treat severe burns and other wounds effectively. It provides an ideal environment for new cell growth and healing.
Weakness: High cost of production and limited production capabilities can hamper widespread adoption. Cultural acceptance and regulations also present challenges.
Opportunity: Growing geriatric population and rising incidence of burns and other wounds widen the patient pool. Advances in tissue engineering and biomaterials will enhance product features.
Threats: Alternatives like skin grafts and other medical therapies compete for market share. Stringent approval procedures and safety concerns can delay product introduction.
Key Takeaways
The global bioengineered artificial skin market is expected to witness high growth. Advancements in tissue engineering, regenerative medicine, and biomaterials are expanding the application scope of artificial skin grafts. The global Bioengineered Artificial Skin Market is estimated to be valued at US$ 3.32 Billion in 2023 and is expected to exhibit a CAGR of 16% over the forecast period 2023 to 2030.
Regional analysis: North America currently dominates the market due to regulatory approvals, availability of advanced healthcare facilities, and high treatment costs. However, Asia Pacific is emerging as the fastest growing region on account of rising medical tourism, growing healthcare expenditure, and increasing research funding.
Key players: Key players operating in the bioengineered artificial skin market are Genoskin, Smith and Nephew Inc., Genzyme Biosurgery, Vericel Corporation, AROA BIOSURGERY LIMITED, Integra LifeSciences Corp, COOK BIOTECH, Mölnlycke Health Care AB, Avita Medical, MiMedx Group, Inc., and Organogenesis Holdings Inc. These companies are focusing on new product launches, collaborations, and facility expansions to strengthen their market position.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
