Albany - NY, Oct. 20, 2015 (GLOBE NEWSWIRE) -- According to a new market research report published by Transparency Market Research "Tissue Engineered Skin Substitutes Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2015 - 2023", the 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.
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Skin substitutes or artificial skin substitutes are derived from human tissue, non-human tissue, synthetic materials, and combination of the above materials. Tissue engineered skin substitutes are made up of cells, the extracellular matrix, and combination of cells and matrices. The tissue engineered skin substitutes market is growing at a significant pace due to rise in the number of diabetic and vascular ulcer patients, growing geriatric population, and increasing demand for minimally invasive surgical products. Moreover, growing medical tourism in regions such as Asia is likely to boost demand for tissue engineered skin substitutes. However, disease transmission and lack of favorable reimbursement could hamper market growth during the forecast period from 2015 to 2023. The global tissue engineered skin substitutes market was valued at USD 958.8 million in 2014 and is estimated to reach USD 3,873.5 million by 2023, expanding at a CAGR of 17.2% from 2015 to 2023.
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Based on type, the global tissue engineered skin substitutes market has been segmented into acellular, cellular allogeneic, cellular autologous, and others. Acellular skin substitute was the largest segment of the tissue engineered skin substitutes market in 2014 and is projected to expand at the highest CAGR from 2015 to 2023. This growth is majorly due to easy availability, low cost, and high demand for these products. Moreover, growing preference for acellular skin substitutes for implant-based skin surgery is likely to contribute to the growth of the segment. For instance, the American Society of Plastic Surgeons (2012) stated that more than 50% surgeons in the U.S. preferred acellular matrix for skin surgeries. Hence, growing preference for acellular skin substitutes boosts demand for tissue engineered skin substitutes. However, high risk of post-implementation infection associated with allogeneic skin substitutes is expected to restrict market growth.
Based on application, the tissue engineered skin substitutes market has been segmented into burn injury, diabetic/vascular ulcer, and others. The diabetic and vascular ulcers segment held the largest share of the market in 2014 and is likely to expand at the highest CAGR during the forecast period due to rapid increase in the diabetic and vascular ulcer cases globally. For instance, according to International Diabetes Federation (2014), around 387 million people were diagnosed with diabetes across the world, and the number is expected to increase at a rapid pace. Skin substitutes are the ultimate choice for patients suffering from acute diabetic ulcers. Hence, escalating number of diabetic patients would fuel the growth of the tissue engineered skin substitutes market. However, lack of favorable reimbursement policies is expected to hamper market growth during the study period.
The global tissue engineered skin substitutes market is highly consolidated, with top four companies accounting for majority of the market share in 2014. Companies such as 3M Health Care, BSN medical, Medtronic, Acelity, L.P., Inc., Mölnlycke Health, and Integra LifeSciences Corporation are the key players operating in the global tissue engineered skin substitutes market.
Browse Upcoming Market Research Reports:-
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The global tissue engineered skin substitutes market is segmented as follows:
Global Tissue Engineered Skin Substitutes Market, by Type
- Cellular Allogeneic
- Cellular Autologous
Global Tissue Engineered Skin Substitutes Market, by Application
- Burn Injury
- Diabetic/Vascular Ulcer
Global Tissue Engineered Skin Substitutes Market, by Geography
- Rest of Europe
Asia Pacific (APAC)
- Rest of APAC
Latin America (LATAM)
- Rest of LATAM
Middle East & Africa (MEA)
- South Africa
- Rest of MEA
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Source:Transparency Market Research