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.
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.
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.
www.transparencymarketresearch.com
