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The bioengineered artificial skin market has witnessed significant growth over the past few years owing to the increasing prevalence of burn injuries and skin damage cases. Artificial skin is bioengineered skin that helps heal burn wounds and other types of skin damage by serving as a temporary protective barrier. It mimics natural skin and supports cell proliferation and tissue regrowth underneath. The increasing use of artificial skin in treating severe burn injuries and chronic wounds is a major factor driving the demand for bioengineered artificial skin solutions globally.
The global bioengineered artificial skin market is estimated to be valued at US$ 3.32 Bn in 2024 and is expected to exhibit a CAGR of 16% over the forecast period 2023 to 2030.
Key Takeaways
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.
Key opportunities: The ongoing research and development activities to develop advanced artificial skin grafts present significant growth opportunities. Furthermore, the increasing adoption of artificial skin in wound care management and the rising awareness about their benefits will support the market expansion.
Global expansion: The increasing cases of burn injuries and chronic wounds worldwide have augmented the demand for artificial skin globally. Moreover, the growing healthcare expenditures and improving healthcare infrastructures in developing nations will further aid the global expansion of the bioengineered artificial skin market during the forecast period.
Market drivers: The key drivers influencing the growth of the bioengineered artificial skin market include the rising incidences of burn injuries, increasing prevalence of chronic wounds, growing volume of plastic surgeries and skin grafting procedures performed worldwide along with the ongoing advancements in bioengineering technologies.
PEST Analysis
Political: Regulations around the development and sale of artificial skin are in place to ensure product safety and efficacy. Government support for regenerative medicine research can help advance this industry.
Economic: Growth in disposable incomes increases affordability of artificial skin treatments, especially in emerging nations. Rising healthcare budgets also support market expansion.
Social: Aging populations and increases in burn and wound cases due to lifestyle diseases or injuries drive social demand. Artificial skin helps improve quality of life for many patients.
Technological: Continued research leads to improvements in skin cell growth properties, biocompatibility, and durability of artificial skin grafts. Stem cell advancements aid the creation of transplantable skin substitutes.
Geographical Regions with High Market Concentration
The market for bioengineered artificial skin is highly concentrated in North America and Western Europe due to advanced healthcare infrastructure and greater affordability in these regions. A majority of key market players are also headquartered here, ensuring strong availability.
Fastest Growing Geographical Region
The Asia Pacific region isexpected to grow the fastest for the bioengineered artificial skin market over the forecast period. This is attributed to rising medical tourism, healthcare investments, and a growing affluent patient base suffering from burns and other conditions requiring skin grafts in developing countries such as China and India.
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- Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
