Bioengineered Skin Substitutes Market Top Key Companies, Trends, Segmentations and Forecast by 2030

Technological advancements in wound biologics coupled with innovations in the field of tissue engineering have led to the development of advanced wound healing options and strategies, including bioengineered skin substitutes. These products are being designed to treat a wide range of acute and chronic wounds that pose a serious healthcare threat globally. According to a study published in the International Society for Pharmacoeconomics and Outcomes Research’s Value in Health Journal (January 2018), the economic costs associated with chronic wound management in the U.S. is pegged between $28.1 to $31.7 billion for 8.2 million affected patients. Hence, increasing incidence of chronic wounds, as well as rising cases of burns injuries, are actively promoting the growth of the global bioengineered skin substitutes market. Further, the factors contributing to the huge demand for skin substitutes are their emerging applications, superior property, and huge investment by government and federal agencies.

The bioengineered skin substitutes market was estimated at $1,305.8 Million in 2019 and is expected to reach $4,330.2 Million by the end of 2030 with CAGR of 11.90%during the forecast period .

The bioengineered skin substitutes market is currently at a blooming phase, with the presence of various juggernauts such as AbbVie, Inc., Integra LifeSciences Corporation, Smith & Nephew plc, and Stryker Corporation, and other medium and small-medium enterprises that are offering a wide range of bioengineered skin substitutes products in the market. Several companies are attempting to enter the market and sustain themselves in the competition by adopting different strategies varying from partnerships and collaborations to business expansions and product launches.

Market Segmentation

• By Product: Allogenic, Autologous, Xenogeneic, Acellular, and Others

• By Application: Chronic Wounds and Acute Wounds

• By End User: Hospitals, Specialty Clinics, Wound Care Centers, and Others

Regional Segmentation

• North America – U.S., Canada

• Europe – Germany, U.K., France, Italy, Spain, and Rest-of-Europe

• Asia-Pacific – China, Australia, Japan, India, South Korea, and Rest-of-Asia-Pacific

• Rest-of-the-World

Growth Drivers

• Increasing Prevalence of Diabetes and Diabetic Foot Ulcers

• Rising Cases of Chronic Wounds and Burn Injuries

• Increasing Funds/Aids by the Government for Research Purposes

• Growing Prominence of Regenerative Medicine and Tissue Engineering Products

• Increasing Obesity

Market Challenges

• Biocompatibility Issues and Stringent Regulations

• Limitations of Skin Substitutes

• Expensive Treatment

Market Opportunities

• Patient Awareness and Improved Lifestyle in Emerging Economics

• Advancing Inclination Toward Acellular Skin Substitutes

Key Companies Profiled

Anika Therapeutics, Inc., AbbVie, Inc., Smith & Nephew plc, Integra LifeSciences Corporation, Boston Scientific Corporation, Organogenesis, Inc., Mölnlycke Health Care AB, Vericel Corporation, Stryker Corporation, Zimmer Biomet, and Aroa Biosurgery, Cook Biotech Incorporated, Promethean LifeSciences, Inc., XCELLentis NV, and AlloSource.

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