21 Nov The Market For Skin Replacement Products Was Valued At US$ 775.3 Mn in 2017, Which is Driven by Growing Demand for Advanced Skin Replacement Therapy Among Skin Burns and Wounds Patients
“The Global Skin Replacement Market was valued around US$ 775.3 Mn in 2017 and growing at a significant CAGR over forecast period (2018-2024) owing to increase in demand for advanced skin replacement therapies for burns and wounds”
The global skin replacement market was valued at US$ 775.3 Mn in 2017 and growing at a significant CAGR over the forecast period owing to rise in the demand for advanced skin replacement therapies for burns and wounds. Moreover, favorable reimbursement policies for skin replacement in various developed countries expected to propel the market revenue growth over the forecast period. However, lack of awareness about the skin replacements in several developing & underdeveloped countries and high cost for the skin replacement procedures in developing and underdeveloped countries may hinder the growth of the market over forecast period.
Global skin replacement market segmented on the basis of graft type, indication, end user, and region
Precision Business Insights (PBI) in its report titled “Global Skin Replacement Market: Market Estimation, Dynamics, Regional Share, Trends, Competitor Analysis 2017 and Forecast 2018-2024” assesses the market performance over seven years forecast period over 2018-2024. The report analyses the market value forecast and provides the strategic insights into the market driving factors, challenges that are hindering the market revenue growth over forecast period.
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Allografts skin replacement accounted for higher revenue share
Based on graft type, global skin replacement market segmented into autografts, allografts, xenografts, and synthetic skin. Allografts market accounted for larger revenue share in 2017 and projected to dominate over the forecast period owing rise in the demand for the allografts and increase in number of skin banks for the storage and development of allografts in different regions. Moreover, Companies are investing heavily in research and development for the development of the new products, which is expected to fuel the growth of the market over the forecast period.
North America holding larger revenue share in global skin replacement market
PBI’s global skin replacement market report analyses the market in different regions such as North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. According to regional analysis, North America accounted for larger revenue share in 2017 and the same trend is projected to follow over 2018-2024 due to the availability of allografts and skin substitutes and presence of the good number of market players in United States. Europe skin replacement market projected to exhibit significant growth and the Asia Pacific is expected to show moderate growth in the global skin replacement market during the forecast period due to increasing awareness among healthcare professionals regarding skin replacement treatment. Moreover, the Middle East & Africa and Latin America markets are expected to exhibit moderate growth over the forecast years.
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New product launches, and strategic alliances are the key strategies adopted by the market players
Global skin replacement market report further reveals that the key player’s increasingly adopting strategies such as acquisitions & mergers, new product launches, and long term alliance to improve market revenue share and gaining significant geographic presence across the regions. For instance, In August 2018, Avista Healthcare entered into a definitive merger agreement with Organogenesis Inc., under which Organogenesis will become a wholly owned subsidiary of AHPHAC.
Key player’s profiles included in the report are Anika Therapeutics, Inc., Integra LifeSciences, Stratatech Corporation-a Mallinckrodt Company, MedSkin Solutions Dr. Suwelack, Vericel Corporation, Upside Biotechnologies, and Organogenesis Inc.
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By Graft Type
- Synthetic Skin
By Indication Type
By End User
- Dermal and Wound Care Clinics
1. North America
- Rest of Europe
- Rest of Asia-Pacific
4. Latin America
- Rest of Latin America
5. Middle East and Africa (MEA)
- Gulf Cooperation Council (GCC) Countries
- South Africa
- Rest of MEA
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