Skin Substitutes Market Size, Share & Trends Growth [2031]

Report Description

Market Outlook:

The Global Skin Substitutes Market was estimated at USD 1,781.7 Million in 2022 and is anticipated to reach USD ~ 5,426.0 Million by 2031, expanding at a CAGR of 13.6% during the forecast period.

Skin substitutes, also known as artificial or synthetic skin, are medical products that are designed to replace damaged or missing skin tissue. They are typically used in the treatment of severe burns, chronic wounds, and skin defects resulting from injury or surgery. Skin substitutes are engineered to promote wound healing, reduce pain, and improve the appearance and function of the skin. These substitutes are made from various materials, including synthetic polymers, biological tissues, or a combination of both, and they serve as a temporary or permanent replacement for natural skin until the patient’s skin regenerates or heals.

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Macro-economic Factors

Healthcare Expenditure

Healthcare expenditure is a crucial macroeconomic factor that significantly influences the global skin substitutes market. High healthcare expenditure generally leads to increased access to healthcare services. This includes wound care and treatment options, such as skin substitutes. Countries or regions allocate a large amount of funds to healthcare, which drives the demand for advanced wound care products. Healthcare expenditure affects the affordability of skin substitutes for patients. Patients have access to better insurance coverage or government subsidies in regions with robust healthcare spending, making skin substitutes affordable. High healthcare expenditure leads to better healthcare infrastructure, including wound care facilities and specialized centres. This infrastructure supports the adoption of skin substitutes.

Economic Growth and Stability

Economic growth and stability influence various aspects of consumer spending on healthcare products and treatments, ultimately affecting the demand for skin substitutes. Economic growth is often correlated with increased investment in research and development, including wound care treatment and grafting. Stable and growing economies tend to allocate increasing resources to healthcare and product innovation, leading to large number of treatments.

Economic stability results in the high demand for innovative treatments and therapies. Populations have high disposable incomes and improved access to healthcare, as economies grow, fostering interest in cutting-edge treatments. This, in turn, leads to a rise in wound care treatments and the need for skin substitutes.

Skin Substitues Market Dynamics

Market Driver- Rising Chronic Wounds

Increasing prevalence of chronic wounds, such as diabetic foot ulcers and pressure ulcers, due to factors such as aging populations and high rates of diabetes, is boosting the demand for skin substitutes. Chronic wounds represent a silent epidemic that affects a significant portion of the global population. Several factors contribute to the surge in chronic wounds, including the aging population, steep rise in the prevalence of obesity that is heavily correlated to diabetes, and the late effects of radiation therapies. According to a research article published by Mary Ann Liebert, Inc., in March 2021, around 2% of the population in the US was affected by chronic wounds.

Additionally, 3% of the population aged over 65 years suffer from open wounds. Moreover, the government of the US estimates the elderly population to continue to rise above 77 million by 2060, indicating that chronic wounds such as pressure ulcers continue to be an increasingly common problem among the elderly population by then.

Market Driver- Technological Advancements

Technological advancements play a pivotal role in driving the skin substitute market by continually improving the quality, effectiveness, and accessibility of skin substitute products. Ongoing research in materials science has led to the creation of innovative biomaterials and scaffolds that closely mimic human skin. These materials provide support for cell growth and tissue regeneration. Technological advancements in bioprinting and 3D tissue engineering have allowed for the precise fabrication of skin substitutes with complex structures, improving their functionality and appearance.

Moreover, stem cell research and tissue engineering techniques have enabled the production of skin substitutes containing live cells, which actively contribute to wound healing and tissue regeneration. Technological advancements benefit patients and drive the skin substitutes market by expanding its applications and improving treatment outcomes.

Market Restraint- Regulatory Approvals

Regulatory approvals pose a significant restraint for the global skin substitutes market. Regulatory agencies often impose strict requirements for the approval of skin substitutes to ensure patient safety and product efficacy. Meeting these requirements is time-consuming and expensive for manufacturers. The regulatory approval process is lengthy, involving multiple phases of testing and clinical trials. This delays the time taken for a product to reach the market, impacting its availability to patients in need.

Complying with regulatory requirements, conducting clinical trials, and gathering the necessary data result in high development costs. This makes it challenging for small companies to enter the market. Moreover, barriers to entry are high, due to the rigorous regulatory hurdles, thereby reducing competition and potentially limiting innovation in the market.

Market Opportunity- Improving Healthcare Infrastructure

Improved healthcare infrastructure leads to increased awareness and access to advanced medical treatments, including skin substitutes. This results in high adoption rates and a large patient pool. Improved infrastructure facilitates the efficient distribution of skin substitutes to healthcare facilities, ensuring timely access for patients in need. Moreover, improving healthcare infrastructure in the highly populous countries in APAC, such as China, India, and Japan, is providing potential market opportunities and attracting stakeholders to expand their portfolios in the skin substitutes market in the region.

For instance, in March 2019, AVITA Medical collaborated with COSMOTEC, a division of M3 Group Company, to market and distribute skin substitute products in Japan. The collaboration is expected to offer AVITA Medical significant opportunities, considering the recent surge in the number of patients in Japan suffering from decubitus ulcers and chronic wounds.

Scope of the Skin Substitutes Market Report  

The report on the Global Skin Substitutes Market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Skin Substitutes Market Segmental Outlook

Based on Type, the market is segmented into Acellular, Cellular Allogeneic, Cellular autologous, Xenograft, and Others. The Acellular segment is expected to hold a considerable share of the market during the forecast, as acellular allografts are easy to use and have no immunologic response; however, the processing time and possibility of graft rejection and infection are some disadvantages of this skin substitute.

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On the basis of origin, the market is fragmented into human dermis, porcine dermis, and bovine dermis. The human dermis segment holds a key share of the market during the forecasted period. A wide array of skin substitutes is available in the market for the treatment of burn injury, due to the advent and progress of biotechnology and tissue engineering. For instance, Dermagraft is a product manufactured from human neonatal foreskin fibroblasts, which are seeded in a matrix of bioabsorbable polyglactin.

On the basis of application, the market is bifurcated into acute wounds and chronic wound. The chronic wound segment holds a key share of the market during the forecasted period. Increasing prevalence of diabetes across the globe is one of the major causes of diabetic foot ulcers.

For instance, according to the American Diabetes Association, in 2019, 37.3 million Americans, or 11.3% of the population, had diabetes.

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On the basis of end-user, the market is divided into hospitals, ambulatory surgical centers, and clinics. The hospitals segment holds a key share of the market during the forecasted period, owing to the increasing number of medical and surgical procedures across the globe. Hospitals are the primary settings where surgical procedures take place.

Regional Outlook

Based on regions, the market is fragmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America accounted for a significant share of the market in 2022, owing to the growing incidence of chronic wounds. Additionally, presence of highly developed healthcare infrastructure and increasing awareness about wound management among the population are driving the market in the region.

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Key Benefits for Industry Participants & Stakeholders

• In-depth Analysis of the Global Skin Substitutes Market

• Historical, Current, and Projected Market Size in Terms of Value

• Potential & Niche Segments and Regions Exhibiting Promising Growth Covered

• Industry Drivers, Restraints, and Opportunities Covered in the Study

• Recent Industry Trends and Developments

• Competitive Landscape & Strategies of Key Players

• Neutral Perspective on Global Skin Substitutes Market PerProduct Typeance