Artificial Skin Market - Growth, Trends, and Forecast(2022 - 2027)

The Artificial Skin market studied is expected to grow with an anticipated CAGR of 5.6%, during the forecast period. The major drivers propelling the growth of the artificial skin market are the increasing prevalence of acute and chronic wounds and high demand for the skin grafts. The increasing advancements in the healthcare based technology such as tissue engineering technology and biotechnology has been the major driving force for the artificial skin market.

An increase in the awareness of various skin treatment procedures has lead to the rising demand for artificial skin. Artificial skin lacks immunogenic cells like dendritic cells, and hence auto rejection is not observed. The increase in the number of road accidents, burn and trauma related incidents has lead to a significant growth of the artificial skin market. According to WHO, Burns are the fourth most common type of trauma worldwide and nearly 96% of the fatal fire-related burns occur in middle and low-income countries. An estimated 265000 deaths across globe occur annually due to fire accidents alone. Considering the mentioned facts and key drivers, the artificial skin market is anticipated to propel over the forecast period.

Key Market Trends

Chronic wounds segment holds a substantial share in the market and is expected to increase over the forecast period

Chronic wounds include diabetic foot ulcers, venous leg ulcers and pressure ulcers. With the increase in the global geriatric population, diabetes and obesity, the prevalence of chronic wounds has been significantly increasing. The chronic wounds are affecting 5.7 million patients and costing approximately USD 20 billion annually in the United States. According to the International Diabetes Federation (IDF), approximately 463 million adults are living with diabetes and expected to rise to 700 million by 2045 and has lead to 4.5 million deaths in 2019. People with diabetes are at an increased risk of developing chronic wounds and infections. Diabetic foot and lower limb complications affect nearly 40 to 60 million people with diabetes globally. Hence, the prevalence of chronic wounds is expected to play a key role in the growth of the artificial skin market over the forecast period.

North America has a dominant share in Artificial Skin market and is anticipated to grow tremendously over the forecast period

In the United States, 3% of the population above 65 years of age are with chronic wounds. The US government estimates that the elderly population will reach 55 million by 2020, which is proportionate to the increasing chronic wound incidents. As per the Wound Healing Society (WHS), the cost of wound care is expected as USD 3.5 billion in the United States in 2019. The number of road accidents in the United States were 12 million in 2018. As per the National Safety Council, about 4.4 million were severely injured in 2018, which required major medical attention including skin treatments. As per the mentioned statistics and increasing geriatric population, diabetes and obesity related complication, North America is expected to propel in the artificial skin market over the forecast period.

Competitive Landscape

The Artificial Skin market is highly competitive and consists of significant major players, that dominate the market. Many small and medium-sized enterprises (SMEs) are also setting foot into the artificial skin market, thereby leading to an impactable growth over the forecast period. The major players in the Artificial Skin market are Integra Lifesciences Corporation, Smith & Nephew Plc, Molnlycke Health Care AB, Medtronic, 3M, Baxter International, MiMedX, Avita Medical, Mylan, Johnson and Johnson Services, Solsys Medical Inc., Paul Hartmann AG, Coloplast A/C and Convotec group Plc. The major players are evolving various strategies such as investment in Research and Development, collaborations and acquisitions. One such example is the acquisition of Acelity Inc. and its KCI subsidiaries, which is a global medical technology company focused on advanced wound management by 3M in Oct 2019.

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