Tissue Engineered Skin Substitute Market Size, Share, Industry Trends and Forecast to 2030

Tissue Engineered Skin Substitute Market Size & CAGR in 2021

The global tissue engineered skin substitute market is expected to have a growth rate of 5.2% CAGR in 2021. The market size is projected to reach USD 2.3 billion by the end of 2021. This growth is primarily driven by the increasing prevalence of chronic wounds and burns, advancements in tissue engineering technology, and rising demand for effective skin substitutes.

COVID-19 Impact on the Tissue Engineered Skin Substitute Market

The COVID-19 pandemic has had a significant impact on the tissue engineered skin substitute market. Due to the global healthcare crisis, there has been a delay in elective surgeries, which has directly affected the demand for skin substitutes. However, the market has seen a surge in demand for skin substitutes for the treatment of COVID-19 related complications such as skin ulcers and pressure sores in critically ill patients.

Tissue Engineered Skin Substitute Dynamics

The tissue engineered skin substitute market is driven by factors such as increasing prevalence of chronic wounds and burns, growing geriatric population, rising healthcare expenditure, and advancements in tissue engineering technology. However, factors such as high cost of treatment, stringent regulatory approvals, and limited awareness about tissue engineered skin substitutes are expected to hinder market growth.

Segments and Related Analysis

The tissue engineered skin substitute market is segmented based on type, application, and end-user. By type, the market is segmented into acellular skin substitutes, cellular skin substitutes, and hybrid skin substitutes. By application, the market is segmented into burns, chronic wounds, and others. By end-user, the market is segmented into hospitals, burn centers, and specialty clinics.

By Region Analysis

The tissue engineered skin substitute market is analyzed across regions such as North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominates the market due to the presence of key players, technological advancements, and high healthcare expenditure. Asia Pacific is expected to witness significant growth due to the increasing prevalence of chronic wounds and burns.

Key Market Players and Competitive Landscape

Key players in the tissue engineered skin substitute market include Organogenesis Inc., Integra LifeSciences Corporation, MiMedx Group, Inc., Smith & Nephew plc, ACell Inc., and others. These players are focusing on strategic collaborations, product launches, and acquisitions to strengthen their position in the market.

Recent Happenings in the Tissue Engineered Skin Substitute Market

In recent years, the tissue engineered skin substitute market has witnessed significant developments such as product launches, FDA approvals, and strategic partnerships. For instance, in 2021, Organogenesis Inc. received FDA approval for its skin substitute product for the treatment of chronic wounds. Such developments are expected to drive market growth and innovation in the coming years.