Tissue Engineered Skin Substitutes Market is Expected to Reach U$ 3.87 Billion by the End of 2023
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The remainder of the market is taken up by a significantly high number of regional players. They do, however, face high entry barriers due to the strong hold over the market by the leading players, along with the complex and increasingly stringent government policies and regulations surrounding the market structure. As per the TMR report, the global tissue engineered skin substitute market is expected to reach U$3.87 bn by the end of 2023. The market is expected to expand at a strong CAGR of 17.2% within a forecast period from 2015 to 2023 and was calculated at US$1.2 bn in 2016.
APAC Demand for Tissue Engineered Skin Rises
From a regional perspective, the global tissue engineered skin substitute market has so far been led by the developed regions from North America and Europe. However, some of the top opportunities in the market currently lie in Asia Pacific, a region that is showing the leading growth rate in the global tissue engineered skin substitute market for the report’s given forecast period. The swiftly evolving infrastructure of the healthcare industry and the increasing expenditure on it is driving up the demand for tissue engineered skin substitutes. The region is also showing a swiftly increasing rate of awareness in this field.
On the basis of types, acellular skin substitutes take up the dominant share in the global tissue engineered skin substitute market as well as the leading CAGR for the given forecast period. Ulcer treatment is expected to be the top application for tissue engineered skin over the coming years.
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Medical Tourism Opening up Massive Scope of Growth
“The multi-billion dollar global industry for medical tourism is one of the more promising aspects of profit in the healthcare sector. The applications of, as well as the demand for tissue engineered skin substitutes in North America and Europe continues to expand on a regular basis, but the over-expensive treatment options and the lack of feasible reimbursement policies are holding a giant percentage of the patient population back. The resultant openings in medical tourism for players in the tissue engineered skin substitutes, a large number of patients seeking tissue engineered skin substitute treatment are doing so through medical tourism,” states a TMR analyst. Thailand, Malaysia, India, and Singapore, to name a few, are at the leading end of the medical tourism industry and are capable of providing cheap and state of the art technologies for tissue engineered skin substitute treatment.
Furthermore, medical clinics that include day spas – commonly known as medspas – are a being preferred more and more by the elderly, for treatment and healing purposes, especially for the treatment of venous diseases and ulcers. Medspas are becoming more prevalent in emerging economies as well, thanks to the growing scope of the medical tourism industry.
Over Competitive Nature of Market Leaders Could Reduce Cost Effectiveness
The presence of a large number of local players adds a major layer of restraint to the globally prominent ones for the tissue engineered skin substitutes market. Local players can offer products at a much cheaper cost, thereby forcing key players to match their prices and reduce profit margins.
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