Extracellular Matrix Market 2019: Key Growth Drivers and Current Industry Trends | Top Key Players like Admedus, Coloplast Group, Merck KGaA, Smith & Nephew, MTF Biologics, and Lattice Biologics

The global extracellular matrix market accounted to US$ 24.30 Mn in 2018 and is expected to grow at a CAGR of 8.2% during the forecast period 2019 – 2027, to account to US$ 47.46Mn by 2027.

The market for extracellular matrix is expected to grow significantly due to factors such as significantly increasing incidences of trauma and cardiovascular diseases, increasing vascular reconstruction procedures and increasing product launches are likely to drive the growth of the extracellular matrix market. However, challenges during the usage of decellularized extracellular matrix is major challenge for the growth of the extracellular matrix market.

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The major players operating in the extracellular matrix market include, Admedus, Coloplast Group, Merck KGaA, Smith & Nephew, MTF Biologics, Lattice Biologics Ltd., COOK BIOTECH, INC., Medtronic, Aziyo Biologics, Inc., and DSM Biomedical. The market has carried out various organic and inorganic growth strategies in the market which has assisted in strengthening their product offering in the market.

Soft tissue repair segment is expected to grow the market for extracellular matrix over the forecast period by application segment.

Global extracellular matrix market was segmented by application and raw material. On the basis of the application the market is segmented as vascular repair and reconstruction, dural repair, wound healing, cardiac repair, pericardial repair and soft tissue repair. Based on the raw material the extracellular matrix market is segmented into bovine, porcine and others. Among the application segment soft tissue repair market held the largest market share. And on the basis of the raw material porcine segment held the largest market share.

Asia Pacific is the fastest growing geographic market and it is expected to be the fastest revenue contributor throughout the forecast period. Asia Pacific is recognized as a developing market for the medical devices. The growth is driven by that countries such as China, Japan, and India which are engaged in conducting several studies. For instance, Australia is also involved in the several studies and also it has held various conferences for the tissue engineering and other application of the extracellular matrix.

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Strategic Insights

Organic and inorganic growth strategies were observed in global extracellular matrix industry. The organic strategies which were conducted more compared to the inorganic strategies for the extracellular matrix. For instance, in March, 2019, MTF Biologics launched CartiMax Viable Cartilage, for easily filling the lesions in the knee, foot and ankle. The launch demonstrates stable viability post-cryopreservation and provides the clinical benefits of, viable cartilage matrix with live cells. Thus, the organic strategy has enabled the company to grow its business in the market.

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This release was published on openPR.