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Amniotic Products Market Size, Share, Outlook, Opportunities And Strategies
Amniotic Products Market Size
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According to The Business Research Company's, The amniotic products market size has grown strongly in recent years. It will grow from $0.9 billion in 2023 to $0.98 billion in 2024 at a compound annual growth rate (CAGR) of 9.5%. The growth in the historic period can be attributed to rising prevalence of burn injuries, increasing demand for regenerative medicine, growing adoption of amniotic products in surgical wounds, rising awareness of amniotic products as a viable treatment avenue, global expansion of amniotic products..
The amniotic products market size is expected to see strong growth in the next few years. It will grow to $1.37 billion in 2028 at a compound annual growth rate (CAGR) of 8.5%. The growth in the forecast period can be attributed to increasing patient preference for non-invasive therapies, rising prevalence of chronic wounds, collaborations and partnerships, impact of covid-19, rising prevalence of ophthalmic disorders, increasing healthcare expenditure.. Major trends in the forecast period include continuous evolution of product technology, strong growth potential, regional dynamics, impact of covid-19 and a looming global recession, growth in the target patient population, emerging economies..
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Market Drivers and Trends:
The rising number of trauma and accident cases is expected to propel the growth of the amniotic products market going forward. Trauma refers to physical injuries that develop suddenly and are severe enough to warrant rapid medical care, while accidents refer to any unintentionally harmful incident, such as a slip and fall, vehicle accident, or sports injury. Third-degree burn injury is treated using a full-thickness skin excision and a wound dressing made of a hyper-dry human amniotic membrane. For Instance, in December 2022, according to the Road Accidents in India 2021, published by the Ministry of the Road Transport and Highways, an India-based government ministry, 4,12,432 accidents were reported in 2021. Further, in May 2022, according to a report published by the National Highway Traffic Safety Administration, a US-based government agency, 42,915 people died in motor vehicle traffic crashes in 2021. Therefore, the rising number of trauma and accident cases is driving the amniotic products market.
Product innovation is a key trend gaining popularity in the amniotic products market. Major companies operating in the amniotic product market are developing innovative products to sustain their position in the market. For instance, in November 2022, Versea Health Inc., a US-based life science company, launched Biovance 3L ocular tri-layer human amniotic membrane. Tri-layer human amniotic membrane products, such as Biovance 3L and Biovance 3L Ocular, are available in sheet and disc form and are targeted toward the surgical and ocular markets. An extracellular matrix is provided by the allograft Biovance 3L Ocular, which is used as a biological membrane covering. The Biovance amniotic membrane serves as a barrier during the healing process of wounds and promotes tissue growth.
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Major Key Players of the Market:
Stryker Corporation, Smith & Nephew plc, Integra LifeSciences Holdings Corporation, Lucina BioSciences LLC, Bioventus LLC, Organogenesis Inc., Alphatec Spine Inc., MiMedx Group, HMP Global, AlloSource, Orthofix US LLC, ACell Inc., Aziyo Biologics Inc., TissueTech Inc., Amino Technology LLC, LifeCell International Pvt. Ltd., Tissue Regenix Group plc, Aroa Biosurgery Limited, Skye Biologics Inc., Celularity Inc., Sanuwave Health Inc., NuVision Biotherapies Ltd., VIVEX Biologics Inc., Labtician Ophthalmics Inc., Genesis Biologics Inc., Applied Biologics LLC, Katena Products Inc., Next Biosciences, Surgenex LLC, Ventris Medical LLC
Amniotic Products Market 2024 Key Insights:
• The amniotic products market size is expected to see strong growth in the next few years. It will grow to $1.37 billion in 2028 at a compound annual growth rate (CAGR) of 8.5%.
• Amniotic Products Market Thrives On Demand Surge Amidst Escalating Trauma And Accident Cases
• Versea Health Inc. Unveils Biovance 3L Ocular Tri-Layer Human Amniotic Membrane
• North America was the largest region in the amniotic products market in 2023
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