Wound Skin Substitutes Market Future Business Opportunities 2023-2030
Mohit Bisresearch
The global wound skin substitutes market is witnessing significant growth due to the rising prevalence of chronic wounds, increased awareness about advanced wound care solutions, and technological advancements in skin substitute products. These products play a critical role in treating wounds that are difficult to heal, such as diabetic ulcers, venous ulcers, burns, and pressure sores, by promoting faster healing and reducing the risk of infections.
According to BIS Research, the global wound skin substitutes market, valued at $1,181.0 million in 2022, is on a robust growth trajectory and is anticipated to reach $2,062.6 million by 2030.
What are the key drivers in the wound skin substitutes market?
Rising Incidence of Chronic Diseases: Conditions such as diabetes and obesity have led to an increase in chronic wounds, creating a high demand for advanced wound care solutions.
Technological Innovations: The development of next-generation products, such as 3D-printed skin substitutes and advanced biomaterials, is accelerating market growth.
Aging Population: The global geriatric population is more susceptible to wounds, contributing to market expansion.
Increased Healthcare Expenditure: Growing investments in healthcare infrastructure, particularly in emerging economies, are boosting the adoption of advanced wound care products.
Which regions dominate the wound skin substitutes market?
North America dominated the global wound skin substitutes market in 2022, accounting for 78.12% of the total share. This dominance is primarily driven by factors such as a rapidly aging population, the rising prevalence of obesity—which is strongly linked to diabetes—and the long-term effects of radiation therapies. These factors have significantly increased the demand for wound skin substitutes, thereby contributing to revenue growth. Meanwhile, regions such as Asia-Pacific, Europe, and Latin America are expected to witness substantial market expansion due to the growing incidence of chronic wounds, advancements in technology leading to innovative product development, and increased healthcare spending.
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Recent Developments in the Wound Skin Substitutes Market
July 2023: Coloplast announced its agreement to acquire Kerecis in a deal valued at up to $1.3 billion. Kerecis is renowned for its patented technology that leverages unaltered fish skin for treating wounds and burns.
April 2023: Coloplast (Kerecis) introduced MariGen Shield, a product that combines the company’s fish-skin graft technology with a silicone contact layer designed for managing chronic and complex wounds.
January 2023: Coloplast (Kerecis) launched two new burn-care products, GraftGuide Mano and GraftGuide Micro, with a focus on treating burns on the hands using advanced fish skin technology.
January 2022: Researchers from the University of Birmingham and the University of Huddersfield in the UK developed an innovative 3D bioprinting technique aimed at treating chronic wounds.
October 2021: Coloplast (Kerecis) obtained FDA approval for marketing Kerecis Omega3 SurgiBind, a fish-skin graft designed for use in plastic and reconstructive surgeries.
Future Outlook
The future of the wound skin substitutes market lies in personalized medicine, regenerative therapies, and innovative product development. The integration of biotechnology, nanotechnology, and 3D printing is expected to revolutionize wound care. Furthermore, strategic collaborations, mergers, and acquisitions among key players will play a crucial role in shaping the competitive landscape.
Which companies are leading the wound skin substitutes market?
Coloplast
Smith & Nephew
MTF Biologics
MiMedx Group, Inc
AlloSource
Organogenesis Inc.
RTI Surgical
LifeNet Health
Molecular Biologicals, Inc
Conclusion
With a growing need for effective wound management, the wound skin substitutes market is poised for robust growth in the coming years. Companies investing in innovation and cost-effective solutions will likely lead the market, catering to the rising demand for advanced wound healing technologies.
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Written by
Mohit Bisresearch
Mohit Bisresearch
BIS Research provides premium market intelligence on deep technologies that have the potential to cause a high-level of disruption in the market in the next few years.