Tissue Engineered Skin Substitutes Market: Medical Tourism Opening up Massive Scope of Growth
The elderly are highly prone to contracting skin diseases such as various forms of ulcers due to their significantly reduced flow of blood and overall immunity against diseases. The number of geriatrics in all nations has been on the rise owing to multiple factors, and a rise in their number is a direct call to action for all related healthcare organizations, products, and services. This includes the tissue engineered skin substitute providers and makes the above the top driver for its market.
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The number of patients suffering from skin diseases and ulcers is also increasing within younger demographics. The CDC, for instance, stated in 2015 that close to 900,000 people are affected by DVT per year. A large number of patients were additionally being diagnosed with venous diseases per year, further boosting the need for tissue engineered skin substitutes.
The market is, however, restrained by over competitiveness between local manufacturers and their globally prominent counterparts. The local manufacturers can offer tissue engineered skin substitutes at a much lower price than global ones, forcing the latter to drop prices and consequently their profit margins. This will affect the market’s rate of research and development in the long run.
These drivers and restraints are expected to converge to result in a CAGR of 17.2% for the global market of tissue engineered skin substitutes between 2015 and 2023. This market is expected to be valued at US$1.24 bn by the end of 2016, and US$3.87 bn by 2023.
The need for tissue engineered skin substitutes in North America has consistently been high over the past few years. It is expected to generate US$1.96 bn in revenue for tissue engineered skin substitute players by 2023. A key reason prompting the use of tissue engineered skin substitutes in North America is the very high prevalence of vascular diseases. The region holds an especially high proportion of the geriatric, diabetic, and obese demographics and thus requires tissue engineered skin substitutes to a higher degree than other major regions.
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Europe is another key region for tissue engineered skin substitute players. This region shows a similarly high demand as that shown by North America, although at a smaller revenue cap. The highest demand for tissue engineered skin substitutes at the moment, however, comes from Asia Pacific. The revenue earned by tissue engineered skin substitute providers in this region is expected to progress at a CAGR of 18.3% from 2015 to 2023. Key reasons for the high proliferation of tissue engineered skin substitute players in Asia Pacific is the growing geriatric population in nations such as South Korea and Japan, along with the rapidly increasing investments made by governments into the market.
Ulcers have consistently been the leading application segment for tissue engineered skin substitutes. By the end of 2023, nearly US$2.1 bn will be generated by tissue engineered skin substitute players through ulcer treatment alone. This segment is also expected to grow at a robust CAGR of 17.5% within 2015 and 2023.
The same applies to other skin disorders that are growing in prevalence across the globe. Most dermatology organizations such as the ADA have made their predictions, all of which point to a growing number of patients with skin disorders. The ADA, for instance, in 2013, released findings of a study that stated at least one in every five U.S. citizens will suffer from a skin disorder in their lifetime. This makes the development of dermatology solutions such as tissue engineered skin substitutes a matter of high concern.
The key manufacturers of tissue engineered skin substitutes include Acelity, Smith & Nephew, Molnlycke, ConVatec, Medtronic, and BSN Medical.
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