The bioengineered artificial skin market offers a reliable alternative to traditional skin grafts for covering severe burns and other wounds. Also known as bioengineered skin substitutes, these products are made from genetically identical human tissues grown under laboratory conditions. They are designed to serve as a temporary biological dressing to facilitate wound healing by promoting cell migration and new tissue formation. Some products contain skin cells, while others comprise of collagen-based matrices that encourage cell ingrowth and endogenous regeneration. Developed using modern tissue engineering techniques, these products offer improved healing speed, reduced scarring, and lesser chance of infection as compared to skin grafting.
The Global Bioengineered Artificial Skin Market is estimated to be valued at US$ 3.32 Bn in 2024 and is expected to exhibit a CAGR of 16% over the forecast period from 2023 to 2030.
Key Takeaways
Key players operating in the bioengineered artificial skin market are Genoskin, Smith and Nephew Inc., Genzyme Biosurgery, Vericel Corporation, AROA BIOSURGERY LIMITED, Integra LifeSciences Corp, COOK BIOTECH, Mölnlycke Health Care AB, Avita Medical, MiMedx Group, Inc., and Organogenesis Holdings Inc.
The growing prevalence of burn injuries and ulcers caused by trauma, chronic diseases, and medical treatments is expected to drive the demand for bioengineered artificial skin over the forecast period. According to the WHO, around 180,000 people die annually from burns worldwide.
Notable players in the market are focusing on expansion through acquisitions and partnerships with smaller firms engaged in developing advanced skin substitutes. For instance, in 2022, Organogenesis acquired Spark Therapeutics to strengthen its portfolio of cell and gene therapies for wound care and surgical applications. Major players are also targeting emerging Asian economies with increased investments in R&D and manufacturing facilities.
Market key trends
One of the key trends in the bioengineered artificial skin market is the development of personalized medical solutions. Researchers are working on tailoring skin substitutes according to individual wound conditions and characteristics by incorporating patient-specific cells and biomaterials. This personalized approach could deliver a clinically superior outcome in terms of enhanced healing, minimal scarring, and reduced chance of rejections.
Companies are also investing in 3D bioprinting technology to manufacture highly organized skin tissues mimicking natural dermis and epidermis layers. Such 3D printed bioengineered skin can develop blood vessels quickly upon transplantation and facilitate faster healing of even complex wounds. With ongoing advances, 3D bioprinting is expected to revolutionize the production of artificial skin grafts in the coming years.
Porter's Analysis
Threat of new entrants: The bioengineering and R&D required for artificial skin poses high entry barriers for new players in this market.
Bargaining power of buyers: Individual buyers have low bargaining power due to the specialized nature of artificial skin products needed for burn and wound care.
Bargaining power of suppliers: Key raw material suppliers such as those providing biomaterials have some bargaining power over manufacturers due to specialized expertise required.
Threat of new substitutes: There are few alternatives available currently that can match the functionality of bioengineered artificial skin in burn and wound treatment applications.
Competitive rivalry: The market has few large players with Genzyme and Integra occupying major shares, competitive rivalry is high in terms of new product innovation and market expansion strategies.
Geographical regions with high market concentration
North America currently holds the largest share of the global bioengineered artificial skin market, largely driven by the United States. This can be attributed to factors such as the rising incidence of burn injuries, presence of advanced medical infrastructure and funding for skin bioengineering research in the region.
Fastest growing geographical region
The Asia Pacific region is poised to witness the highest growth in the global bioengineered artificial skin market during the forecast period. This is owing to improving healthcare expenditures, growing investments by key players to tap demand from densely populated countries of China and India and rising incidence of burns and trauma cases secondary to industrial accidents.
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