Bioengineered artificial skin helps restore the body’s protective barrier and enables regeneration of tissues while keeping the body hydrated. It aids in protection from infections and environmental factors. Artificial skin composed of keratinocytes and fibroblasts work as a natural skin graft and promotes healing.
The global bioengineered artificial skin market size 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 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.
Key opportunities in the market include rising awareness about advanced treatment options and increasing prevalence of burn injuries and skin diseases. 3D bioprinting of skin grafts is a technological advancement being explored to produce living skin substitutes customized for individual patients.
Market drivers:
The growing incidences of burns and skin diseases are a key driver for the artificial skin market. According to WHO, over 180,000 deaths each year are due to burns. In addition, chronic wounds such as diabetic foot ulcers, pressure ulcers and venous leg ulcers affect over 6.5 million Americans annually. The increasing spending on treatment of such conditions is fueling demand for artificial skin products.
Current Challenges in Bioengineered Artificial Skin Market
The bioengineered artificial skin market is still in a nascent stage of growth and development. Some of the major challenges being faced by players in this industry include high costs associated with research & development of more effective and long-lasting bioengineered skin products. Traditional skin grafts have been the standard treatment option but have several limitations. Developing skin substitutes that can mimic the functionalities of natural skin closely is technically challenging. Lack of awareness among medical professionals and patients about the benefits of artificial skin is another hurdle. Limited availability of skin substitutes for treating massive skin loss cases is restricting the widespread adoption of these products.
SWOT Analysis
Strength: Produces functional skin tissue that aids healing and prevents infections/scarring. Can be used for large surface wounds.
Weakness: Expensive to produce and not available universally. Integrating elements like hair follicles, sweat glands remains a challenge.
Opportunity: Rising burn/trauma cases and skin diseases present a major patient pool. Scope for developing customizable skin grafts for varied conditions.
Threats: Conventional skin grafting is established. Strict regulations delay product approvals and market entry of new players.
Geographical Regions with Highest Market Value
North America currently dominates the bioengineered artificial skin market in terms of value, owing to the growing prevalence of burn injuries and skin loss disorders. Rising expenditure on advanced medical technologies along with the presence of major industry players in this region has boosted market growth.
Fastest Growing Geographical Region
The Asia Pacific region is poised to witness the highest growth during the forecast period owing to improvements in healthcare infrastructure, rising medical tourism, increasing accidents/burn cases, and growing investments by international companies looking to tap the opportunities in emerging nations. Rising awareness about skin grafts and favorable government policies are further augmenting the APAC bioengineered artificial skin market.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
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