Bioengineered Artificial Skin is Estimated to Witness High Growth Owing to Opportunity to Reduce Healing Time Associated With Severe Burns and Wounds

Bioengineered artificial skin are bioengineered substitutes for damaged or lost epithelial tissue. It finds widespread application in treating severe burns and hard-to-heal chronic wounds. Artificial skin acts as an intact barrier until the wounded area naturally heals, thus preventing infections and fluid loss. It also promotes healing by mimicking natural biological processes to support cellular migration and tissue regrowth.

The global bioengineered artificial skin market is estimated to be valued at US$ 3.32 Bn in 2023 and is expected to exhibit a CAGR of 16% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:

The opportunity to reduce healing time associated with severe burns and wounds is expected to drive the demand for bioengineered artificial skin. Severe burns can lead to long recovery times as the body struggles to replace damaged skin tissue. Similarly, chronic wounds like diabetic foot ulcers often refuse to heal on their own. Artificial skin acts as a protective barrier and promotes faster healing by replicating the cellular regeneration process. This helps reduce healing duration and associated complications like infections. The ability of bioengineered skin grafts to accelerate wound closure makes them an attractive option for treating extensive burns and difficult-to-heal wounds, thus presenting lucrative market opportunities.

Porter’s Analysis

Threat of new entrants: Low capital requirements but high technical knowledge barrier limit new entrants in this market.

Bargaining power of buyers: Individual consumers have low bargaining power but large healthcare organizations can negotiate on pricing.

Bargaining power of suppliers: A few large companies dominate the supply of key materials increasing their bargaining power.

Threat of new substitutes: Technology advancement in tissue engineering facilitates development of new substitutes.

Competitive rivalry: Intense competition exists among existing players to gain higher market share.

SWOT Analysis

Strength: Growing adoption for treatment of severe burns and skin injuries. Material advancements help mimicking natural skin.

Weakness: High costs of production and therapy limits widespread usage. Limited donor skin availability challenges the market.

Opportunity: Expanding applications in wound care and skin grafts boost market potential. Emerging regions with large patient populations provide new opportunities.

Threats: Stringent regulations lengthen approval timelines. Reimbursement policies impact market revenues.

Key Takeaways

The global Bioengineered Artificial Skin Market is expected to witness high growth between 2023-2030. The global Bioengineered Artificial Skin Market is estimated to be valued at US$ 3.32 Bn in 2023 and is expected to exhibit a CAGR of 16% over the forecast period 2023 to 2030.

North America dominates currently due to presence of major market players and favorable reimbursements. However, Asia Pacific is anticipated to showcase highest CAGR over the forecast period with increasing healthcare expenditures and patient awareness in countries like China and India.

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. These manufacturers focus on developing innovative skin substitutes through enhanced material properties and cellular technologies. Several collaborations are also formulated between industry stakeholders to increase product availability.