Skin Replacement and Substitutes Market to Observe the Highest Growth in the Coming Years

Skin Replacement and Substitutes Market to Observe the Highest Growth in the Coming Years
Skin replacement and substitutes market in APAC is expected to witness lucrative growth, witnessing a CAGR of 6.7% during the forecast period.

The rising skin disease prevalence, increasing incidence of burns, and growing awareness about appearances are the major drivers of the skin replacement and substitutes market. From $838.0 million in 2018, the market is predicted to grow to $1,202.2 million by 2024, advancing at a 6.3% CAGR during the forecast period (2019–2024). Skin grafts, which are taken from a suitable donor by separating them from the tissue bed and transplanted into the recipient’s affected area, are known as skin replacement substitutes.

A major driving factor for the skin replacement and substitutes market is the increasing prevalence of dermatological conditions. A 2017 report published by the American Academy of Dermatology mentioned that one in three Americans were suspected to suffer from some dermatological condition that year. The rising prevalence of skin diseases can be attributed to the increasing exposure to X-rays, ultraviolet rays, and infrared waves. Further, the World Health Organization (WHO) reported that about 900 million people in the world are affected by skin diseases, necessitating the use for such products.

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Another major influencer of the skin replacement and substitutes marketadvanceis the surging number of burn cases. A report published by the WHO revealed that of the approximately 180,000 global deaths due to burn injuries every year, the majority occur in low and middle-income countries. Further, many children suffering from burns become disabled due to the severity of the condition and improper medical care in countries such as Egypt, Bangladesh, Pakistan, and Colombia. To treat burn wounds, skin replacement and substitute products are of great help.

Based on geography, the skin replacement and substitutes market is divided into middle East & Africa, North America, Latin America, Asia-Pacific (APAC), and Europe. Throughout the historical period (2014–2018), the highest demand for these products was witnessed in North America. The region is expected to generate 56.8% revenue in 2024 due to a large number of wound care hospitals and clinics. The fastest growth in the forecast period is expected to be witnessed by the APAC region due to the improving healthcare facilities as well as rising number of burn cases.

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The product segment of the skin replacement and substitutes market is categorized into cellular, acellular, and other products. Among these, acellular products amassed the highest revenue during the historical period and are predicted to lead the market in 2024 by contributing 75.9% revenue and registering a 6.8% CAGR during the forecast period. Their application ranges from treating excised and superficial wounds to managing skin issues in the pediatric population.

Therefore, the market for skin replacement and substitutes is expected to attain high revenues during the forecast period.

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