According to a research report published by Transparency Market Research, nearly 51.4% of the global tissue engineered skin substitute market was taken up by its three leaders in 2014. Molnlycke, Smith & Nephew, and Acelity, the leaders on the market over the recent past, take up a large volume of the revenue generated by it, pointing to a highly consolidated market. The report also states that the leading players in the global tissue engineered skin substitute market all hold a vast array of products in their offering, allowing them to take up a strong hold over the market. They also manage to stay ahead of the curve through heavier investments in research and development.
The remainder of the market is taken up by a significantly high number of regional players. They do, however, face high entry barriers due to the strong hold over the market by the leading players, along with the complex and increasingly stringent government policies and regulations surrounding the market structure. As per the TMR report, the global tissue engineered skin substitute market is expected to reach U$3.87 bn by the end of 2023. The market is expected to expand at a strong CAGR of 17.2% within a forecast period from 2015 to 2023 and was calculated at US$1.2 bn in 2016.
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APAC Demand for Tissue Engineered Skin Rises
From a regional perspective, the global tissue engineered skin substitute market has so far been led by the developed regions from North America and Europe. However, some of the top opportunities in the market currently lie in Asia Pacific, a region that is showing the leading growth rate in the global tissue engineered skin substitute market for the report’s given forecast period. The swiftly evolving infrastructure of the healthcare industry and the increasing expenditure on it is driving up the demand for tissue engineered skin substitutes. The region is also showing a swiftly increasing rate of awareness in this field.