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Bioengineered artificial skin or biosynthetic skin is increasingly being used as a temporary wound or burn dressing that promotes healing of damaged or destroyed skin tissue. Artificial skin acts as a protective barrier and helps regulate moisture levels at the wound site allowing new tissue to regenerate. It consists of a thin polymeric sheet that serves as a scaffold for cells and mimics natural skin structure. Some key benefits of artificial skin include its ability to prevent fluid loss, resist infection, provide pain relief and improve scar quality upon healing. With rising cases of burns, chronic and acute wounds globally due to various factors, the need for advanced wound care options like artificial skin has been rising significantly.
The global bioengineered artificial skin market is estimated to be valued at US$ 3.32 billion 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 key trends:
One of the major trends in the bioengineered artificial skin market is the increasing research in developing skin substitutes using tissue-engineered and regenerative medicine approaches. Several companies are investing in R&D to come up with artificial skin made of autologous skin cells grown in the lab that can better mimic natural skin functions. Another key trend is the growing adoption of 3D-bioprinting technology to print artificial skin using bioinks containing skin cells, growth factors etc. 3D-bioprinting allows for precise deposition of cells layer-by-layer to produce skin substitutes that closely match patient skin anatomy. Such advanced customized skin substitutes are expected to gain more traction going forward.
Porter’s Analysis
Threat of new entrants: Low. Entry barriers are high due to the stringent regulations and lengthy approval procedures for bioengineered artificial skin. New entrants need significant R&D investment which acts as a deterrent.
Bargaining power of buyers: Moderate. Few alternative treatments are available and switching costs are relatively high. However, large healthcare systems/institutions have some bargaining power.
Bargaining power of suppliers: Low. Major raw material suppliers for bioengineered artificial skin market are few in number, well-established. Suppliers have less bargaining power due to availability of alternatives.
Threat of new substitutes: Low. Though alternatives like autografts, allografts exist but bioengineered artificial skin has its own advantages in terms of reduced immune response and better healing.
Competitive rivalry: High. The market has a fair degree of competitive rivalry with key players offering innovative solutions to gain market share.
Key Takeaways
The global bioengineered artificial skin market is expected to witness high growth owing to increasing rate of burn injuries and trauma cases. The global bioengineered artificial skin market is estimated to be valued at US$ 3.32 billion in 2023 and is expected to exhibit a CAGR of 16% over the forecast period 2023 to 2030.
North America is currently the dominating as well as the fastest growing regional market due to higher healthcare spending and technological advancements. Asia Pacific shows lucrative growth prospects due to rising medical tourism and increasing healthcare investments in countries like China and India.
Key players: 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. Genoskin is a leader in cell therapy and bioengineered skin substitutes.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
