What Are the Evolving Opportunities for the Players in the Skin Replacement and Substitutes Market?

As per a report by P&S Intelligence, the global skin replacement and substitutes market is projected to reach a value of $1,202.2 by 2024, increasing from $838.0 million in 2018, and is predicted to advance at a 6.3% CAGR during the forecast period (2019–2024). The market is registering growth due to the rising inclination of customers towards spending on appearance, surging number of burn cases, and growing prevalence of skin diseases around the world. In terms of product, the market is divided into cellular, acellular, and others.

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Between these two, the acellular division is predicted to hold the largest share of the skin replacement and substitutes market during the forecast period, which can be ascribed to the fact that the division caters to the needs to a wider range of demographics. In addition to this, these products are also suitable for skin replacement for pediatric population and tends to excised and superficial wounds. Owing to this, the division is further expected to advance at the fastest pace during the forecast period.

When application is taken into consideration, the skin replacement and substitute market is categorized into cosmetic surgery, burns, ulcers, and others. Out of these, the burns category is predicted to account for the major revenue share, 42.6%, of the market in 2024. Full-thickness injuries caused due to burns destroy both dermis and epidermis layers of the skin, leading to irretrievable skin loss, since completely destroyed dermis does not have the ability to regenerate. This condition can only be taken care of by skin replacement and substitutes procedures.

Geographically, North America dominated the skin replacement and substitutes market, and the region is expected to contribute 56.8% revenue to the domain by 2024. This is majorly because of the availability of the large number of wound care hospitals and clinics in the region. Other than this, the rising healthcare expenditure, technological advancements in the healthcare industry, and increasing spending power in North America are also driving the market. Moreover, the Asia-Pacific region is projected to progress at the fastest pace during the forecast period, owing to the enhancing healthcare system and rising burn cases.

The growing number of burn cases across the globe is one of the key reasons for the rising demand for skin replacement and substitute products. As per the World Health Organization, about 180,000 deaths are causes due to burn each year around the world, and majority of these cases are registered in middle ad low-income countries. In India, more than 1,000,000 people suffer from moderate or savage burns each years. Since skin substitutes and replacement products allow quick healing of such wounds, their demand is surging all across the globe.

On the basis of end user, the skin replacement and substitutes market is divided into beauty & cosmetic industry, wound care clinics & hospitals, and others. Among these, the beauty & cosmetics industry division is predicted to hold the second-largest share of the market during the forecast period, which can primarily be ascribed to the surging consciousness among people regarding physical appearance. Moreover, the demand for these services is high from hospitals and clinics because of their established presence.

Hence, the market is being driven by the surging number of burn cases all over the globe.

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