Tissue engineering is a sophisticated yet promising treatment option for the treatment of skin diseases and disorders. Tissue engineering entails the development of biological substitutes to restore damaged tissue or maintain tissue function via the use of both cellular and acellular materials. It thus calls for close collaboration between cell biologists, geneticists, clinicians, and other experts. With skin disorders and diseases on the rise, coupled with the booming medical tourism industry, the prospects of the tissue engineered skin substitutes market look promising.
The global tissue engineered skin substitutes market is on the brink of explosive growth over the next few years as more advances in the field are made. The fact that the tissue engineered skin substitutes market will grow at 17.2% CAGR between 2015 and 2023 also speaks volumes about the high degree of innovation that prevails in the market. According to Transparency Market Research, tissue engineered skin substitutes constituted a US$958.8 mn market. The market is expected to surge to US$3.8 bn by 2023. Acellular tissue engineered skin substitutes are more popular than cellular substitutes because of the comparatively attractive price that the former boast.
Use of Tissue Engineered Skin Substitutes was Highest for Diabetic Ulcers in 2014
The WHO predicting that diabetes will be the 7th leading cause of death by 2030 is indicative of the pandemic proportions this disease has attained. An alarming 25.0% of diabetics are diagnosed with diabetes-related ulcers, said the International Diabetes Federation in 2014. These ulcers can take months on end to heal even when great precautions are taken. In the case of acute
For patients suffering from acute diabetic ulcers, skin substitutes are, in most cases, the only available option if they are to prevent their quality of life from being compromised. As a result of this, the demand for tissue engineered skin substitutes will continue to remain high from patients suffering from diabetic ulcers.
Tissue Engineered Skin Substitutes Market Currently Concentrated in North America
The availability of a wide variety of tissue engineered skin substitutes is in itself the key factor responsible for keeping North America at the top of the global market. This wide choice of products on its part can be ascribed to the high prevalence of diabetes in North America. Besides diabetes, deep vein thrombosis (DVT) continues to impose an increasing burden on healthcare agencies in the U.S. The Centers for Disease Control and Prevention (CDC), in its report published in March 2015, says that about 900,000 people in the United States are diagnosed with DVT per year. Ulcers and lesions resulting from DVT are contributing to the demand for tissue engineered skin substitutes in North America.
However, when it comes to lifestyle-related diseases, the Asia Pacific is inching closer to North America owing largely to the increasing affluence in countries in the former. Moreover, a sizeable aging population base in countries such as Japan, Singapore, and China put persons in this age group at a higher risk of diabetes and DVT. Thus, the investment potential of Asia Pacific will only continue to rise over the next few years.