The permanent artificial skin market share will post an incremental growth of USD 4.41 billion, progressing at a CAGR of 19% during the forecast period. The increase in R&D funding will offer immense growth opportunities to market vendors. The permanent artificial skin market is fragmented, and the vendors are deploying growth strategies such as using low-pricing strategies and strengthening the local customer base to compete in the market.
Technavio’s report on “Permanent Artificial Skin Market by End-user and Geography - Forecast and Analysis 2020-2024" provides a detailed market analysis of the prevalent market forces, trends, and challenges that are likely to impact the market in focus.
The permanent artificial skin market is segmented by end-user (hospitals and other healthcare centers) and geography (APAC, Europe, North America, and ROW).
The growth of the permanent artificial skin market in the hospital segment will be significant during the forecast period. Factors such as the high availability of trained professionals and increasing incidence of burn injuries will facilitate the permanent artificial skin market growth.
By geography, North America was the largest permanent artificial skin market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. 35% of the market’s growth will originate from North America during the forecast period. Factors such as increased awareness and high adoption of bioengineered skin substitutes among healthcare practitioners will drive the demand for permanent artificial skin market in North America
The increase in R&D funding will directly influence the sales of the permanent artificial skin market. In addition, the growth of the geriatric population leading to increased incidents of chronic wounds is one of the major permanent artificial skin market trends that will have a positive impact on market growth. However, factors such as the high cost of treatment and lack of reimbursements will hamper the permanent artificial skin market size.
Some of the major permanent artificial skin market vendors are AVITA Medical Ltd., Aroa Biosurgery Ltd., Eucare Pharmaceuticals Pvt. Ltd., Integra LifeSciences Corp., Mallinckrodt Plc, MedSkin Solutions Dr. Suwelack AG, MiMedx Group Inc., Misonix Inc., Organogenesis Holdings Inc., and Smith & Nephew Plc.
To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions.
Download the Free PDF sample report for highlights on the market size, growth momentum, regional growth opportunities, vendor analysis, and other factors influencing the growth of the market.
Precise market size estimation during the forecast period 2020-2024.
CAGR of the permanent artificial skin market forecast during 2020-2024.
Market-level data on units, average selling prices, and values of the permanent artificial skin market share.
Prediction on the upcoming trends, drivers, and factors that challenge the growth of the permanent artificial skin market.
permanent artificial skin industry growth across APAC, Europe, North America, and ROW.
