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Bioengineered artificial skin, also known as biosynthetic skin substitute or tissue-engineered skin substitute, is a product designed to promote wound healing in patients with deep partial-thickness and full-thickness wounds including burns. It is developed using tissues grown from autologous cells in order to closely mimic the structure and function of natural skin. This product functions as an intact epithelial barrier and helps avoid fluid loss, prevent infections, reduce pain, and promote skin regeneration. The global bioengineered artificial skin market is mainly driven by the rising incidence of severe burns worldwide due to factors like fires, explosions, and industrial or vehicular accidents. Every year around 180,000 people die from burns globally and close to 11 million people seek medical care due to burn injuries.
The global Bioengineered Artificial Skin Market is estimated to be valued at US$ 1.2 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 development of advanced dermal substitutes that can promote better skin regeneration. Researchers are working on engineering skin substitutes that closely mimic the structural and functional aspects of natural skin, with an epidermis, dermis and hypodermis layer. They are focusing on using autologous skin cells, growth factors, enzymes and biopolymers to develop skin substitutes that can prompt rapid wound healing with formation of new granulation and dermal tissues. Another key trend is the rising adoption of 3D bioprinting technology to create bioengineered skin grafts and substitutes. Companies are exploring the use of living cells, growth factors and biomaterials to 3D print skin constructs layer-by-layer that emulate native skin tissues. This facilitates mass customization of skin grafts based on wound size and location on the patient’s body.
Porter’s Analysis
Threat of new entrants: High capital requirements and stringent regulations in healthcare industry makes the threat of new entrants high in the bioengineered artificial skin market.
Bargaining power of buyers: The bargaining power of buyers is moderate as the product demand depends on medical needs and has limited substitutes.
Bargaining power of suppliers: A few major companies dominate the supply market, giving them significant bargaining power over buyers in the bioengineered artificial skin market.
Threat of new substitutes: Substitutes like autologous skin grafts pose low threat as bioengineered skin offers faster healing.
Competitive rivalry: The bioengineered artificial skin market sees high competition due to presence of major players.
Key Takeaways
The global bioengineered artificial skin market is expected to witness high growth.
North America is expected to dominate the bioengineered artificial skin market during the forecast period. This is owing to well developed healthcare infrastructure, rising expenditure on healthcare and growing awareness about advanced treatment options in the region.
Key players operating in the bioengineered artificial skin market are Smith & Nephew, MiMedx, Integra LifeSciences Corporation, Mylan, Mallinckrodt, Organogenesis, Alingo, Tissue Regenix and MedSkin Solutions.
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- Source: Coherent Market Insights, Public sources, Desk research
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