Albany, New York, Jan. 23, 2019 (GLOBE NEWSWIRE) -- According to the Transparency Market Research, the global tissue engineered skin substitutes market is likely to project a robust CAGR of 17.2% within the forecast period from 2015 to 2023. In 2016, the market was valued to be of worth US$1.24 bn. This is likely to reach around a worth of US$3.87 bn by the end of forecast period.
Geographically, The North America region is estimated to dominate the global tissue engineered skin substitutes market, with an expected value of US$1.96 bn by the end of 2023. Europe is another main region leading the market, Owing to similar level of demands projected by North America, with a comparatively lesser revenue output.
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The fast improvement of the travel and healthcare industry is one of the primary factors that is anticipated to guarantee the development of the global tissue engineered skin substitutes market throughout the following couple of years. The increased investment in research and the rising ventures for the infrastructural improvement are anticipated to bolster the development of the general market in the upcoming years. Also, the massive development scope given by the rising economies to the market players is anticipated to upgrade the entire growth of the market in the following couple of years.
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Better Product Portfolio to Bolster Market Demand
Moreover, the progressions in innovation and the increasing awareness among the people are anticipated to help the development of the tissue engineered skin substitutes market over the globe. Likewise, the improved product portfolio is probably going to improve the demand of the market in the following couple of years. The increasing cases of burn injuries and the rising spending limit of individuals to spend on health administrations are assessed to propel the global tissue engineered skin substitutes market within the forecast period.
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Absence of Fitness to Diminish Entire Market Growth
The global market for tissue engineered skin substitutes is anticipated to confront a ton of difficulties, which may additionally control the development of the market in the following couple of years. The inability of producing skin appendages is one of the key factors that is anticipated to hamper the market development sooner rather than later. Moreover, the absence of fitness to supplant the lost tissue, especially the dermis is anticipated to diminish the entire market development. Regardless, the developing concentration on advancements in this field are anticipated to guarantee the development of the tissue engineered skin substitutes market in future.
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The global tissue engineered skin substitutes market is foreseen to be highly consolidated in the coming years, with a huge share of the market accounted by the three major players – Smith & Nephew, Acelity, and Molnlycke, finds Transparency Market Research. The key players are concentrating on the making of new and advanced products due to which, tissue engineered skin substitutes market is foreseen to experience a significant growth in the upcoming years. Moreover, the major players are working on research and development, by investment notably in the market. This is likely to fuel the demand in the global market in future. The other major players in the market are ConVatec, Medtronic, and BSN Medical.
The review is based on the findings of a report by Transparency Market Research, titled “Tissue Engineered Skin Substitutes Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 – 2023.”’
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