The growth of the Amniotic Products market is majorly driven by rising awareness programs for wound care treatment and management and venture capital investments and government funding. However, competition from alternative therapies may challenge the growth of this market.
The report Amniotic Products Market is projected to reach USD 1,289 million by 2028 from USD 900 million in 2023, at a CAGR of 7.4% during the forecast period.
Download PDF Brochure: –https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=191575976
Growth DRIVER: Growth in the target patient population
Physical health conditions, such as chronic diseases, have a negative effect on the wound healing process. For instance, diabetes and obesity can result in an increased incidence of ulcerations, such as leg or foot ulcers, which would require wound treatment and incur exorbitant medical expenses.
As per the IDF 2021, 537 million adults (20-79 years) are living with diabetes (1 in 10). This number is estimated to rise to 643 million by 2030 and 783 million by 2045. Diabetic foot ulcers occur because of major complications of diabetes. Nearly 15% of the total diabetic population suffers from diabetic foot ulcers (Source: Cellular and Molecular Basis of Wound Healing in Diabetes by Brem H., Journal of Clinical Investigation). An article published in the Journal of Foot and Ankle Research estimates that more than 10% of people with type 2 diabetes mellitus are highly prone to foot ulcers, with a lifetime risk of 15%.
Growth OPPORTUNITY: Emerging economies
Emerging countries such as China, India, South Korea, Brazil, and Mexico offer significant growth opportunities to major players functioning in the amniotic products industry. This can be attributed to low regulatory barriers, improvements in healthcare infrastructure, growing patient population, and rising healthcare expenditure. Moreover, regulatory policies in the Asia Pacific region are more adaptive and business-friendly in comparison to those of developed countries. This factor, in addition to the increasing competition in mature markets, has drawn key players in the market to focus on the emerging economies.
Market Segmentation: –
The Europe amniotic products market is segmented into Germany, France, the UK, and the Rest of Europe. UK is projected to occupy the highest share during the forecast period. The major factors contributing to the growth of this market are the high prevalence of diabetes and venous ulcers in the UK, increasing R&D activities, strategic developments by key players, and the growing geriatric population.
Based on the end user, the amniotic products market is segmented into Hospitals, & Ambulatory Surgical Centers, and Other End Users. The Hospitals, & Ambulatory Surgical Centers registered the highest CAGR, increasing hospital admissions due to chronic wounds (such as pressure and diabetic foot & venous leg ulcers) and the rising incidence of hospital-acquired pressure ulcers are key drivers for the growth of this end-user segment.
Regional Analysis:
The APAC amniotic products market is segmented into Japan, China, and Rest of Apac. In 2022, China accounted for the largest share of the Asian amniotic products market. The large share of China can be attributed to the economic growth in the country, rising incidence of diabetes, significantly high cases of road accidents, increasing disposable income of the middle-class population, growth in the geriatric population, and favourable government support.
Recession Impact on the Amniotic Products Market
The impact of a global recession can vary across different regions and countries. Economic conditions, healthcare systems, and regulatory environments differ worldwide, and the severity and duration of the recession will also influence the extent of its impact on the amniotic membranes market globally. During a global recession, the amniotic membranes market could experience several potential impacts.
Recent Developments of Amniotic Products Industry
- In 2021, The company VIVEX Biologics (US) launched Cygnus Matrix Disks with the latest configuration of the Cygnus family of amniotic tissue allografts.
- In 2021, MiMedx (US) received approval from the Japanese Ministry of Health, Labour, and Welfare for the commercialization of EPIFIX in Japan.
- In 2021, The company Celularity Inc. (US) entered into an exclusive distribution agreement for the commercial distribution rights for orthopedic surgery and sports medicine products with Arthrex, Inc. (US).
Inquiry Before Buying: –https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=191575976
Top Key Players:
The significant players in the amniotic products market are mimedx (US), Smith+Nephew (UK), Organogenesis Inc. (US), Integra LifeSciences (US), Stryker (US), APPLIED BIOLOGICS. (US), Celularity Inc. (US), Corza Ophthalmology (US), Lucina BioSciences (US), and Next Biosciences. (South Africa).
Conclusion:
The Amniotic Products Industry is poised for substantial growth, driven by increasing awareness, investments, and the need for innovative solutions in wound care and regenerative medicine. As we move forward, it will be exciting to witness how this industry continues to evolve and contribute to improving patient outcomes worldwide.
