Increasing Cosmetic Surgeries
According to American Society of Plastic Surgeons report 2017, 17.5 million people go through surgical cosmetics products in the U.S. as people are conscious towards skin improvement. There are many amniotic tissue based product available in market for skin improvement. Usage of these products for burn injury treatment leads to rapid recovery in wound healing. The reduction in pain and easy movement of affected areas proves that the usage of these tissue based product are valuable for skin replenishment. Since, it is cheaper than other tissue based product such as xenografts and allografts, ensures that it is widely used across the globe. These factors propels the market over the forecast period.
The use of amniotic membrane in injury repair such as burns, head and neck injury is the driving factor of market growth The antimicrobial properties and high separation power ease the access of amniotic membrane for surgeon in its research application. Researchers are focusing on wound development and subsequent repair of tissue injury, a multitude of events occur to improve healing and accelerate the process of skin and tissue recovery. Repair begins quickly after the emergence of an injury and continues for several weeks. Different climatic conditions or environment can affect injury improvement with respect to speed and quality of the repair. Key players are investing for improvement of the efficiency of amniotic membrane for widely acceptance. These factors fuels the market growth over the forecast period.
The global amniotic membrane market is anticipated to expand at a CAGR around 12.8% during 2017-2027. It is projected to reach USD 2.0 billion by 2027. The growth in the amniotic membrane market can be attributed to growing number of geriatric population and increase in the application of amniotic membrane.
The global amniotic membrane market can be segmented on the basis of type and application and end user. On the basis of type it is sub-segmented into lyophilized amniotic membrane and cryopreservation amniotic membrane. Lyophilized amniotic membrane is anticipated to be the leading segment on the account of storage of the membrane for a long period of time at room temperature. On the basis of application it is sub-segmented into surgical wound and ophthalmology. On the basis of end-user industry it is sub-segmented into research centers, laboratory, specialized clinics, ambulatory surgical centers and hospitals. Hospitals sub-segment is the largest sub-segment on the account of availability of highly developed diagnosis devices.
By region, global amniotic membrane market is segmented into North America, Asia-Pacific, Latin America, Europe, Middle East and Africa. North America is anticipated to contribute highest market share on the account of better healthcare facilities, increasing awareness regarding various healthcare amenities and high presence of key market players in the region. However, Asia-Pacific is expected to be the fastest growing region for the global amniotic membrane market on the account of rising population especially geriatric population which in turn increases the cases of the chronic diseases.
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Lack of Knowledge
It is difficult to understand the technical term associated with amniotic membrane as it requires biological knowledge and skilled person. Lack of skilled and experience professional limits the market growth over the forecast period as it requires standard guidelines on tissue engineering. Lack of awareness about the amniotic tissue based products is also projected to hamper the market in near future.
Our in-depth analysis segmented the global amniotic membrane market in the following segments:
By End-User Industry
Global amniotic membrane market is further classified on the basis of region as follows:
The increasing geriatric population coupled with rising transplant of the amniotic membrane is anticipated to drive the global amniotic membrane market during the forecast period. The increasing investment by key players in the research development in order to enhance focus on developing tissue cells and stem cells is also a major growth driver for the global amniotic membrane market. The increasing use of amniotic membrane in different applications is anticipated to propel the demand for the amniotic membrane. The changing demography coupled with ageing population is driving the market growth of the global amniotic membrane market. The increasing government approval to use amniotic membrane for clinical use is also major growth driver for the global amniotic membrane market.
However, less availability of expert healthcare professionals, high treatment cost and low product alternatives availability are some of the restraint associated with the global amniotic membrane market.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.