Amniotic membrane market accounted for US$ 198 million in 2020 and is estimated to be US$ 736.9 million by 2029 and is anticipated to register a CAGR of 15.7%
The report "Global Amniotic Membrane Market, By Type (Cryopreserved Amniotic Membrane and Lyophilized Amniotic Membrane), By Application (Surgical Wounds, Ophthalmology, Stem Cell Biology, Regenerative Medicine, Prenatal Diagnosis, and Others), By End-user (Hospitals & Clinics, Ambulatory Surgical Centers, Research Centers & Laboratory, and Others), and By Region (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa) - Trends, Analysis and Forecast till 2029”.
Key Highlights:
· In February 2020, Integra LifeSciences Holding Corporation, a leading global medical technology company, announced the launch of AmnioExcel Plus Placental Allograft Membrane, its latest wound care offering to support soft tissue repair.
· In May 2019, Adynxx, Inc., a clinical-stage biopharmaceutical company leading the development of transcription factor decoy technology and first-in-class therapeutics for the treatment of pain and inflammatory diseases announced the completion of its merger with Alliqua BioMedical, Inc. The aim of this merge is to focus on the development of novel, non-opioid therapeutics for the treatment of pain and inflammatory diseases.
Analyst View:
According to the Global Burden of Diseases, in 2017, around 8,99,10,460 cases of burn injuries were recorded worldwide. High incidence of burn injuries, the inflammatory and anti-scarring properties of the amniotic membrane are responsible for decreasing intensified inflammation and discomfort, thus fueling the market growth. In addition, as per the American Society of Plastic Surgeons report in 2017, 17.5 million people opt for surgical cosmetics products in the U.S. as people are conscious of skin improvement.
Rising use of the amniotic membrane in ophthalmic plastic and reconstructive surgeries
Increased use of the amniotic membrane in ophthalmic plastic and reconstructive surgeries to ease scarring and diagnose quickly is driving the global market growth. In addition, the growing number of patients opting for surgeries, for the aesthetic appeal, is also propelling the growth of the amniotic membrane market. For instance, in 2018, according to the American Society of Plastic Surgeons, 17.7 million cosmetic procedures were performed. Amniotic membranes are cheaper as compared to the xenografts and allografts, which in turn promotes market growth. Also, growth in product demand for cosmetic surgeries and reconstructive surgeries is fueling the overall market growth.
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Key Market Insights from the report:
The global Amniotic Membrane market accounted for US$ 198 million in 2020 and is estimated to be US$ 736.9 million by 2029 and is anticipated to register a CAGR of 15.7%. The market report has been segmented on the basis of type, application, end-user, and region.
· Depending upon type, the cryopreservation amniotic membrane segment is anticipated to dominate the target market by the end of 2029, owing to rising number of acular surgeries. Additionally, the lyophilized amniotic membrane segment is expected to register the highest CAGR from 2019-2029, owing to the growing number of surgeries, increasing number of reconstruction procedures and cosmetic surgeries.
· Depending upon the application, the ophthalmology segment is projected to grow at a high CAGR in the upcoming years. This is mainly attributed due to the wide use of ophthalmology treatment in the number of conditions such as cicatricial pemphigoid and Stevens-Johnson syndrome, pterygium, and persistent epithelial defects with ulceration, conjunctival surface reconstruction.
· In terms of end-user, hospitals & clinics are the primary care settings facilitating easy treatment for a wide range of diseases. It holds highest market share due to the frequent patient visits and its potential cater to a varied range of surgical interventions.
· By region, North America dominated the target market in 2019, owing to the presence of the leading companies and well-developed healthcare infrastructure. In addition, increased focus on alternative technologies and the adoption of advanced technologies is further expected to boost the growth of the market in this region. Europe estimated for the second-largest revenue and is projected to register a CAGR of 11.9% in the upcoming years. The adoption of publicly funded universal health care systems and the presence of the target population are the key major factors for the growth of the global market. Furthermore, the growing prevalence of chronic diseases is anticipated to accelerate market growth in this region. According to the World Health Organization (WHO), chronic diseases account for about 86% of deaths in the European region.
Competitive Landscape:
The prominent player operating in the global amniotic membrane market includes Amnio Technology, LLC, Applied Biologics LLC, Amniox Medical, Inc., AlloCure, Alliqua BioMedical, Inc., FzioMed, Inc., Skye Biologics, Inc., IOP Ophthalmics, CESCA THERAPEUTICS, Bellicum Pharmaceuticals, and Human Regenerative Technologies, LLC.
The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.
