Skin Replacement and Substitutes Industry Share, Growth and Future Analysis

The global skin replacement and substitutes market value stood at $838.0 million in 2018, and it is expected to surge to $1,202.2 million by 2024. 
According to the estimates of the market research firm, P&S Intelligence, the market will demonstrate a CAGR of 6.3% from 2019 to 2024 (forecast period). The market is being driven by the growing incidence of burns, increasing focus of consumers on spending on appearance, and soaring prevalence of skin problems around the world. 
Globally, the number of burn cases is surging sharply. As per the data released by the World Health Organization (WHO) in 2018, burns claim the lives of around 180,000 people every year, with several low- and middle-income countries reporting a majority of these cases. Additionally, burns are one of the major causes of disability-adjusted life years (DALY) in low- and middle-income countries. For instance, more than 1,000,000 people are either severely or moderately burnt every year in India. 
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Thus, it can be safely said on the basis of these statistics that the demand for skin replacement and substitutes will surge in the forthcoming years, as these products facilitate rapid healing of burns. Apart from this factor, the growing exposure to infrared waves, X-rays, and ultra-violet waves is also driving the expansion of the skin replacement and substitutes market. As per a report produced by the American Academy of Dermatology in 2017, out of every three Americans, one has consulted a dermatologist for one or multiple skin diseases. 
Depending on product, the skin replacement and substitutes market is divided into cellular and acellular categories. Of these, the acellular category is predicted to contribute higher revenue to the market in the coming years. This is credited to the fact that it has the ability to serve a wide range of demographics. Moreover, it is also highly ideal for skin replacement and caters to both excised and superficial wounds. Moreover, the category is predicted to register rapid expansion in the coming years as well. 
Geographically, North America is currently contributing the highest revenue to the skin replacement and substitutes market and it is predicted to expand massively in the coming years as well. This is ascribed to the abundant availability of several wound care hospitals and clinics in the region. In addition, the growing healthcare expenditure, surging personal spending, and rapid advancements in the healthcare sector are also propelling the advancement of the market in the region. 
Whereas, the Asia-Pacific (APAC) region is predicted to be the fastest-growing region in the market in the near future. This will be because of the improving healthcare infrastructure, increasing occurrence rate of skin conditions, and rising prevalence of burns in the region. Furthermore, the growing personal spending in various Asian countries, such as India and China, on account of the growing per capita income, is also pushing up the demand for skin replacement and substitutes in the region. 
Hence, the demand for skin replacement and substitutes will surge sharply in the coming years, mainly because of the growing incidence of skin conditions and burns all over the world.