The escalating incidence of chronic wounds and skin ailments has driven the development of global bioengineered artificial skin. With continuous technological progress in skin substitute products, innovative solutions are emerging to address these health challenges. As healthcare spending rises, the demand for effective interventions grows, prompting the exploration of regenerative medicine options like artificial skin. This convergence of factors underscores the significance of bioengineered skin as a promising avenue to enhance wound healing and treat various akin conditions.
According to Coherent Market Insights, The market for Bioengineered Artificial Skin was estimated at US$ 3.16 billion in 2022 and is anticipated to grow at a CAGR of 21.5% from 2023 to 2030 to reach US$ 15.00 billion.
Major Players in the Bioengineered Artificial Skin Industry:
1. Stratatech Corporation
Founded in 2000, Stratatech Corporation is based in Madison, Wisconsin, USA. It operates in multiple countries including the United States, Canada and select European nations. The company specializes in developing innovative regenerative medicine solutions for treating severe burns and chronic wounds. A notable recent development includes the FDA approval of StrataGraft, a bioengineered skin substitute to promote wound healing and treat severe burns.
2. Avita Medical
Avita Medical, established in 1992 and headquartered in Valencia, California, USA, operates globally, with a presence in regions such as North America, Europe and Asia. The company specializes in advanced wound care and regenerative medicine. Their RECELL autologous Cell Harvesting Device is a breakthrough product that recently expanded FDA approval for the treatment of pediatric patients.
3. TissueTech
Founded in 2001, TissueTech is headquartered in Miami, Florida, Usa and operates in multiple countries, including US and Canada. The company specializes in developing regenerative tissue products. A recent development is their product Amevive, a cryopreserved amniotic membrane, gaining FDA clearance for the treatment of keratoconjunctivitis.
4. Smith & Nephew
Smith & Nephew, established in 1856 and headquartered in London, UK, has a global presence, operating in more than 100 countries. The company focuses on medical technology and advanced wound management. Their product PICO, a single-use negative pressure wound therapy system, is a recent innovation aimed at improving wound healing outcomes.
5. Organogenesis Holdings Inc.
Founded in 1985, Organogenesis is based in Carton, Massachusetts, USA. The company operates worldwide including markets in the United States, Europe and Asia. Specializing in regenerative medicine and advanced wound care, their Apligraf product, a living cell-based bioengineered skin substitute, received FDA approval for the treatment of venous leg ulcers.
6. LifeNet Health
LifeNet Health, established in 1982 and headquartered in Virgina Beach, Virgina, USA, has a global reach, operating in countries like the United States, Canada and the UK. The company specializes in biologics and regenerative medicine, including skin grafts. Recently, the company introduced AlloPatch HD, a human dermal allograft, as an innovative addition to the wound care solutions.
*Definition- The global bioengineered artificial skin market encompasses companies specializing in innovative solutions for wound care and regenerative medicine through the development of synthetic skin substitutes.
