DUBLIN--(BUSINESS WIRE)--The "Amniotic Products Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Type, Application, End-user, and Geography" report has been added to ResearchAndMarkets.com's offering.
The amniotic products market is expected to grow from US$ 1,164.32 million in 2022 to US$ 1,889.07 million by 2028. It is estimated to grow at a CAGR of 8.4% from 2022 to 2028.
Amniotic products are the amniotic tissues and parts used to provide protection and support for the injured tissue and other body parts. The amniotic membrane and suspension are two products that can be used for treatment. The amniotic membrane is the innermost layer of the placenta that nourishes and maintains an unborn child. Amniotic fluid is the liquid that surrounds the baby until delivery.
Due to the high prevalence of burn wounds, demand for wound care biologics, such as amniotic membranes, has increased significantly. According to the WHO, many burn cases occur in low- and middle-income countries, with over 2-3rd occurring in the WHO African and Southeast Asian areas.
Every year, one million people in India suffer from mild to severe burns (Source: WHO). Other Southeast Asian countries, such as Bangladesh and Nepal, have a high rate of burn cases. An estimated 173,000 children in Bangladesh yearly suffer from moderate to severe burns. Burn is Nepal's second most prevalent injury, accounting for 5% of disability cases.
Based on type, the amniotic products market has been bifurcated into amniotic membranes and amniotic suspensions. The amniotic membranes segment is likely to hold the largest share of the market in 2022. The amniotic membrane segment growth is growing due to increasing research in stem cell and regenerative medicine, high R&D investments, and an increase in the number of surgeries conducted globally.
Further, they are commonly employed in the treatment of bacterial keratitis, corneal ulcers, cataract, glaucoma, bullous keratopathy, corneal degeneration, ocular dystrophy, eyelid reconstruction, and other eye surface problems. The expansion in the world's senior population increases the number of ophthalmology surgeries, , resulting in a growing need for tissue-based products.
Further, PalinGen, FloGraft, AmbioDisk, and AmnioFix are examples of commercially available dehydrated amniotic membranes. In addition, these membranes are widely used in the treatment and management of surgical wounds and incisions, owing to properties such as their ability to maintain a watertight seal, inhibit inflammatory responses, and prevent disease transmissions. Hence, these factors are driving the segment growth.
In December 2016, the US passed the 21st Century Cures Act. This new law was passed with the goal of advancing regenerative medicine research and medical innovation. The Act contains a number of provisions that could impact the development and approval of many products in the coming years.
A new "Regenerative Medicine Advanced Therapy" classification and a fast-track approval procedure for innovative regenerative medicine products and therapies have been developed due to this Act. The passage of this Act could lead to the approval of new regenerative medicine products and therapies in the US and a boost in regenerative medicine research and development.
It was designed to promote patient access to electronic health information, advance innovation, and address information blocking practices. The 21st Century Cures Act was created to help speed up medication development and approval processes, allowing for faster and more efficient delivery of new medical advancements to patients. These requirements are expected to improve interoperability and facilitate electronic health information access, exchange, and use.
Key Market Dynamics
Market Drivers
- Rising Incidence of Burn Injuries
- Increasing Number of Traumatic Wounds
Market Restraints
- Complications and Limitations Associated with Use of Amniotic Membranes
Market Opportunities
- Implementation of the 21st Century Cures Act (US)
Future Trends
- Increasing Demand for Stem Cell Research and Regenerative Medicine
Company Profiles
- MiMedx
- Smith & Nephew
- Integra LifeSciences
- Stryker
- Organogenesis
- Katena Products, Inc.
- NuVision Biotherapies Ltd.
- Lucina BioSciences
- Next Biosciences
- Sanuwave and Sanuwave Health, Inc.
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