According to a new research study by Global Insight Services (GIS), the amniotic products market is expected to grow rapidly over the next 10 years to reach a value of more than the US $720 million by 2031.
Amniotic fluid is the protective liquid enclosed by the amniotic membrane that serves as a cushion for the growing fetus and facilitates the exchange of nutrients, water, and biochemical products between mother and fetus. Amniotic-derived products, comprising amniotic membrane and amniotic fluid products, are one subtype of orthobiologic that is being considered as a potential treatment option through augmentation of joint inflammation and healing. Amniotic membranes (AM) were initially employed for the treatment of skin disorders such as burns, ulcers, and wounds. The presence of a wide range of products of amniotic products used in the treatment of diseases is sustaining the need of healthcare facilities.
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Amniotic Products Market: Key Drivers
Growing incidence of burn injuries
The high incidence of the burn wound is likely to boost the growth of the market during the forecast period. According to WHO, an estimated 180,000 deaths every year are caused by burns-the high majority occur in low and middle-income economies. In India, over 1,000,000 people are moderately or severely burnt per year. Nearly 173,000 Bangladeshi children are moderately or severely burnt every year. Also, in Bangladesh, Colombia, Egypt, and Pakistan, 17% of children with burns have a temporary disability and 18% have a permanent disability.
Implementation of the 21st Century Cures Act (US)
The 21st Century Cures Act was signed into law in the US in December 2016. Among other objectives, this new law has been enacted to advance regenerative medicine research and medical innovation. The Act includes various provisions that may impact the development and approval of several products in the upcoming years. Under this Act, a new “Regenerative Medicine Advanced Therapy” designation has been established, along with a fast-track approval pathway for new regenerative medicine products and therapies. The implementation of this Act can potentially result in the approval of new regenerative medicine products and therapies in the US, as well as stimulate R&D activities in the field of regenerative medicine.
Report Findings
The amniotic membrane segment is likely to dominate the market at a CAGR of XX% during the forecast period.
The key factors such as more effectiveness with compare to amniotic suspension is likely to propel the market growth.
The wound care segment is likely to dominate the market at a constant rate of XX% during the projection period.
The key factors such as the growing incidence of ulcers, traumatic and surgical wounds, and burns and the need for advanced technologies for the treatment is likely to boost the growth of the market.
The hospitals segment is likely to dominate the market at a CAGR of XX% during the forecast period.
The key factors such as the use of amniotic products for ocular use or for using them in tendon and ligament repair are mostly procured in the hospitals coupled with reimbursement policies of this product is easily attained in hospitals are propelling the growth of the market.
Competitive Landscape
The key players in the global amniotic products market is MiMedx, Smith & Nephew, Organogenesis Inc., Integra LifeSciences, Stryker, Applied Biologics, Celularity, Inc., Katena Products, Inc., Lucina BioSciences, Next Biosciences, Skye Biologics Holdings, LLC, Surgenex, TissueTech, Inc., Ventris Medical, LLC, StimLabs LLC, VIVEX Biologics, Inc., LifeCell International Pvt. Ltd., NuVision Biotherapies Ltd., Genesis Biologics, Surgilogix, Tides Medical, Orthofix Medical Inc., AlloSource, Merakris Therapeutics, and MTF Biologics among others.
