In 2023, the skin replacements and substitutes market brought in revenue totaling USD 1,178.2 million. With a projected compound annual growth rate (CAGR) of 7.0% from 2024 to 2030, it is anticipated to reach USD 1,869.2 million by 2030. This is mainly because of the increasing expenditure on appearance, growing populace, rising occurrence of burns and skin illnesses, and mounting life expectancy throughout the globe.
The growing burns occurrence is one of the sturdiest propellers in the industry. The WHO says that around 0.18 million individuals die of burns each year, while in India alone, more than 1 million individuals are affected by them.
The count of burn cases is lesser in high-income nations, while it is a key reason for disability-adjusted life years in low- and middle-income nations. Additionally, non-deadly burns are a key cause of illness. The mainstream of the cases is reported in homes and offices, among which most happen accidentally.
On the basis of product, the acellular category is projected to lead the skin replacements industry, with a revenue share of approximately 45% in 2030. An acellular skin replacement can be achieved in any demographic. It is suitable for the pediatric population, and it can be utilized in excised and insincere wounds.
Geographically, in 2023, the North American region will lead the industry, with approximately USD 0.6 billion in revenue, because of the growing expenditure on skincare, rising awareness of the appearance of advancing treatments obtainable, the growing pace of improvements in healthcare tech, and the existence of sophisticated medical facilities.
