The global amniotic membrane market is project worth $ 5.83 Billion by 2026 and the market is projected to showcase 12.7% CAGR during the forecast period. Increasing awareness among the people in the recent past has led to a surge in the number of transplants leading to rising demand for these tissue-based products. It has also led to increase in the number of donations thus, boosting market growth.
Increasing hazardous cases in trauma, burnt cases and leading to cure through surgeries, also increasing awareness highlighting the benefits of amniotic membrane based products are boosting the demand for the products driving the global amniotic membrane market. Increasing cases of cosmetic surgeries performed worldwide is also another factor likely to drive the growth of market during the forecast period. Amniotic membrane is also being utilized in the healing of a large number of ocular surface diseases as it protects surfaces from microbial colonization minimizing the risk of infections.
Numerous NGOs such as American Association of Tissue Banks which regulates tissue donation in the U.S. Presence of similar tissue banks is to ensure zero infection transmission which leads to diseases, which, sequentially, accelerates market growth by increasing the demand. Moreover, a number of medical institutions are trying to bring in novel areas of application for these products by focusing on the research activities in regenerative medicines and applications of stem cell. This is among the other prime factors that are likely to maintain market expansion globally. Cryopreserved amniotic membrane is widely used in hospitals, Ambulatory Surgical Centers (ASCs), and few other specialty clinics. Lyophilization of the tissue post donation conserve the biological and histological activity of the tissue facilitating faster wound recovery.
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Among the regions, North America amniotic membrane market is a leading having the maximum share owing to presence of a large number of key companies and high incidence of infectious and chronic diseases. This region is expected to continue having the maximum market share during the forecast period. The Asia Pacific amniotic membrane market is anticipated to record the highest CAGR during the forecast period owing to growing population and rising incidence of burn injuries and chronic diseases.
The key players catering to the global amniotic membrane market are Amnio Technology, Alliqua BioMedical Inc.; Applied Biologics LLC; Katena Products, Human Regenerative Technologies DermaSciences; Skye Biologics, Inc. and MiMedx Group Inc. The global players are continuously investing in R&D activities and innovating to have updated product portfolio to attract more and more business opportunity from the emerging nation such as India and China. Further changing customers’ preferences are encouraging global players to develop innovative technology solution to cater best to the market. Also, Increasing R&D investments coupled with technological advancements to commercialise highly efficient products are anticipated to offer lucrative opportunities for industry participants.