The global amniotic products market revenue is expected to reach USD 1,451.2 million by 2030, exhibiting a CAGR of 8.7% during 2022–2030.
Over the course of the projection period, it is predicted that initiatives such as escalating investments, a rise in partnerships, collaborations, and acquisition and creative product development techniques will fuel market expansion. Typically, amniotic membranes are utilized as a surgical graft or as a biological bandage for maintaining and treating wounds.
To assure placental donations, the majority of industry players work closely with tissue banks and hospitals. The American Association of Tissue Banks (AATB) has granted accreditation to nearly all of the major companies to deliver high-quality and sterile products. During the projected period, these factors are anticipated to support the market's expansion. Furthermore, prominent firms are mostly engaged in creating and advertising membranes that are only targeted at particular application fields. For instance, MiMedx Group Inc.'s AmnioFix is a dehydrated amniotic membrane that is used specifically for surgical incisions because it functions as a barrier membrane and lessens the production of scar tissue.
Moreover, the 21st Century Cures Act's implementation in the U.S. is creating a lucrative growth opportunity for the sector. This is because in order to advance regenerative medicine research and medical innovation, this new law was passed. The Act has a number of measures that could have an effect on how many products are developed and approved in the upcoming years. A fast-track regulatory pathway and a new "Regenerative Medicine Advanced Therapy" designation have both been established by this Act for innovative regenerative medicine products and therapies. The passage of this Act may lead to the US FDA's approval of fresh regenerative medicine treatments and products, as well as a boost in regenerative medicine-related research and development.
On the basis of end user segment hospital held the largest market share of 55% globally. This is credited to the fact that patients visit hospitals frequently because they are the primary care settings that make a variety of ailments easy to treat. One more reason that is predicted to boost market expansion is the increasing use of amniotic membranes in Ambulatory surgery centers (ASCs). These products are simple to apply, efficient, and help the wound heal without requiring numerous trips to clinics or hospitals. This encourages the segment's expansion.
The specialty clinics category to witness a high growth rate in the upcoming years. The study takes into account a variety of specialty clinics, including dermatology, plastic surgery, and burn facilities. Amniotic membranes are widely used in these contexts, promoting segment growth, as the majority of them call for techniques to stop infections and speed up wound healing. Due to rising R&D expenditures by leading market competitors and hospitals to comprehend potential applications of the products, research and academic institutions also hold a sizable portion of the global market. The amniotic membrane offers stem cells a substrate that can be exploited in a variety of diverse applications, driving an increase in research into the topic.
As per regional analysis over the course of the forecast period, the Asia-Pacific market is expected to develop significantly at a CAGR of 9%. The majority of the nations in this region are seeing economic growth, and disposable income is rising gradually. Numerous global corporations are making notable investments in this area. Large unmet demands and growing healthcare infrastructure, particularly in Japan and India, are other key elements expected to boost industrial expansion.
Moreover, significant increase in investment by both domestic and foreign firms in the region, a large pool of patients suffering from chronic and infectious diseases, a shift in government policy in favour of supporting basic research and development, and a rise in healthcare and industrial infrastructure is adding to the market's expansion.
Key players in the market include MiMedx, Smith & Nephew, Organogenesis Inc., Integra LifeScienes, Stryker, Applied Biologics, Celularity Inc., Skye Biologics Holdings LLC, Lucina BioSciences, and Next Biosciences.