According to the estimates of the market research firm, P&S Intelligence, the market will demonstrate a CAGR of 6.3% from 2019 to 2024 (forecast period). The market is being driven by the growing incidence of burns, increasing focus of consumers on spending on appearance, and soaring prevalence of skin problems around the world.
Thus, it can be safely said on the basis of these statistics that the demand for skin replacement and substitutes will surge in the forthcoming years, as these products facilitate rapid healing of burns. Apart from this factor, the growing exposure to infrared waves, X-rays, and ultra-violet waves is also driving the expansion of the skin replacement and substitutes market. As per a report produced by the American Academy of Dermatology in 2017, out of every three Americans, one has consulted a dermatologist for one or multiple skin diseases.
Geographically, North America is currently contributing the highest revenue to the skin replacement and substitutes market and it is predicted to expand massively in the coming years as well. This is ascribed to the abundant availability of several wound care hospitals and clinics in the region. In addition, the growing healthcare expenditure, surging personal spending, and rapid advancements in the healthcare sector are also propelling the advancement of the market in the region.
Hence, the demand for skin replacement and substitutes will surge sharply in the coming years, mainly because of the growing incidence of skin conditions and burns all over the world.
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