Medical Tourism to Provide High-value Opportunity for Tissue Engineered Skin Substitute Market, reports TMR
The global market for tissue engineered skin substitutes is mostly consolidated as four companies currently maintain a strong hold over revenue shares in market value. The top three players in 2014 were Acelity, Smith & Nephew, and Molnlycke. Their collective share in market value in 2014 was 51.4%. Most commonly, the key providers of tissue engineered skin substitutes offer a wide product profile, invest heavily in research and development to stay ahead of the pack, and possess strong marketing processes and distribution networks. As a result, although the collective share of regional tissue engineered skin substitute providers is quite large, the reach of key players coupled with the strict set of guidelines governing the release of any product in the market, have created only a moderate threat level from new entrants. The global market for tissue engineered skin substitutes is expected to generate revenue at a highly positive CAGR of 17.2% within a forecast period from 2015 to 2023. This market is expected to generate a revenue of US$1.2 bn by the end of 2016, and US$3.87 bn by 2023. Download Exclusive Brochure of This Report : http://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=3854 Medical Tourism Creates Wide Revenue Stream for Tissue Engineered Skin Substitute Providers “Medical tourism, as an industry, is already a multi-billion dollar one and is showing an annual growth rate in double digits,” states a TMR analyst. “The use of tissue engineered skin substitutes in developed nations is not only growing in numbers, but is also over-expensive and unaffordable for some without a feasible reimbursement policy. As a result, a large number of patients seeking tissue engineered skin substitute treatment are doing so through medical tourism.” Nations such as Thailand, Malaysia, India, and Singapore are at the forefront of medical tourism and can offer state of the art technologies for tissue engineered skin substitute treatment at a much cheaper rate than that from North America or Europe. Additionally, medspas, or medical clinics that include a day spa, are a highly preferred place for treatment and healing by the elderly, especially for cases such as treatment of ulcers and venous diseases. Their higher number in developing economies is another factor driving the scope of medical tourism in the tissue engineered skin substitute market.