Extracellular Matrix in healthcare market was valued at US$ 24.30 million in 2018 and it is projected to reach US$ 47.46 million by 2027
NEW YORK, UNITED STATES, November 26, 2021 /EINPresswire.com/ — According to The Insight Partners market research study titled ‘Extracellular Matrix Market to 2027 – Global Analysis and Forecasts by Application, Raw Material and Geography. The report highlights the trends prevalent in the global extracellular matrix market and the factors driving the market along with those that act as challenges to its growth.
Report Coverage (Details)
Market Size Value in (US$ 24.30 million in 2018)
Market Size Value by (US$ 47.46 million by 2027)
Growth Rate (CAGR of 7.8% from 2019 to 2027)
Forecast Period (2019- 2027)
Base Year (2019)
No. of Pages (146)
No. Tables (52)
Segments covered (By Application, Raw Material, and Geography)
Regional scope (North America; Europe; Asia Pacific; Latin America; MEA)
Country scope (US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina)
Report coverage (Revenue forecast, company ranking, competitive landscape, growth factors, and trends)
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Extracellular matrix is present in outer side of the tissues and it helps tissues to bind the cells with collagen. It consists of structural proteins, glycoproteins, glycosaminoglycan and proteoglycans. Extracellular matrix enables recipient cells to regrow and thus it is used in various applications which include cardiac and vascular repair procedure. The growth of the Extracellular Matrix in healthcare market is attributed to the growth of the market are significantly increasing incidences of trauma and cardiovascular diseases, increasing vascular reconstruction procedures and increasing product launches. The market for the extracellular matrix is an emerging market which is has some challenges among which one of the challenge is using of decellularized extracellular matrix for the cardiovascular conditions.
Growing Applications of Extracellular Matrix in Healthcare to Drive Extracellular Matrix in Healthcare Market Growth
The significantly rising incidences of the orthopedic trauma conditions and cardiovascular diseases among others are the leading factors for the market growth. As a part of the treatment extracellular matrix serve several advantages for treating different chronic injuries caused due to surgery, accidents, chronic diseases and others.
Chronic diseases such as cancer, heart diseases, musculoskeletal diseases, and others are the leading causes of death and disability. The awareness about the technologically advanced treatment and minimally invasive procedures demands treatments that are effective in less time. Thus, one of the advantage of the extracellular matrix serve the demand of the patients. However, technically advanced procedures requires higher care cost, for instance, according to the National Center for Chronic Disease Prevention and Health Promotion, chronic diseases takes up US$3.3 trillion in annual health care costs. Therefore, the higher expenditures are also expected to drive the growth of market and provide better services.
CVDs, which was 31.0% of all the global deaths. Among these approximately 85% were due to heart attack and stroke. According to the European Cardiovascular Disease Statistics 2017, in Europe, every year cardiovascular disease (CVD) causes 3.9 million deaths and more than 1.8 million deaths in the European Union (EU).
The CVD accounts for 45.0% of all deaths in Europe and 37.0% of all deaths in the EU. CVD is the major reason of the death in men and women in all countries. Furthermore, as per the American Heart Association (AHA) 2019 statistics, 121.5 million adults in the U.S. which is around half of the US adult population, suffers from cardiovascular disease.
Moreover, the rise in the treatment for the musculoskeletal diseases are also expected to drive the market growth. For instance, according to WHO it is reported that between 20%–33% of people across the globe live with a painful musculoskeletal condition. Musculoskeletal diseases are one of the most common causes of severe and long-term pain as well as physical disability in the US. According to the American Society of Orthopedic Surgeons (ASOS), an estimated 126.6 million Americans in 2016 were affected by a musculoskeletal condition.
The COVID-19 crisis has overburdened public health systems in many countries and highlighted the strong need for sustainable investment in health systems. As the COVID-19 pandemic progresses, the healthcare industry is expected to see a drop in growth. The life sciences segment thrives due to increased demand for invitro diagnostic products and rising research and development activities worldwide.
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Extracellular matrix market was segmented by application and raw material. On the basis of the application the market is segmented as vascular repair and reconstruction, dural repair, wound healing, cardiac repair, pericardial repair and soft tissue repair. Based on the raw material the extracellular matrix market is segmented into bovine, porcine and others. Among the application segment soft tissue repair market held the largest market share. And on the basis of the raw material porcine segment held the largest market share.
Extracellular Matrix Market: Competitive Landscape and Key Developments
Admedus, Coloplast Group, Merck KGaA, Smith & Nephew, MTF Biologics, Lattice Biologics Ltd., COOK BIOTECH, INC., Medtronic, Aziyo Biologics, Inc., and DSM Biomedical.
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Source: EIN Presswire