Bioengineered artificial skin, also known as bioengineered skin substitutes, are used as temporary wound cover for burn patients until sufficient skin grows back or a skin transplant can be performed. Bioengineered artificial skin acts as an impressive barrier against infections and fluid loss for severely burned patients. It is biodegradable and allows patient's own cells to gradually populate and replace it.

The global Bioengineered Artificial Skin Market is estimated to be valued at US$ 510 million in 2023 and is expected to exhibit a CAGR of 16.% over the forecast period 2023 to 2032, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:
According to the World Health Organization (WHO), burn injuries account for over 180,000 deaths worldwide every year. With increasing cases of burn injuries due to industrial and fire accidents, the demand for bioengineered artificial skin is increasing significantly. As bioengineered artificial skin assists in effective treatment of burn wounds and reducing fatalities associated with severe burns, the rising incidence burn injuries present a lucrative market opportunity for growth of the bioengineered artificial skin market over the forecast period. Bioengineered artificial skin substitutes efficiently treat burn injuries and expedite healing process without risk of disease transmission or rejection, which helps save lives and reduces healthcare costs associated with long treatment of severe burn injuries.

Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as the market requires significant R&D investments and manufacturing capabilities to produce bioengineered artificial skin. However, partnership with established players can reduce the entry barriers.

Bargaining power of buyers: The bargaining power of buyers is high given the availability of substitute wound healing products. Buyers can negotiate on price and demand additional services.

Bargaining power of suppliers: The bargaining power of suppliers is moderate since raw materials for bioengineered artificial skin such as collagen and peptides have few substitutes. Suppliers may charge higher prices.

Threat of new substitutes: The threat of new substitutes is high as wound healing alternatives like skin grafts and wound dressing are continuously evolving.

Competitive rivalry: The competitive rivalry is high among existing players due to their global presence and new product launches.

SWOT Analysis
Strength: Rapid adoption in burn treatment and skin grafting, increasing wound care expenditure, growing demand for minimal invasive treatments.
Weakness: High costs impact affordability, limited market awareness, long regulatory approval process.
Opportunity: Untapped growth potentials in emerging markets, rise in incidence of skin diseases and injuries, partnerships to expand geographical footprints.
Threats: Reimbursement issues vary globally, entry of local generic substitutes, complications associated with wound healing process.

Key Takeaways
The global Bioengineered Artificial Skin Market is expected to witness high growth during the forecast period 2023 to 2028.

Regional analysis: In the Asia Pacific, countries like India, China and Japan are expected to be the fastest growing regional markets due to continuously evolving healthcare infrastructure, rising medical tourism, growing obesity rates and diabetic population.

Key players: Key players operating in the Bioengineered Artificial Skin market are Smith & Nephew, MiMedx, Organogenesis, Integra LifeSciences, Tissue Regenix and Mylan. Smith & Nephew offers skin substitute products like Dermagraft and Orcel while Organogenesis provides wound care products like Apligraf and Gintgraft.