Report : Asia-Pacific Amniotic Products Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Type [Amniotic Membranes (Cryopreserved Amniotic Membranes and Dehydrated Amniotic Membranes) and Amniotic Suspensions], Application (Wound Care, Orthopedics, Ophthalmology, and Other Applications), and End User (Hospitals & Clinics, Ambulatory Surgical Centers, and Other End Users)
At 8.8% CAGR, the APAC Amniotic Product Market is speculated to be worth US$ 416.98 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the APAC amniotic product market was valued at US$ 251.74 million in 2022 and is expected to reach US$ 416.98 million by 2028, registering an annual growth rate of 8.8% from 2022 to 2028. Implementation of the 21st century cures act and increasing demand for stem cell research and regenerative medicine are the critical factors attributed to the market expansion.
In December 2016, the 21st Century Cures Act was passed. This new law was passed with the goal of advancing regenerative medicine research and medical innovation. The Act contains several provisions that could impact the development and approval of many products in the coming years. A new "Regenerative Medicine Advanced Therapy" classification and a fast-track approval procedure for innovative regenerative medicine products and therapies have been developed as a result of this Act. The 21st Century Cures Act was created to help speed up medication development and approval processes, allowing for faster and more efficient delivery of new medical advancements to patients. The application of these requirements is expected to improve interoperability and facilitate electronic health information access, exchange, and use. Therefore, the rise in funding allocation to surgery in low and middle-income countries would offer significant opportunities for the amniotic products market during the forecast period.
On the contrary, complications and limitations associated with the use of amniotic membranes secret hurdles the growth of APAC amniotic product market.
Based on type, the APAC amniotic product market is segmented into amniotic membranes and amniotic suspensions. The amniotic membranes segment held 84.2% market share in 2022, amassing US$ 211.96 million. It is projected to garner US$ 361.22 million by 2028 to expand at 9.3% CAGR during 2022–2028.
Based on application, the APAC amniotic product market is segmented into wound care, orthopedics, ophthalmology, and other applications. The periodontics segment held 39.4% market share in 2022, amassing US$ 99.21 million. It is projected to garner US$ 161.4 million by 2028 to expand at 8.5% CAGR during 2022–2028.
Based on end user, the APAC amniotic product market is segmented into hospitals and clinics, ambulatory surgical centers, and other end users. The hospitals and clinics segment held 49.0% market share in 2022, amassing US$ 123.47 million. It is projected to garner US$ 206.39 million by 2028 to expand at 8.9% CAGR during 2022–2028.
Based on country, the APAC amniotic product market is segmented into China, Japan, India, Australia, South Korea, and Rest of APAC. Our regional analysis states that Germany captured 27.5% market share in 2022. It was assessed at US$ 69.34 million in 2022 and is likely to hit US$ 118.16 million by 2028, exhibiting a CAGR of 9.3% during the forecast period.
Key players dominating the APAC amniotic product market are Integra LifeSciences; Katena Products. Inc.; MiMedx; NuVision Biotherapies Ltd; Organogenesis, Inc.; Sanuwave and Sanuwave Health, Inc.; Smith & Nephew; and Stryker among others.
- In Jun 2021, MiMedx Group, Inc. announced successful regulatory approval from the Japanese Ministry of Health, Labor and Welfare (JMHLW) known to market EPIFIX in Japan. The geographic expansion will increase revenue and customer bases. This will ensure growth in the further development in the nearby region.
- In Jan 2020, Integra LifeSciences Holdings Corporation entered into a definitive agreement to acquire ACell, Inc. (ACell) for a $300 million cash upfront payment at closing subject to customary purchase price adjustments and cash payments of up to an additional $100 million upon achievement of certain revenue growth milestones. ACell is an innovative regenerative medicine company with a product portfolio based on MatriStem UBM, a proprietary porcine bladder matrix platform technology. The transaction is expected to close in the first quarter of 2021, subject to the satisfaction of customary conditions, including regulatory approvals. The acquisition of ACell is the next step in expanding Integras' Orthopedics and Tissue Technologies (OTT) segment. Following the completion of the previously announced sale of Integras' orthopedic business, which is expected to occur in early January, OTT will be referred to as the Tissue Technologies segment.