Jan 16, 2020 12:13 AM ET
Extracellular Matrix Market Size is Forecast to Grow at CAGR of 7.63% During 2019-2024
iCrowd Newswire -
Jan 16, 2020
The global Extracellular Matrix Market size is forecast to reach $38 million by 2024, growing at a CAGR of 7.63% during the forecast period 2019-2024. The rising cases of surgeries could impact the overall extracellular matrix market. Also, technological advancements in the field of extracellular matrix in the creation of easier to use products is another factor that is set to drive the market. The extracellular matrices usually contain: glycosaminoglycans, matrix metalloproteinases, cellular adhesion molecules as well as threonine proteases and is commonly used for tissue homeostasis.
- The North America region has been estimated to be dominating the market for extracellular matrix. The information for other major regions are also mentioned in the full extracellular matrix market report.
- The increasing focus on research for extracellular matrix products has the potential to drive the overall market. Other major market drivers mentioned in final report.
- The higher cost of the products will make consumers reluctant for purchase. This can be considered as a major market constraint. Other major market constraints is available in the full report.
Raw Material – Segment Analysis
The porcine ECM patch had been estimated to hold the largest share in the Raw material segment. This is owing to the high usage of these grafts in various surgical procedures and several other benefits of usage such as durability, pliability and reduced scar formation. However, the Bovine patches is estimated to have a higher CAGR since they have a reduced infection risk and are easier to handle in surgical procedures.
Application – Segment Analysis
The soft tissue repair segment had been estimated to account for the largest revenue share in the application segment. This is owing to the growing adoption of these patches by healthcare providers and the increasing awareness regarding their benefits. However, the vascular repair and reconstruction application is projected to have the fastest CAGR of 6.2% during the period under consideration owing to the increasing prevalence of vascular diseases and a rising geriatric population.
Geography – Segment Analysis
The North America Region was found to be the dominating region accounting for a higher extracellular matrix market share of 40%. This is owing to the increasing prevalence of cardiovascular diseases and other trauma cases, availability of advanced research laboratories and higher investment into development of new products. However, the APAC region is estimated to have the highest CAGR during the period under consideration. This is due to the rise in the prevalence of various diseases, trauma cases, rapid urbanization and rise in healthcare expenditure.
Drivers – Extracellular Matrix Market
- Increasing cases of tissue and organ damage
The increasing cases of tissue and organ damages has the potential to impact the overall market for extracellular matrix products. Also, technological advancements have helped in creating products that are easier to use and this factor can also increase the usage of the extracellular matrix products.
- Increased focus on research for these products
There is an increased focus among companies to perform research on this area so that advancements can be made. This focus on development have resulted in the creation of better products and this in turn, could result in the growth of the overall market.
Challenges – Extracellular Matrix Market
Since the extracellular matrix is a complex system, products made from this are higher priced. This factor has a potential to be a major challenge for the market as people with low income will be reluctant to adopt them.
Extracellular Matrix Industry Outlook
Product Launches and partnerships are the major strategies undertaken by the major players in the extracellular matrix market. The Extracellular Matrix top 10 companies include: Smith & Nephew, Boston Scientific Corporation, Koninklijke DSM N.V., Merck KGaA, Cook Group, MTF Biologics, Medtronic, Baxter, Aziyo Biologics, and Admedus Ltd., among others.
- On March 2017, Aziyo Biologics Inc. had launched a natural extracellular matrix scaffold named CanGaroo. This product is used to securely hold cardiac implantable devices to create a stable environment.
- On April 2019, Cook Biotech had announced a collaboration agreement with Progressive Medical for Biodesign Hernia Graft in the US. This is a sales collaboration.
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