Rise in geriatric population and the increased adoption of amniotic membrane for varied applications are the major factors that drive the growth of this market
PORTLAND, OREGON, US, November 18, 2021 /EINPresswire.com/ — According to a new report published by Allied Market Research, titled, Amniotic Membrane Market by Product, Application, and End User: Global Opportunity Analysis and Industry Forecast, 2017-2023," the global amniotic membrane market was valued at $812 million in 2016, and is projected to reach $1,563 million by 2023, growing at a CAGR of 9.7% from 2017 to 2023. The cryopreserved amniotic membrane segment accounted for about three-fourth share of the global market in 2016.
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Amniotic membrane is the innermost layer forming the fetal membranes. Amniotic membrane has the ability to promote healing and hence it is being utilized in surgical procedures related to genitourinary tract, skin, brain, and head and neck. In addition, amniotic membrane can also be used as a dressing to ease ocular surface reconstruction and promote healing for various ailments.
The rise in geriatric population and the increased adoption of amniotic membrane for varied applications are the major factors that drive the growth of this market. However, dearth of healthcare professionals is the key restraint for the market growth. Moreover, the increase in awareness about the advantages of amniotic membrane in various surgical procedures that enhances the surgeries, would offer lucrative opportunities for the market growth in the foresee future.
The lyophilized amniotic membrane segment is expected to grow at a significant CAGR during the forecast period as lyophilized amniotic membrane can be stored at ambient temperatures for prolonged periods. Moreover, nearly 240 pieces of amniotic membrane are obtained from a single amnion sheet.
The surgical wounds segment accounted for the maximum share in terms of revenue in 2016 and is expected to grow at a CAGR of 8.9% during the forecast period. This is due to the challenges posed by surgical wounds as they can result in complications such as surgical ulcers.
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Key Findings of the Amniotic Membrane Market:
• The other applications segment accounted for about one-ninth share of the total market in 2016, and is expected to register a CAGR of 10.8% from 2017 to 2023.
• The ophthalmology segment accounted for one-fourth share of the total market in 2016 and is expected to grow at a high CAGR of 11.2% during the forecast period.
• The U.S. dominated the North American amniotic membrane market and is projected to grow at a CAGR of 9.2% from 2017-2023.
• Hospitals end user dominated the amniotic membrane market accounting for one-third share of the total market is expected to grow at a high CAGR of 10.0% during the forecast period.
Asia-Pacific is expected to witness highest growth rate in the global market and is expected to continue this trend throughout the forecast period. This is owing to high population density and rise in disposable income across the countries such as India and China. In addition, rapid growth in geriatric population and increase in number of ophthalmic diseases in the developing economies boost the market growth.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.
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Source: EIN Presswire