TORONTO, July 30, 2013 /PRNewswire/ -- According to Millennium Research Group (MRG), the global authority on medical technology market intelligence, the United States market for skin replacements and substitutes will see moderate market expansion, driven primarily by favorable demographics. However, a lack of clinical support will somewhat limit this market over the next few years.
Favorable demographics will drive increased use of both biosynthetic skin replacements and biological skin substitutes through 2021 as the elderly, obese and diabetic populations expand in the US. Individuals in these groups are more prone to developing chronic wounds, which will drive adoption of these products.
This market will, however, continue to face competition from products such as moist wound dressings and negative pressure wound therapy (NPWT) devices, which are considered first-line treatments for most chronic wounds. On a per-unit basis, these alternative treatments are often far less expensive than skin replacements and substitutes, and as a result they will continue to be attractive to cost-conscious facilities.
"Companies will need to invest in additional clinical trials in order to encourage greater adoption of their products," said MRG Analyst Daniel Brown. "Given that alternative treatments are often less costly, physicians and facilities will want to see clinical evidence supporting the efficacy of skin replacements and substitutes. The lack of strong clinical evidence will limit this market for the next few years, but the publication of trials that are currently in progress will eventually lead to stronger product adoption, pending positive results."
MiMedx Group's EpiFix biosynthetic product, which was launched in 2012, will see particularly strong adoption through 2021. This product is a unique nonliving amniotic allograft-derived biosynthetic skin replacement that can purportedly be used for a wide range of indications at a lower per-treatment cost than other major products on the market. In particular, the injectable version of the EpiFix will see rapid revenue growth because this product is easy to use and effective for treating wounds that would otherwise be difficult to navigate. MiMedx currently has two studies underway in an effort to have the products approved for reimbursement under Medicare, which will further encourage adoption should the trials prove successful.
Millennium Research Group's US Markets for Skin Replacements and Substitutes 2013 report includes unit, average selling price and revenue information, along with market drivers and limiters and a competitive landscape for biological skin substitutes and biosynthetic skin replacements in the United States.
About Millennium Research Group
Millennium Research Group (www.MRG.net), a Decision Resources Group company (www.DecisionResourcesGroup.com), is the global authority on medical technology market intelligence and the leading provider of strategic information to the healthcare sector. The company provides specialized industry expertise through multiclient market research, ongoing Marketrack™ projects, customer loyalty tracking, facility-level procedure forecasting, and customized solutions.About Decision Resources Group
Decision Resources Group is a cohesive portfolio of companies that offers best-in-class, high-value information, and insights on important sectors of the healthcare industry. Clients rely on this analysis and data to make informed decisions. Please visit Decision Resources Group at www.DecisionResourcesGroup.com.
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|SOURCE Millennium Research Group|
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