The extracellular matrix (ECM) plays an important role in regulating cell behavior ranging from adhesion, migration and proliferation. ECM-based products are used to treat chronic wounds by facilitating new tissue formation. The global extracellular matrix market is estimated to be valued at US$ 46.12 Bn in 2023 and is expected to exhibit a CAGR of 5.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing incidences of chronic wounds such as diabetic foot ulcers, pressure ulcers, and venous leg ulcers is one of the major factors driving the growth of the extracellular matrix market. It is estimated that over 463 million people worldwide suffer from diabetes, which may lead to chronic wounds if not controlled properly. Additionally, the rising geriatric population is also susceptible to chronic wounds due to increased occurrences of diseases. According to the United Nations, the global geriatric population is projected to reach 1.5 billion by 2050 from 703 million in 2019. Thus, the rise in chronic conditions will augment the demand for ECM-based products for wound healing over the forecast period.
Segment Analysis
Extracellular matrix market can be segmented on the basis of type, application and end user. Based on type, the market is divided into collagens, proteoglycans, glycoproteins and others. Among these, collagens dominates the market as it is most widely used and abundant protein in ECM. It provides strength and support to tissues and plays a vital role in cell adhesion, growth and migration.
Key Takeaways
The global Extracellular Matrix market demand is expected to witness high growth during the forecast period of 2023-2030. The market is expected to reach US$ 46.12 billion by 2023 from US$ 41.15 billion in 2019, at a CAGR of 5.1%.
Regional analysis
North America region is dominating the extracellular matrix market owing to availability of advanced healthcare facilities and presence of many key players. Additionally, rising occurrence of chronic diseases has fueled demand for ECM derived therapeutics in this region. Asia Pacific is expected to witness fastest growth over forecast period. Growing medical tourism, improving healthcare infrastructure and rising awareness about ECM products are driving the market in Asia Pacific region.
Key players
Key players operating in the Extracellular Matrix market are VISUfarma, Johnson & Johnson, Otsuka Holdings Co. Ltd., OASIS Medical, Novartis AG, Sentiss Pharma Pvt. Ltd., AbbVie Inc. (Allergan PLC), Bausch Health Companies Inc., Santen Pharmaceutical Co. Ltd., and Sun Pharmaceutical Industries Ltd. among others. These players are focusing on new product launches, partnerships and geographical expansion to strengthen their market position
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