Extracellular Matrix Market Size Worth $52.72Mn, Globally, by 2028 at 7.6% CAGR - Exclusive Report by The Insight Partners

The extracellular matrix market size is projected to reach $52.72 million by 2028 from $31.49 million in 2021. It is estimated to grow at a CAGR of 7.6% from 2021 to 2028.

New York, Feb. 11, 2022 (GLOBE NEWSWIRE) -- The latest research study on “Extracellular Matrix Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Raw Material (Bovine, Porcine, and Other Raw Material) and Application (Soft Tissue Repair, Dural Repair, Wound Healing, Cardiac Repair, Pericardial Repair, and Vascular Repair and Reconstruction)”, published by The Insight Partners. The extracellular matrix market growth is driven by the significant rise in CVDs and trauma and an increase in vascular reconstruction procedures. However, the challenges faced in using decellularized extracellular matrix hamper the market's growth. On the other hand, untapped opportunities in developing nations are expected to offer lucrative prospects to the market players to capitalize and expand their customer base in Asia and Latin America.

Report Coverage Details
Market Size Value in US$ 31.49 million in 2021
Market Size Value by US$ 52.72 million by 2028
Growth rate CAGR of 7.6% from 2021 to 2028.
Forecast Period 2021-2028
Base Year 2021
No. of Pages 160
No. Tables 57
No. of Charts & Figures 72
Historical data available Yes
Segments covered Raw Material and Application
Regional scope North America; Europe; Asia Pacific; Latin America; MEA
Country scope US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Report coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Extracellular Matrix Market: Competitive Landscape and Key Developments
Anteris, Aziyo Biologics, Inc.; Coloplast Group; Cook Biotech, Inc.; DSM Biomedical; Baxter International Inc.; Medtronic; Merck KGaA; MTF Biologics; and Smith & Nephew are the leading companies operating in the global extracellular matrix market. These players focus on expanding, diversifying their market presence, and acquiring a novel customer base, thereby tapping prevailing business opportunities.

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In February 2021, Aziyo Biologics. announced the product design completion for Cangaroo with antibiotics, the next generation of the company's canGaroo envelope. CanGaroo is the only commercially available biological envelope that produces a natural, vascularized pocket for the implantation of electronic devices. The new product design incorporates the CanGaroo tissue technology, which has been strengthened with the antibiotics rifampin and minocycline to lower the risk of post-operative infections.

In August 2021, Medtronic announced that it had entered into a definitive agreement with Intersect ENT, a global ear, nose, and throat (ENT) medical technology leader, dedicated to transforming patient care.

In January 2021, Merck KGaA announced a strategically focused expansion of its neurology pipeline with the acquisition of Chord therapeutics, a Swiss-based biotherapeutics company, focused on rare neurological disorders.

In 2020, North America dominated the extracellular matrix market. The US holds the largest share of the market in this region. The market growth in the country is attributed to the rising prevalence of wounds and injuries. It is mainly driven by the significant rise in cardiovascular disorders among the American population. According to the American Heart Association report published in 2019, approximately 840,678 people died in 2016 due to some cause of cardiovascular diseases. It is stated that one in every three people die due to cardiac conditions.

Diabetic foot ulcer is another leading cause for the market's growth. It is a severe complication associated with diabetes mellitus. The extracellular matrix is used to treat this kind of foot ulcer, also called diabetic foot. Along with cardiovascular diseases, the prevalence of diabetes has also increased. As per the Centers for Disease Control and Prevention's report 'Diabetes Report Card,' published in 2018, approximately 1.5 thousand new diabetes cases were diagnosed among people ranging from 18 years to 79 years in 2017. These facts indicate that the rising prevalence of chronic and wound diseases is likely to propel the market during the forecast period.

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Rising Incidences of Cardiovascular Disorders and Trauma Boosts Extracellular Matrix Market Growth:
The significant rise in the cases of orthopedic trauma conditions and cardiovascular diseases is the leading factor behind the growth of the global extracellular matrix market. As a part of the treatment, the extracellular matrix offers several benefits in treating different chronic injuries caused due to surgery, accidents, chronic diseases, and other incidents. Moreover, heart failure and myocardial infarction incidences are increasing among the aging population. The minimally invasive treatment for these cardiovascular treatments procedures requires an extracellular matrix. A patient suffering from heart disease fails to restore the functional properties of cardiac tissue. The extracellular matrix's ability to regrow and promote adaptive repair and regeneration enables patients to recover their normal functions. Also, it has shown promising clinical outcomes for tissue engineering in the treatment of cardiovascular diseases and other health conditions.

Furthermore, the rising incidences of cardiovascular diseases are expected to drive the growth of the extracellular matrix. For instance, according to WHO data published in 2019, an estimated 17.9 million people died from CVDs 2019, representing 32% of all global deaths. Of these deaths, 85% were due to heart attack and stroke. According to the European Cardiovascular Disease Statistics report of 2017, in Europe, each year cardiovascular disease (CVD) causes 3.9 million deaths and over 1.8 million deaths in the European Union (EU).

Extracellular Matrix Market: Segmental Overview
Based on the raw material, the extracellular matrix market is segmented into bovine, porcine, and other raw materials. The porcine segment is expected to hold the largest share of 43.76% of the extracellular matrix market in 2021.

Based on the application, the extracellular matrix market has been segmented into soft tissue repair, dural repair, wound healing, cardiac repair, pericardial repair, and vascular repair and reconstruction. The soft tissue repair segment is likely to account for a larger market share in 2021. However, the vascular repair and reconstruction segment is expected to register a higher CAGR in the market during the forecast period.

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The COVID-19 pandemic has heavily affected North American countries, including the US and Canada. These countries reported the highest numbers of COVID-19 positive cases. The US registered the highest number of deaths due to the COVID-19 pandemic. With the chaotic situation erupted in the medical industry across the region, the demand for diagnosing and therapeutic devices dramatically increased in hospitals. For instance, the demand for ventilators, respirators, and in vitro diagnostic (IVD) tests has risen drastically in hospitals in North America.

The FDA has increased its efforts to support people's health and has imposed several guidelines and for hospitals and medical device companies. Various companies also enhanced their research and development activities for diagnostics tests and therapeutic devices. Although the healthcare sector has witnessed SARS, H1N1, and other outbreaks in the last few years, the severity of the COVID-19 has made the situation more complicated due to its mode of transmission. North America has witnessed a growing number of COVID-19 cases since its outbreak. The pandemic is straining public health systems globally, interrupting and delaying many critical healthcare services. A recent survey by the World Health Organization (WHO) states that healthcare is among the most frequently disrupted services due to the pandemic.

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