Wound Care Biologics Research Report: Information by Product Type (Biological Skin Substitutes, Topical Agents), by Wound Type (Surgical and Traumatic Wounds, Diabetic Foot Ulcer, Pressure Ulcers), End User (Hospitals, Clinics)—Forecast till 2023
The global Wound Care Biologics Market Trends stood at USD 1.20 Bn in 2017 and is touted to expand at a CAGR of 9.9% over the forecast period of 2018-2023, reveals Market Research Future (MRFR) in a detailed research report. The field of wound care biologics includes growth factors, skin substitutes, collagen dressings, etc. which assist in creating an active healing environment for the healing of wounds naturally.
Various factors have been instrumental in shaping the growth of the global Wound Care Biologics Market Trends. Among them, rising incidences of burn injuries constitute for a major factor. Wound care biologics are gaining popularity as a treatment modality for the management of burn injuries where there is insufficient skin for grafting. Wound care biologics can provide temporary or permanent coverage of burn wounds, with the advantage of availability in large quantities and little or no risk of immunologic issues or infection.
Rapid growth in the global geriatric population acts as a fuel for the growth of the global Wound Care Biologics Market Trends. The rapid growth in the geriatric population will raise the incidences of chronic wounds which would consequently boost the demand for wound care biologics product.
Rising prevalence of diabetic foot ulcers has contributed significantly to the growth of the global Wound Care Biologics Market Trends. Global prevalence of diabetes augments the chances of patients developing diabetic ulcers which can have severe implications if untreated.
Raising awareness regarding the availability of wound care biologics, rising standards of livings and greater affordability further supports the growth of the market.
Innovations such as PDGF, RegranexTM, MicroRNA-based therapeutics, small molecule antagonists, use of biomarkers, and VEGF- and GM-CSF-based cosmeceuticals in the field of wound care biologics spurred the growth of the market. However, such as options are associated with high failure rate, and there remain large unmet needs for new effective treatments for acute wounds which are likely to restrain the growth of the market over the forecast period. High costs of wound care biologics and stringent regulatory norms for approval remain major hurdles for the growth of the global Wound Care Biologics Market Trends. Meanwhile, improving reimbursement policies is expected to provide growth opportunities to the market over the forecast period.
The global Wound Care Biologics Market Trends has been segmented based on product type, wound type, and end user.
By product type, the market has been segmented into biological skin substitutes and topical agents. The biological skin substitutes segment was the largest as well as the fastest growing segment in 2017.
By wound type, the market has been segmented into ulcers, surgical & traumatic wounds, and burns. The ulcers segment has been further segmented into diabetic foot ulcers, pressure ulcers, venous leg ulcer, and others.
By end user, the market has been segmented into hospitals, ambulatory surgical centers, and clinics.
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The Americas, Europe, Asia-Pacific, and the Middle East & Africa are the key markets for wound care biologics. The Americas dominate the global Wound Care Biologics Market Trends, the US and Canada being the key contributors to the Americas market. Robust healthcare sector, growing prevalence of diabetes, rising incidences of accidents and high healthcare expenditure support the growth of the Americas market for wound care biologics.
Europe accounts for the second largest share of the market on account of growing prevalence of chronic diseases and burns cases in the region.
Asia Pacific market is touted to be the fastest growing market for wound care biologics. Presence of a large base of the diabetic population and advances in the healthcare sector contribute to the growth of the market.
The Middle East & Africa market is expected to exhibit sluggish growth owing to the limited availability of healthcare facilities and lack of affordability and awareness.
Some of the major players in the global Wound Care Biologics Market Trends include Solsys Medical (US), ACell (US), Organogenesis (US), Anika Therapeutics (US), Integra LifeSciences Corporation (US), MiMedx Group (US), Kerecis (Iceland), Vericel Corporation (US), Marine Polymer Technologies, Inc. (US), Wright Medical (US), Mölnlycke Health Care AB (Sweden), Osiris Therapeutics (US), and Smith & Nephew (UK).