Increasing investments in the research and development of wound care products and growing incidences of diabetic gangrene on account of the high prevalence of diabetes are among the key factors driving the need for wound care biologics to facilitate healing. Globally, approximately 10% people suffer from diabetic gangrene and the geriatric population has been considerably expanding; these factors, alongside the increasing cases of burn injuries, are propelling the growth of the wound care biologics market.
The global wound care biologics market can be segmented by product, wound type, and end user.
On the basis of product, the market can be segmented into topical agents and biological skin substitutes. The biological skin substitutes segment is expected to dominate the market, due to the increasing incidences of hard-to-heal wounds.
Based on wound type, the market can be segmented into ulcers, burns, and surgical & traumatic wounds. The surgical & traumatic wounds segment is expected to witness significant growth during the forecast period, due to the high incidence rate of diabetic foot ulcers.
On the basis of end user, the market can be segmented into hospitals, ambulatory surgical centers, and burn centers. The hospitals segment is expected to grow at a significant rate during the forecast period.
Geographically, the wound care biologics market has been segmented into Asia Pacific, North America, Europe, and Latin America and the Middle East and Africa (LAMEA).
North America is expected to possess growth potential in the wound care biologics market, owing to the expanding geriatric population and increasing prevalence of diabetes, which leads to diabetic foot ulcers. Europe is pegged to be the second-most dominant region in the global wound care biologics market, owing to the increasing number of surgeries on account of surgical and trauma wounds. Increasing prevalence of pressure ulcers is another factor propelling market growth in the region.
Asia Pacific (APAC) is expected to be the fastest growing region during the forecast period, 2019–2026. The increasing number of accident cases on account of a lack of regard for traffic rules and high burning cases are among the key factors contributing to the demand for wound care biologics in the region.
Latin America shows moderate growth prospects on account of the increasing number of accidents. Increasing incidences of industrial burning in Mexico, Brazil, Rico, and Colombia are expected to provide impetus to market growth in the coming years. In the Middle East and Africa region, growing population and rise in per capita income collectively drive the growth of the wound care biologics market.
Some of the key players in the global wound care biologics market include Smith & Nephew (U.K), Molnlycke health care (Sweden), Integra Lifesciences Corporation (U.S.), Wright Medical (U.S.), MiMedx Group (U.S.), Lavior Inc. (U.S.), Kerecis (Iceland), and Anika Therapeutics (U.S.)