Global Statistics Representing Wound Care Biologics Market Scenario
High demand for wound care biologics in treating burn injuries and diabetic ulcers and skin grafting to enhance the healing process drives market growth. Increasing incidences of chronic diseases such as diabetes among the geriatric population, which is more susceptible to chronic wounds, is positively influencing market growth. Additionally, increasing incidences of burn injuries and rising mortality associated with burn injuries are further accelerating the demand for wound care biologics. As per the World Health Organization (WHO), around 1,80000 deaths occur annually because of fire injuries, which is a major factor propelling market growth. Favorable government initiatives towards increasing awareness and stimulating adoption of wound care biologics are further expected to provide impetus to market growth. For instance, ‘Heal Not Hurt’ is one such campaign organized by wound care specialists, along with Molnlycke Health Care, to spread awareness regarding the pain and trauma associated with wounds.
The global wound care biologics market was valued at around USD 1,120 million in 2017 and is expected to grow at a CAGR of 9.8% during the forecast period.
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 biological skin substitutes and topical agents. The biological skin substitutes segment is expected to hold the largest market share, owing 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 ulcers segment is expected to dominate the market, owing to the adoption of wound care biologics for ulcer and burn injury treatment.
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 hold a significant market share during the forecast period.
Geographically, the global wound care biologics market has been segmented into Asia Pacific, North America, Europe, and Latin America and the Middle East and Africa (LAMEA).
The North America market is expected to hold a prominent market share during the forecast period, owing to the increasing number of geriatric patients in the region. According to a report by the Centers for Disease Control and Prevention (CDC), in 2017, more than 100 million U.S. adults were living with diabetes. This sizable diabetic patient pool witnesses increasing incidences of chronic wounds and consequently, contributes to market growth. Additionally, rising standard of living and increasing disposable income simultaneously enhance the quality of wound care.
The market in Europe is expected to attain significant traction during the forecast period with the increasing preferences towards junk food leading to complex ulcer cases. Additionally, according to the European Commission, in 2018, old-age dependency ratio in Europe is increased to 21.6% and it is estimated that it will increased to 29.6% in 2016 to 51.2% in 2070. Chronic diseases associated with increasing age such as diabetes significantly contribute to the growth of the wound care biologics market.
Asia Pacific is expected to register significant growth during the forecast period, owing to the high prevalence of diabetes. According to the Indian Diabetes Research Foundation (IRDA), in 2016, around 60% of the world’s population suffering from diabetes resided in Asia, with around one half in China and India combined. Moreover, rising medical tourism in Asia Pacific is another key driver driving the growth of the wound care biologics market.
The Middle East and Africa market for wound care biologics exhibits huge growth potential with increasing healthcare spending and improved healthcare infrastructure in the region.
Some of the major players in the global wound care market are Smith & Nephew (U.K), Molnlycke health care (Sweden), Integra Lifesciences Corporation (U.S.), Wright Medical (U.S.), MiMedx Group (U.S.), MiMedx Group (U.S.), Kerecis (Iceland), and Anika Therapeutics (U.S.).
Wound Care Biologics Market Segmentation
By Wound Type
By End User
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