Global Wound Care Biologics Market Economic Impact, Dynamics and SWOT Analysis By 2023
Global 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
Market Highlights
The global wound care biologics is anticipated to have held a market value of USD 1.20 billion in the year 2017 and is expected to grow at a CAGR of 9.9% during the forecast period. Biologic wound care products involve assisting in wound healing. Biologic wound care products restore the tissue integrity by regeneration and scar formation. It is gaining popularity as a treatment modality for the management of chronic wounds and burns injuries.
Growing aging population, increasing prevalence of chronic diseases and burn injuries, and increasing healthcare expenditure are expected to drive the growth of the market. According to the American Diabetes Association, in 2015, about 30.3 million suffer from diabetes in the Americas. Moreover, in the US, 486,000 were suffering from burn injuries from 2011 to 2015. On other hand, the high cost of treatment, lack of awareness, and poor education and training can restrain the market growth over the assessment period.
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Regional Analysis
Geographically, the Americas is expected to dominate the global market owing to the presence of well-developed healthcare sector, rising prevalence of diabetes, increasing rate of accidents and rising expenditure for the healthcare sector. Europe is expected to hold the second largest position in the global market owing to the growing prevalence of chronic diseases coupled with increasing occurrences of burn cases. Asia-Pacific is expected to be the fastest growing market owing to the large population base of the diabetic patients and increasing developments in the healthcare segment. Furthermore, the Middle East and Africa region is expected to account for the least market share in the global market.
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Segmentation
The global wound care biologics market has been segmented into product type, wound type, and end user.
Based on product type, the market is segmented into biological skin substitutes and topical agents. The biological skin substitutes segment is expected to account for the largest share and fastest growing segment of the global market in 2017. The market growth of the segment is attributed to increasing adoption and result oriented product.
Based on wound type, the market is segmented into ulcers, surgical & traumatic wounds, and burns. The ulcer segment has been further segmented into diabetic foot ulcer, pressure ulcer, venous leg ulcer, and others ulcer.
The global wound care biologics market, by end user, has been segmented into hospitals, clinics, and other end users.
Key Players
Some of the prominent players in the global wound care biologics market are Integra LifeSciences Corporation (US), Smith & Nephew (UK), Wright Medical (US), Mölnlycke Health Care AB (Sweden), MiMedx Group (US), Vericel Corporation (US), Anika Therapeutics (US), Osiris Therapeutics (US), Marine Polymer Technologies, Inc. (US), Kerecis (Iceland), Solsys Medical (US), ACell (US), and Organogenesis (US).
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