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Wound Care Biologics Market
Valued around $1.4 billion in 2018, the global wound care biologics market is projected to generate revenue worth $2.0 billion by 2024, exhibiting a CAGR of 7.0% between 2019 and 2024.
Among all regions, North America is expected to lead the market during the forecast period. This can be mainly attributed to surging geriatric population, innovation in wound care biologics, increased participation of public and private organizations in raising awareness on wound care, and growing number of burn injury cases in the region. In addition, the growing incidence of ulcers and increasing preference of patients toward advanced wound care products that have minimal graft rejection and side-effects are resulting in the high adoption of wound care biologics in North America.
Dynamics of Wound Care Biologics Market
Increasing utilization of temporary and permanent skin substitutes and growing demand for combination dressings, for example, collagen hydrochloride and silver collagen, to prevent microbial infection in wounded areas are the key trends observed in the wound care biologics market. Furthermore, increasing focus of pharmaceutical and biotechnology companies on new biologics is resulting in the development of new, improved products that are helping wound care specialists in treating acute and chronic wounds, including diabetic foot ulcers (DFUs), venous leg ulcers (VLUs), pressure ulcers, and surgical and burn injuries, in a better way. For instance, in January 2019, Generex Biotechnology Corporation and Collagen Solutions Plc, a supplier of medical-grade collagen biomaterials for use in research, medical devices, and regenerative medicine applications, signed a manufacturing agreement to produce and package Generex Biotechnology Corporation’s Excellagen in two dose formulations for the initial product launch in the first quarter of 2019.
Moreover, surge in geriatric population is playing a pivotal role in the growth of the wound care biologics market. As compared to adults, aged people have weakened body functions, leading to longer recovery periods for wounds. The elderly people require extensive care, as they are more prone to illnesses due to low immunity levels. Thus, the demand for wound care biologics is quite high among the elderly, primarily for the management of chronic wounds. According to the United Nations Department of Economic and Social Affairs (UNDESA) report World Population Ageing, published in February 2018, the population of people aged 60 years and above is growing at a high rate. The number of people aged 60 years and above increased from 382 million in 1980 to 962 million in 2017 and is expected to reach 2.1 billion by 2050.
Besides, the increasing number of burn injuries caused by chemicals, friction, radiation, heat, and electricity is propelling the demand for wound care biologics globally and providing ample growth opportunities to the market players, in terms of product portfolio and market share expansion. According to the National Fire Protection Association (NFPA), in 2016, approximately 662,500 fire injuries occurred in the U.S. As per the World Health Organization (WHO) estimates, around 180,000 deaths occur every year due to burns, especially in low- and middle-income countries. In addition, non-fatal burns are the leading cause of morbidity around the world. Wound dressings products such as gauzes, sponge, bandages, collagen dressings, hydrocolloid dressings, and hydrogel dressings play an important role in the treatment of burns. Thus, the rising number of burn injury cases is supporting the growth of the wound care biologics market.
Structural Analysis of Wound Care Biologics Market
Under market segmentation by product, skin substitutes held the largest share in the wound care biologics market in 2018 and are also expected to witness the fastest growth in demand, exhibiting a CAGR of 7.4%, during the forecast period. This can be ascribed to their wide use of skin substitutes in the treatment of chronic wounds. Human- and animal-based skin substitutes have an intact extracellular matrix structure and allow the construction of natural dermis. In addition, skin substitutes possess excellent characteristics of re-epithelialization.
Furthermore, hospitals and specialty clinics were the largest end users of wound biologics and accounted for 81.3% market share in 2018. The high demand for wound care biologics in this end-user category is mainly because of the fact that patients with chronic wounds require treatment under the supervision of a trained healthcare professional.
Global Scenario of Wound Care Biologics Market
North America was the largest market for wound care biologics during the historical period and is expected to maintain the trend during the forecast period as well. This can be mainly attributed to the high presence of market players, rise in healthcare spending, and increase in research and development (R&D) activities in the region.
During the forecast period, the global wound care biologics market is expected to witness the fastest growth in the Asia-Pacific (APAC) region, mainly on account of technological innovations, growing geriatric population, increasing number of cases of burns and traumatic wounds, and rising prevalence of chronic wounds. According to World Population Ageing 2017, Asia is expected to witness a two-fold increase in its geriatric population, with the population aged 60 years or over projected to increase from 549 million in 2017 to nearly 1.3 billion by 2050. Moreover, as per the International Diabetes Federation (IDF), approximately 114.3 million diabetes cases were reported in China in 2017, and this number is projected to reach 183.0 million by 2045. Thus, factors such as rising prevalence of diabetes and growing number of people with obesity will continue contributing to the high demand for wound care biologics in the region.
Competitive Landscape of Wound Care Biologics Market
The wound care biologics market is fragmented in nature, and Mölnlycke Health Care AB, Integra LifeSciences Corporation, MiMedx Group Inc., Osiris Therapeutics Inc., Smith & Nephew plc, Organogenesis, and Acell Inc. are some of the major players engaged in the manufacturing and commercialization of wound care biologics.
Recent Strategic Developments of Major Wound Care Biologics Market Players
Key players operating in the wound care biologics market are actively engaged in business strategies, such as product launches, mergers and acquisitions, and geographical expansions, to gain a competitive edge in the industry. For instance, in June 2019, Smith & Nephew plc introduced the new PICO 14 single-use negative-pressure wound therapy (sNPWT) system, which has a pump duration of up to 14 days. The enhanced pump aids its use in large and deep wounds, with reduced user intervention.
Furthermore, in February 2016, Mölnlycke Health Care AB acquired Sundance Solutions, a company that manufactures patient therapeutic positioning, heel protection, patient turning, and pressure reduction products, to leverage the combined expertise in the field of pressure ulcer prevention.
Key Questions Addressed in the Report
The wound care biologics market would reach a value of $2.0 billion by 2024.
The wound care biologics industry will demonstrate a CAGR of 7.0% during 2019–2024.
The surging geriatric population is the biggest wound care biologics market growth driver.
The wound care biologics industry will register the highest growth in APAC during 2019–2024.
The wound care biologics market is highly fragmented in nature.