Wound Care Biologics Market Overview
Wound care biologics are bioengineered products used for wounds, which are not healed and are of low extremity. The global wound care biologics market is driven by rising prevalence of chronic conditions, increasing incidence of burns, increasing prevalence of skin diseases, and surge in the number of surgeries.
Based on product, the wound care biologics market is bifurcated into biological skin substitutes; which is further sub-categorized into human donor tissue-derived, acellular animal-derived, and biosynthetic products; and topical agents. Among these, the biological skin substitutes category is predicted to lead the market in the coming years, mainly due to the growing prevalence of various chronic diseases, across the globe. The World Health Organization (WHO) stated that the global prevalence of chronic conditions like diabetes increased from 108 million in 1980 to 422 million in 2014. Another report by the Centers for Disease Control and Prevention (CDC) stated that the prevalence of diabetes in the U.S. increased from 0.93% in 1958 to 7.40% in 2015.
On the basis of application, the wound care biologics market is categorized into chronic wounds like venous ulcers, diabetic foot ulcers, and pressure ulcers; and acute wounds like surgical and traumatic wounds, and burns. Chronic wounds are expected to be the dominant category in the market in the future, with diabetic foot ulcers being the most common category for which these products will be used. According to the International Diabetes Federation (IDF), diabetes affected over 425 million as reported in November 2018. Since the prevalence of diabetes is on a rise, therefore chances of patients having diabetic foot ulcers would also increase, which in turn, increase the demand for the products during the forecast period.
Further, on the basis of end user, the wound care biologics market is classified into hospitals and specialty clinics, home healthcare settings, and long-term care settings. Increasing usage of wound care biologics products in hospitals for the treatment of ulcers, burns, and accidents causing chronic wounds will augment the growth of the market. Home healthcare settings will be the fastest growing category in the wound care biologics industry in the coming years. According to the Family Caregiver Alliance, a community-based non-profit organization based in California, the U.S., the number of individuals using home healthcare services is likely to be around 27 million people by 2050 in the country, mainly on account of growing older population that require care.
Geographically, North America is expected to hold the largest share in the wound care biologics market. According to the CDC, 6 in 10 adults in the U.S have a chronic disease and the government spends $3.3 trillion annually for treating chronic conditions. The American Diabetes Association released a new research in March 2018 estimating that the total costs of diagnosed diabetes increased to $327 billion in 2017 from $245 billion in 2012. However, Asia-Pacific is the fastest growing market, owing to the fact that healthcare facilities are increasing in emerging countries like India and China for rising population.
Wound Care Biologics Market Dynamics
Growth Drivers and Restraints
The driving factors for wound care biologics market are growing geriatric population, rising cases of accidents and burns, and increasing chronic conditions. Increased geriatric population is leading to rise in chronic conditions, which in turn, boost the demand for the products. The WHO states that diabetes is one of the four most chronic diseases prevalent in the world. Foot ulcers are one of the major complications in diabetes. The IDF states that half of the global diabetic healthcare spending is spent in North America.
Also, according to WHO, the global diabetes prevalence increased from 4.7% in 1980 to 8.5% in 2014. Another report by IDF states that western Pacific region has recorded maximum number of cases for diabetes. In the region, the prevalence cases of diabetes were 138 million in 2014, which are expected to rise to 202 million by 2035. Such findings are expected to increase the demand for the products, thereby propelling the wound care biologics market growth.
However, high cost of wound care biologics products cannot be afforded by patients of developing and least developed countries. This might restrain the market growth.
Wound Care Biologics Market Competitive Landscape
Leading players in the wound care biologics industry are working towards expanding their product portfolio through acquisitions. For instance, in January 2018, Smith & Nephew plc acquired Ceterix Orthopedics Inc., a developer of NovoStitch Pro Meniscal Repair System. The acquisition was the part of the company’s strategic plan to expand the business and meet unmet clinical needs.
Some other major players operating in the global wound care biologics market are Organogenesis Inc., Integra Lifesciences Holdings Corporation, Skye Biologics Inc., Alphatec Holdings Inc., Solsys Medical LLC, Amino Technology LLC, and Osiris Therapeutics Inc.
The study provides the historical as well the forecast market size data for various countries including the U.S., Canada, France, Germany, the U.K., Italy, Spain, Japan, China, India, Brazil, Mexico, Saudi Arabia, and South Africa.