The global wound care biologics market was valued at $1.4 billion in 2018 and is projected to reach $2.0 billion by 2024, progressing at a CAGR of 7.0% during the forecast period (2019–2024). Among the product type, the skin substitutes category held the largest revenue share in the market in 2018. It is also expected to witness the fastest growth during the forecast period. The market growth is mainly driven by rise in incidence of burn injuries, surge in geriatric population, introduction of innovative wound care biologics products, awareness programs for wound care treatment and management, and increase in research and development activities.
Potential Applications of Stem Cell Therapy is a Key Trend Observed in the Wound Care Biologics Market
Research studies evaluating novel stem cell-based therapeutics to limit the requirement of repetitive treatment is a key trend observed in the wound care biologics market. For instance, RenovaCare Inc.’s CellMist solution is a liquid suspension that contains patient’s own regenerative skin stem cells. The liquid solution is placed in a SkinGun that sprays the cells onto the wound sites to promote healing of burns and other wounds. Therefore, the use of stem cells has demonstrated considerable potential for improving the rate and quality of wound healing and regenerating the skin.
Wound Care Biologics Market is Likely to Witness Significant Growth in the Coming Years Mainly Due to Surging Geriatric Population
Globally, surge in geriatric population has led to high healthcare expenditure, which is driving the growth of the wound care biologics market. This is mainly due to the fact that elderly patients require extensive care as they are prone to illness, due to low immunity levels. In addition, aged people have weakened body functions, such as impaired blood circulation and reduced collagen deposition, which require longer recovery period for wounds to heal, in comparison to adults. According to the United Nations Department of Economic and Social Affairs (UNDESA) report on the World Population Aging, 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.
Segmentation Analysis of the Wound Care Biologics Market
Geographical Analysis of the Wound Care Biologics Market
Together, North America and APAC are expected to account for over 65% revenue share in the global wound care biologics market by 2024. This can be mainly attributed to the presence of large number of market players, high healthcare spending, and increasing research and development (R&D) activities taking place in these regions.
Browse report overview with detailed TOC on "Wound Care Biologics Market Research Report: By Product (Skin Substitutes, Growth Factors, Collagen-Based, Cell-Based, Enzyme-Based), Durability (Permanent, Temporary), Formulation (Topical), Application (Chronic, Acute), End-User (Hospitals & Specialty Clinics, ASCs, Home Care), Geographical Outlook (U.S., Canada, Germany, France, U.K., Italy, Spain, China, Japan, India, Australia, Mexico, Brazil, Saudi Arabia, South Africa, Israel) – Industry Size and Share Analysis and Growth Forecast to 2024" at:https://www.psmarketresearch.com/market-analysis/wound-care-biologics-market
Other geographies, such as Europe, LATAM, and MEA, also hold considerable revenue shares in the wound care biologics market, on account of rising incidence of burns and traumatic injuries, surging geriatric population, and large population base in these regions.
Competitive Landscape of the Wound Care Biologics Market
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 operating in the wound care biologics industry.
In May 2019, MediWound Ltd., an integrated biotechnology company, entered into an exclusive licensing and supply agreements with Vericel Corporation to commercialize NexoBrid, a topically-administered biologic product that removes eschar in patients with deep partial and full-thickness thermal burns, in North America. Under the terms of the agreement, MediWound Ltd. will be responsible for the development and commercialization activities of NexoBrid and to obtain the U.S. marketing approval from the United States Food and Drug Administration (USFDA). Some other important players operating in the wound care biologics market are Wright Medical Group N.V., Anika Therapeutics Inc., Vericel Corporation, MediWound Ltd., and RenovaCare Inc.
Market Segmentation by Product
Market Segmentation by Durability
Market Segmentation by Formulation
Market Segmentation by Application
Market Segmentation by End User
Market Segmentation by Geography