The growth of the global wound care biologics market is driven by growing burden of burn injuries and road accidents, surge in incidences of chronic diseases, and advancements in wound care management.
PORTLAND, Ore., Aug. 15, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Wound Care Biologics Market by Product (Biological Skin Substitutes and Topical Agents), by Wound Type, (Acute Wound and Chronic Wound.), and by End User, (Hospitals and Clinics, Wound Centers and Burn Centers, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global wound care biologics industry generated 1.8 billion in 2022, and is anticipated to generate $3.3 billion by 2032, witnessing a CAGR of 6.1% from 2023 to 2032.?
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Biologics are the treatment products that are extracted from living organisms, such as human cells, animal tissues, or microorganisms. Wound care biologics are widely used to treat chronic and acute wounds, such as surgical wounds, diabetic ulcers, and pressure sores. It is a cutting-edge solution that promotes healing, reduces pain, relieves itching and irritation, and prevents infection.
Prime determinants of growth
The growing burden of burn injuries and road accidents, surge in incidences of chronic diseases such as diabetes, rise in number of surgeries, and advancements in wound care management drive the growth of the global wound care biologics market. However, the high cost associated with wound care biologics and stringent regulations for manufacturing of wound care products restrict the market growth. Moreover, growth opportunities in emerging markets such as availability of improved healthcare infrastructure, rise in the prevalence of chronic diseases such as diabetes, cardiovascular conditions, and establishment of hospitals and research institutes present new opportunities in the coming years.
Report coverage & details:
Report Coverage | Details |
Forecast Period | 2023-2032 |
Base Year | 2022 |
Market Size in 2022 | $1.8 billion |
Market Size in 2032 | $3.3 billion |
CAGR | 6.1 % |
No. of Pages in Report | 255 |
Segments covered | Product, Wound Type, End User,?and Region. |
Drivers | Increase in prevalence of HIV and cancer Surge in incidences of chronic diseases and surgeries Advancements in wound care management |
Opportunity | Growth opportunities in emerging markets |
Restraints | High cost of wound care biologics Stringent regulations for manufacturing of wound care products |
Impact of Covid-19 on Wound Care Biologics Market
- COVID-19 pandemic had a negative effect on the global wound care biologics market, owing to a decrease in demand for wound care biologics products.
- In addition, delays in diagnosis or treatment for chronic diseases and delays in research and development activities hampered the market growth during pandemic.
- However, the market has recovered after pandemic, and is showing stable growth, owing to increase in number of patient visits for diagnosis of chronic diseases, rise in advancements in wound care biologics, and rise in research and development activities in wound care.
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The biological skin substitute segment to maintain its leadership status throughout the forecast period
Based on product, the biological skin substitute segment held the largest market share in 2022, accounting for more than four-fifths of the global wound care biologics market revenue and is estimated to maintain its leadership status throughout the forecast period. This segment is projected to manifest the highest CAGR of 6.3% from 2023 to 2032, owing to high adoption of biological skin substitutes for treating a variety of wound types, such as chronic wounds, burns, and surgical wounds.
The chronic wound segment to maintain its leadership status throughout the forecast period
Based on wound type, the chronic wound segment held the largest market share in 2022, accounting for around three-fourths the global wound care biologics market and is estimated to maintain its leadership status throughout the forecast period. This segment is projected to manifest the highest CAGR of 6.3% from 2023 to 2032, owing to the rise in number of elderly individuals experiencing chronic wounds and growing awareness about advanced wound care.
The hospitals and clinics segment to maintain its lead position during the forecast period
Based on end user channel, the hospitals and clinics segment accounted for the largest share in 2022, contributing to nearly half of the global wound care biologics market revenue, and is projected to maintain its lead position during the forecast period. This segment is projected to manifest the highest CAGR of 6.7% from 2023 to 2032, owing to the presence of specialized wound care departments or dedicated wound care centers within hospitals. These facilities are equipped with advanced infrastructure, specialized healthcare professionals, and the necessary resources to administer wound care biologics effectively, which supports the segment growth.
North America to maintain its dominance by 2032
Based on region, North America held the largest market share in terms of revenue in 2022, accounting for more than two-fifths of the global wound care biologics market revenue and is likely to dominate the market during the forecast period. Easy availability of products for treatment, well-developed healthcare infrastructure, and rise in prevalence of chronic wounds such as diabetic foot ulcer promote the growth of the wound care biologics market in North America. However, the Asia-Pacific region is expected to witness the fastest CAGR of 7.2% from 2023 to 2032. High prevalence of geriatric population with increase in need of diagnostic procedures, surge in prevalence of chronic wound and acute wound, rise in research and development activities and surge in healthcare expenditure in the Asia-Pacific region are expected to drive the growth of the wound care biologics market.
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Leading Market Players: -
- ConvaTec Group plc
- Integra LifeSciences Holdings Corporation
- Kerecis
- Lavior Pharma Inc.
- MIMEDX Group, Inc.
- Organogenesis Holding Inc.
- Skye Biologics Holdings, LLC
- Smith & Nephew plc
- Stryker Corporation.
- Tissue Regenix Group Plc
The report provides a detailed analysis of these key players in the global wound care biologics market. These players have adopted different strategies such as product launch, product approval, and acquisition to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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