Wound Care Biologics Market Size Is Projected To Reach US$ 2.3 Billion with 6.9% CAGR By 2025 | Share Analysis, Future Trends and Global Industry Insights
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Wound care biologics are classified as bioengineered products that are used for treating chronic wounds. The market for wound care biologics products are presumed to gain growth on the account of early intervention of diabetic’s ulcers can cause severe health issues such as hospitalization, infections, and amputation. Also, the market is expected to gain benefit from commercially available skin substitutes which have clinical and experimental evidence of efficacy in wound healing.
The global wound care biologics market was valued at US$ 1.2 billion in 2016 and is expected to exhibit a robust CAGR of 6.9% over the forecast period (2017–2025).
Rising cases of diabetes around the globe are projected to augment the market growth of wound care biologics
The market of wound care biologics market is projected to gain higher growth with the increase in diabetes cases around the globe, as diabetic patients are highly prone to develop diabetic ulcers. According to the Global Diabetes Community, 2017, an estimated 422 million adults are living with diabetes globally, and this is expected to increase to 642 million by 2040. Also, according to the Journal of Foot and Ankle Surgery, 2016, an increasing number of diabetic patients has led to an increased burden of diabetic complications, where peripheral neuropathy, foot ulceration, and Peripheral Arterial Disease (PAD) is twice as common for diabetic patients as compared to non-diabetics, affecting 30% of the diabetics aged 40 years and above. The Advances in Wound Care Journal, 2015, also stated that 15%–20% of the diabetic population is likely to develop chronic, non-healing foot wounds. Thus, wound care biologic products provides patients with a cost-effective option for managing chronic wounds, thereby reducing economic the burden of the patients.
On the other hand, the high cost associated with skin substitutes and related biologics is a prime factor expected to curb market growth. For instance, according to the Advances in Skin Substitutes Journal, 2014, the cost for each 1% body surface area covered with Epicel, is estimated to be over US$ 13,000. This, in turn, leads to increasing adoption of alternative and cost-effective wound care products, which is expected to negatively affect the growth of the market.
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Asia Pacific market to show the fastest growth over the forecast period
From the geographical perspective, Asia Pacific is assumed to perceive the fastest growth over the forecast period and this can be attributed to the rising prevalence of diabetes cases across Asian countries. According to the Indian Diabetes Research Foundation, 2016, around 60% of the world’s population suffering from diabetes lives in Asia, with around one-half in China and India combined. The Foundation also states that Western Pacific reported over 138.2 million people suffering from diabetes, the number for which is expected to rise to 201.8 million by 2035.
Additionally, the market is also expected to gain benefit from the rising trend of medical tourism in the Asia Pacific as the number of foreign patients is increasing, owing to affordable treatment facilitates at hospitals for wound care management in the region. According to the survey by Brink Global
Risk Center, 2017, around 4 million medical tourists traveled to India for health care services, 3.5 million foreign patients traveled to Thailand and 900,000 patients to Singapore in 2016, with the number expected to grow by 10%–14% by 2020
Rising incidence of chronic wounds and ulcers is projected to propel the market growth
Chronic wounds can lead to various impacts on the health and quality of life of patients as it is painful, cause emotional stress, restriction on daily activities, distress, depression, and anxiety. According to the Advances in Wound Care Journal, 2015, chronic leg and foot ulcers last for around 12 months on average, with recurrence affecting up to 65% of patients, leading to loss of function and decreased quality of life. It is also a major cause of morbidity. Growing incidence of traumatic events such as accidents, burn cases, chronic disease, systemic illness, surgery, and impaired mobility are the major factor increasing the incidence of chronic wounds. The World Health Organization (WHO) also states that burns are the leading cause of morbidity, including prolonged hospitalization, disfigurement, and disability-adjusted life-years (DALYs) lost in low- and middle-income countries. Therefore, these factors are projected to support market growth over the forecast period.
North America is projected to be the dominant region in the overall wound care biologics market and this can be attributed to the rising prevalence of chronic non-healing wounds which pose an economic burden to the healthcare system. According to the American Diabetes Association, 2016, the average cost of healing a single foot ulcer is US$ 8,000 and that of major amputation is $45,000. Furthermore, venous leg ulcers are the most common wound type in the U.S., affecting almost 2 million people.
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Major players operating in the global wound care biologics market are Smith & Nephew Plc., Organogenesis, Inc., Integra Lifesciences Holdings Corporation, Skye Biologics, Alphatec Holdings, Inc., Solsys Medical LLC, Amino Technology LLC, and Osiris Therapeutics, Inc.
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