Wound Care Biologics Market Size Detail Analysis focusing on Key Players like Smith & Nephew, Integra Life Sciences, M lnlycke Health Care AB, Mimedx Group, Wright Medical, Osiris Therapeutics, Kerecis, Amnio Technology, Derma Sciences, Solsys Medica
Wound Care Biologics Market will exceed USD 2.5 billion by 2025; as per a new research report.
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Key industry players operational in wound care biologics market includes Smith & Nephew, Integra Life Sciences, M lnlycke Health Care AB, Mimedx Group, Wright Medical, Osiris Therapeutics, Kerecis, Amnio Technology, Derma Sciences, Solsys Medica and Skye Biologics. Prominent industry players implement several organic as well as inorganic growth strategies for maintaining their market share. For instance, in January 2017, Integra Life Sciences acquired Derma Sciences. This acquisition will enable Integra Life Sciences to expand its product portfolio that will also help in increasing company s revenue.
Rising government initiatives that helps in lowering the cost of wound care biologics will prove beneficial for industry growth. Recently developed wound care biologic products are relatively expensive and thus, would create affordability issues. Therefore, government in developing countries implements certain initiatives that will resolve the affordability issues and will subsequently increase their demand over the forthcoming years. Moreover, the government in developed countries is engaged in lowering the prices of wound healing products being utilized by ambulatory surgical centers and public hospitals that further stimulates the wound care biologics market growth.
Rising geriatric population will also impact the wound care biologics market positively. Geriatric population is susceptible to chronic diseases that raises the demand for surgical procedures. Extensive usage of wound healing products in surgical and post-surgical procedures will substantially enhance wound care biologics market growth. However, lack of trained physicians in underdeveloped countries for carrying out the tissue engineering and other wound care treatment may affect the wound care biologic industry growth during the forecast period.
Topical agent segment will witness 8.9% CAGR during the analysis period. Topical agents include ointments, creams, lotions. Recently developed topical agents are also known to stimulate the process of wound healing. Doctors and physicians have high preference for using topical agents as they possess similar level of efficacy as that of the oral formulations. Also, topical agents have fewer side effects that will increase its demand over other wound healing products accelerating the segmental growth.
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Venous leg ulcers segment was valued USD 195.0 million in 2018 and is expected to have enormous growth throughout the analysis period. Venous leg ulcers are often caused due to obstruction in the functioning of blood supply from legs to heart for purification. The veins in the leg can disrupt and stop blood supply causing weakening of skin due to increased pressure on the limbs. This reduces the rate of wound healing and makes a person more susceptible to leg ulcers on occurrence of any sort of minor injury. Skin substitutes are preferred in the treatment of venous leg ulcers that should propel segmental growth.
Hospitals segment will grow at 8.8% till 2025 as a result of growing utilization of wound healing products such as topical agents and skin substitutes in hospitals. Growing cases of diabetic foot ulcers, venous leg ulcers, surgical wounds and burns will increase the demand for wound care biologic products utilized in healing the post-surgical wounds thus, positively influencing the segmental growth.
India wound care biologics market accounted for 19.5% revenue share of the Asia Pacific wound care biologics market in 2018 and is anticipated to witness exponential growth during forecast timeframe. Also, there are improvements in the Indian public healthcare system that ensures availability of superior quality wound healing products. Moreover, prevalence of chronic diseases such as diabetes and STDs such as AIDS is high amongst the Indian population that increases the demand for surgical procedures proving beneficial for industry growth. Additionally, public organizations take initiatives to ensure optimal availability of medical resources that includes variety of wound dressings augmenting the industry growth in foreseeable future.
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