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Wound Care Biologics Market Outlook 2023: Top Companies, Trends and Growth Factors Details for Business Development
Wound Care Biologics Market
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Key Players: Smith & Nephew (UK), Mölnlycke Health Care AB (Sweden), Integra LifeSciences Corporation (US), Wright Medical (US), MiMedx Group (US), Vericel Corporation (US), Anika Therapeutics (US), Osiris Therapeutics (US), Organogenesis (US), Kerecis (Iceland), Solsys Medical (US), ACell (US), and Marine Polymer Technologies, Inc. (US).
"The wound care biologics market is projected to grow at a CAGR of 9.8% during the forecast period."
The wound care biologics market is expected to reach USD 2.26 billion by 2023 from USD 1.42 billion in 2018, at a CAGR of 9.8%. Market growth is mainly driven by factors such as the increasing incidence of diabetic foot ulcers, increasing geriatric population, and increasing burn injuries globally. On the other hand, the high cost of wound care biologics and the higher rejection rate associated with skin grafts & substitutes will restrain the growth of this market.
"The biological skin substitute segment is anticipated to grow at the fastest rate in the next five years."
Based on product, the wound care biologics market is segmented into biologic skin substitutes and topical agents. The biological skin substitutes segment is estimated to account for the largest share in 2018 and grow at the highest rate from 2018 to 2023. The rising incidence of hard-to-heal wounds and their growing adoption (due to their high efficacy) are driving the growth of this product segment. The biological skin substitutes segment is further categorized into human donor tissue-derived products, a cellular animal-derived products, and biosynthetic products.
"Asia Pacific is estimated to grow at the highest CAGR during the study period."
Geographically, the wound care biologics market was dominated by North America, followed by Europe in 2017.The Asia Pacific market is estimated to register the highest growth during the forecast period primarily due to the presence of a large patient population, increasing penetration of key market players, and the large number of research and development activities for wound care biologic products.
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In the end, the Global Wound Care Biologics Market report's conclusion part notes the estimation of the industry veterans.
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