July 7th, 2022
The global wound care biologics market revenue stood at $1.4 billion in 2018, and it expected to surge to $2.0 billion by 2024. According to the estimates of the market research company, P&S Intelligence, the market will progress at a CAGR of 7.0% from 2019 to 2024 (forecast period). The surging population of geriatric people, growing prevalence of burns and accidents, soaring number of surgeries, and increasing occurrence of chronic wounds are the major factors propelling the growth of the market across the globe.
Get Detailed Analysis on the Wound Care Biologics Market Size, and Demand Forecast
According to the World Population Ageing 2020 report published by the United Nations Department of Economic and Social Affairs (UNDESA), the population of people aged 65 years or above will rise from 727 million in 2020 to more than 1.5 billion by 2050. Since geriatric people have weaker body functions and thus, they need longer recovery time periods for healing from wounds, their growing population is propelling the worldwide demand for wound care biologics.
Besides, the surging number of burn injuries caused due to chemicals, radiation, friction, electricity, and heat is also fueling the expansion of the wound care biologics market and creating immense growth opportunities for the players operating in the market. As per the National Fire Protection Association (NFPA), around 662,500 fire injuries were recorded in the U.S. in 2016. Further, according to the World Health Organization (WHO), nearly 180,000 deaths occur each year because of burns, particularly in low- and middle-income countries.
This is ascribed to the fact that these products have an intact extracellular matrix structure and facilitate the development of natural dermis. Additionally, skin substitutes have re-epithelialisation characteristics. The wound care biologics market is also categorized, on the basis of application, into chronic wounds and acute wounds. Between these, the chronic wounds category contributed higher revenue to the market in the past. This was because of the high incidence of chronic wounds, including pressure ulcers, venous leg ulcers (VLUs), and diabetic foot ulcers (DFUs).
Geographically, the Asia-Pacific (APAC) and North American regions are predicted to account for more than 65% of the revenue share in the wound care biologics market in the forthcoming years. This is credited to the existence of several market players, growing healthcare expenditure, and surging research and development (R&D) activities in the region. The European region is also exhibiting rapid expansion, on account of the growing incidence of burns in the regional countries, such as Germany, which is predicted to dominate the regional market in the coming years.
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