Wound Care Biologics Market by Region - Global Industry Insights, and Forecast to 2025

 

Wound Care Biologics Market

Bioengineered products called wound care biologics are used to treat non-healing lower extremity wounds. As early intervention of diabetic ulcers can prevent serious complications like infection, hospitalisation, and amputation, demand for wound care biologic products is anticipated to rise significantly. Since the commercially available skin substitutes have clinical and experimental evidence of efficacy in wound healing, the market for wound care biologics is anticipated to grow significantly.

Given that diabetic patients are more likely to develop diabetic ulcers, the market for wound care biologics is anticipated to grow significantly with the rise in the prevalence of diabetes worldwide. According to the Global Diabetes Community, 642 million adults will have diabetes worldwide by 2040, up from an estimated 422 million in 2017. Peripheral neuropathy, foot ulceration, and peripheral arterial disease (PAD) are twice as common in diabetic patients as they are in non-diabetics, affecting 30% of diabetics aged 40 and older, according to the Journal of Foot and Ankle Surgery, 2016. This has led to an increase in the burden of diabetic complications.

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).

Additionally, according to the Advances in Wound Care Journal from 2015, 15% to 20% of people with diabetes are likely to experience chronic, non-healing foot wounds. In order to manage chronic wounds affordably and lessen the financial burden of the patients, wound care biologic products are offered to them. The high cost of skin substitutes and associated biologics, however, is a significant barrier to the market's expansion. For instance, the Advances in Skin Substitutes Journal (2014) estimates that the cost of using Epicel to cover 1% of a body's surface area will be more than $13,000. As a result, alternative and less expensive wound care products are adopted more frequently, which is expected to have a negative impact on market growth.

Over the course of the forecast, Asia Pacific is anticipated to experience significant growth in the global market for wound care biologics. The high prevalence of diabetic patients in Asian nations is to blame for this. In 2016, the Indian Diabetes Research Foundation estimates that 60% of people with diabetes live in Asia, with China and India accounting for the majority of those cases. The Foundation also notes that Western Pacific reported having more than 138.2 million diabetics, with a projected increase to 201.8 million by 2035.

Moreover, a significant factor in the market's growth is the expansion of medical tourism in Asia and the Pacific. The number of foreign patients is rising as a result of hospitals offering more affordable treatment options for managing wounds. In 2017, approximately 4 million medical tourists travelled to India for medical treatment, 3.5 million foreign patients travelled to Thailand for medical treatment, and 900,000 patients travelled to Singapore for medical treatment. This number is predicted to increase by 10% to 14% by 2020, according to a survey by the Brink Global Risk Center.

Because chronic non-healing wounds are becoming more common and cost the healthcare system money, North America is predicted to dominate the wound care biologics market. The average cost of treating a single foot ulcer in 2016 was $8,000, and the average cost of a major amputation was $45,000, according to the American Diabetes Association. Additionally, with nearly 2 million cases, venous leg ulcers are the most prevalent type of wound in the United States.

Major Companies involved 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.

Press Release for Wound Care Biologics Market