The global wound biologics market to grow at a CAGR of 12.3% during the forecast period 2017–2023 to aggregate $5.1 billion by 2023
Increase in the aging population, increasing number of people suffering from diabetes, growing acceptance of innovative technologies for complex wound treatment, and rising incidence of chronic wounds are expected to drive the market growth during the forecast period.
BANGALORE, India – January 22, 2018
Infoholic Research LLP, a global market research and consulting organization, has published a study titled “Global Wound Biologics Market – Drivers, Restraints, Opportunities, Trends, and Forecasts: 2017–2023” (January 2018).
According to Infoholic Research, the use of biologics to treat wounds has grown exponentially in recent years. These products characterize the essentiality of biomedical research to offer the most effective treatment for wounds and help in quick healing process. The growth of the market is driven by an increase in the aging population, increasing number of people suffering from diabetes, growing acceptance of innovative technologies for complex wound treatment, and rising incidence of chronic wounds. However, the complex regulatory process and the high cost of biologic wound care are hampering the market growth.
The “Global Wound Biologics” market is expected to grow at a CAGR of 12.3% during the forecast period 2017–2023 to touch an aggregate of $5.1 billion by 2023.
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The wound biologics market is analyzed based on four segments – product type, applications, end-users, and regions. The regions covered in the report are North America, Europe, Asia Pacific, and Rest of the World (ROW). In the North American region, the US is set to be the leading country. Europe is set to be the second leading region and held more than 25.2% of the market share in 2016. In Asia Pacific, India, Japan, and China are among the most attractive countries for the players with huge business opportunities. ROW is set to be an emerging market in the next 5–6 years.
Skin substitutes, growth factors, and enzyme-based products are the types of wound closure biologics in the market. Skin substitutes is the significant segment of the market. MiMedx, Organogenesis, and Smith and Nephew are the key players in the skin substitute market. MiMedx increased its market share from 24.9% in 2015 to 31% in 2016 in the advanced skin substitute market.
The applications of wound biologics include chronic wound and acute wound. Acute wound comprises traumatic wound and surgical wound. As the ratio of the surgical wound is higher in comparison with other wound types, the acute wound closure was the major shareholder of the market in 2017. However, the chronic wound is increasing the burden of healthcare expenditure globally. This has increased the demand for innovative products for the treatment, which is expected to experience the fastest growth rate during the forecast period.
“Many players are using various strategies such as new product launches, clinical trials, market initiatives, high expense on R&D, agreements, joint ventures, acquisitions, and others to increase their footprints in this market. In January 2018, Alliqua BioMedical, Inc. entered a definitive agreement with Celularity, Inc. to acquire all the assets and rights of the company’s advanced biologic wound care business. This added Biovance Amniotic Membrane Allograft, Interfyl Human Connective Tissue Matrix, UltraMist Therapy System, and other therapeutic products to Alliqua’s portfolio. In January 2016, Human Regenerative Technologies, LLC initiated the building process of its new state-of-the-art amniotic and placental tissue matrix research, development, and processing facility worth $12 million in California, US.” – Rikitha K Murthy, Research Analyst (Research – Healthcare) at Infoholic Research
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Further, the report also aims to cover the below-mentioned points:
- Provides an in-depth analysis of the key business opportunities in countries and verticals.
- Provides the complete details about the various types of wound biologics technologies overview.
- Provides the complete details about the analysis of top 10 players.
- Provides industry outlook including current and future market trends, drivers, restraints, and emerging technologies.