What Are the Evolving Opportunities for the Players in the Wound Care Biologics Market?
In 2018, the global wound care biologics market generated a revenue of approximately $1.4 billion and is expected to reach a valuation of $2.0 billion by 2024, advancing at a CAGR of 7.0% from 2019 to 2024, as per P&S Intelligence, an Indian market research company. The main factors responsible for the market growth are the increasing prevalence of burn cases, soaring geriatric population, increasing public awareness about wound care management and treatment, surging research and development (R&D) activities, and development of advanced wound care biologics items.
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As per the World Population Aging report published by the United Nations Department of Economic and Social Affairs (UNDESA), the global geriatric population (people in the age group 60 years and above) is increasing rapidly. The total number of people in this age bracket grew from 382 million to 962 million from 1980 to 2017 and is predicted to increase to 2.1 billion in 2050. Wound care biologics is the process of using the drugs semi-synthesized or extracted from various natural sources for healing wounds and skin infections.
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When segmented on the basis of product, the wound care biologics market is divided into skin substitutes, enzyme-based, collagen-based, growth factors, and cell-based categories. Out of these, the skin substitutes division is predicted to exhibit the fastest market growth in the coming years, because of the ability of these products to allow the natural development of dermis, on account of their perfect extracellular matrix structure. In addition to this, the skin substitutes have re-epithelialisation characteristics which make them very popular all over the globe.
In the future years, the wound care biologics market is predicted to demonstrate the fastest growth in Asia-Pacific (APAC). This is ascribed to the rapid technological advancements, increasing geriatric population, rising prevalence of traumatic injuries and burn cases, and increasing incidence of chronic skin wounds across the region. As per the 2017 World Population Aging report, the population of geriatric people (people aged 60 years and above) is predicted to increase by two-fold in Asia, that is, from 549 million to almost 1.3 billion from 2017 to 2050.
Therefore, with the growing occurrence of burns, traumatic injuries, and wounds, growing geriatric population, and improving healthcare infrastructure in several countries, the market will exhibit rapid expansion across the world in the upcoming years.