PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1490311
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1490311
Wound Biologics Market size was valued at USD 1,915.2 Million in 2023, expanding at a CAGR of 12.30% from 2024 to 2032.
Wound biologics are bioengineered items designed to treat non-healing lower extremity wounds. Wound biologics covers all stages of wound treatment. This includes evaluating the wound type, identifying factors that influence wound healing, and administering the proper wound care therapy. Wound biologics address each stage of wound treatment. This includes recognizing the type of wound, determining the factors that influence wound healing, and applying the proper wound care therapy. After evaluating the wound and reviewing all requirements, the treatment center can choose the best treatment options.
Wound Biologics Market- Market Dynamics
Increase in Prevalence of Chronic Wounds Drives Market Growth
The increasing prevalence of a sedentary lifestyle, poor eating habits, and worsening chronic conditions like obesity and diabetes are significant contributors to the development of chronic wounds. Treating chronic wounds like diabetic foot ulcers, pressure ulcers, and venous leg ulcers is a costly challenge for healthcare systems due to the difficulty and expense involved in the healing process. Therefore, there is a growing demand for quick wound healing due to the rising number of patients with diabetes and obesity. In 2019, the International Diabetes Federation (IDF) reported 463 million individuals worldwide had diabetes, a figure projected to rise to 700 million by 2045. These factors are expected to drive the need for wound biologics during the projected period.
Wound Biologics Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 12.30% over the forecast period (2024-2032)
Based on Product segmentation, Biological Skin Substitutes was predicted to show maximum market share in the year 2023
Based on Wound Type segmentation, Ulcers was the leading type in 2023
On the basis of region, North America was the leading revenue generator in 2023
The Global Wound Biologics Market is segmented on the basis of Product, Wound Type, End-User, and Region.
The market is divided into three categories based on Product: Biological Skin Substitutes and Topical Agents. The biological skin substitutes segment is the largest contributor to the market and is predicted to expand during the forecast period. The structural underpinning for these artificial skins comes from a healthy cellular matrix. Cadaver allografts, amnion, and porcine skin xenografts are among the most popular natural skin substitutes. Burn sufferers, those involved in vehicle accidents, and those suffering from chronic wounds such as diabetic foot or venous leg ulcers are excellent candidates for biological skin substitutes. Treatments that promote rapid wound healing and reduce symptoms in the elderly are in high demand due to the increasing prevalence of these diseases and the large older population.
The market is divided into two categories based on Wound Type: Ulcers, Burns and Surgical & Traumatic Wounds. The ulcers category is the largest contributor to the market and is predicted to expand over the forecast period. Ulcers are expected to be the most profitable sub-segment of the wound care industry due to the growing use of wound care biologics to treat ulcers and burn injuries. Biological dressings prevent water, heat, protein, and electrolyte loss, as well as contamination. Biologics used in wound treatment have been found to speed up wound closure and improve healing conditions. Forced quarantine, as well as labor and raw material shortages, have seriously affected the supply of crucial materials. Transporting raw materials from one location to another is problematic due to inadequate connections between regional warehouses.
Wound Biologics Market- Geographical Insights
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. North America dominates the wound biologics market in terms of revenue due to its well-developed infrastructure, the presence of significant key players, the rise in chronic illness prevalence, and the availability of qualified medical professionals. Furthermore, the region's increased number of sports injuries and road accidents, as well as the incidence of chronic wounds, drive demand for wound care biologics solutions for road accidents and sports injuries.
Asia Pacific is emerging as the world's fastest-growing wound biologics market. The region's expansion is driven by rising healthcare spending, a huge patient population, and increased knowledge of sophisticated wound treatment solutions. Furthermore, the rapid growth of healthcare facilities, as well as the increasing use of technologically advanced wound care products in countries such as India and China, are boosting demand for wound biologics in Asia Pacific.
The global wound biologics market is extremely competitive with several significant competitors contending for market share. These companies focus on research and development in order to deliver breakthrough biologic wound care treatments that address a wide range of wound types and patient demands. Strategic collaborations, partnerships, and mergers and acquisitions are taking place in the market as companies look to extend their product portfolios and increase their market presence. Companies are also engaging in marketing and promotional operations to raise awareness among healthcare professionals and patients about the benefits of wound care biologics. The market is also seeing the introduction of new firms, which intensifies competition. Aside from established corporations, the wound biologics industry is competitive due to the presence of numerous small and medium-sized enterprises.
In April 2019, Smith & Nephew PLC acquired Osiris Therapeutics, Inc. to speed the development of its advanced wound management product portfolio. The effort was expected to increase its consumer base.
GLOBAL WOUND BIOLOGICS MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Acelity L.P. Inc. (KCI) - US
Smith & Nephew plc - UK
Molnlycke Health Care AB - Sweden
Integra LifeSciences Corporation - US
Organogenesis Inc. - US
Stryker Corporation - US
Osiris Therapeutics, Inc. - US
ACell, Inc. - US
Vericel Corporation - US
Coloplast Group - Denmark
Medline Industries, Inc. - US
ConvaTec Group Plc - United Kingdom
Ethicon, Inc. (a subsidiary of Johnson & Johnson) - US
Anika Therapeutics, Inc. - US
Kerecis - Iceland
3M Company - US
Baxter International Inc. - US
Johnson & Johnson - US
MiMedx Group, Inc. - US
Solsys Medical - US
Others