(PharmaNewsWire.Com, May 27, 2021 ) The wound care biologics market is expected to reach USD 2.26 Billion by 2023 from USD 1.29 Billion in 2017 at a CAGR of 9.8%. Market growth is mainly driven by factors such as the increasing incidence of diabetic foot ulcers, increasing geriatric population, and increasing burn injuries globally.
The biological skin substitutes segment is estimated to account for the largest share of the wound care biologics market in 2018.
On the basis of product, the wound care biologics market is bifurcated into biological skin substitutes and topical agents. In 2018, the biological skin substitutes segment is expected to account for the largest share of the wound care biologics market. The large share of this segment can be attributed to the rising incidence of diabetes and the subsequent growth in the demand for chronic wound care products across the globe.
Ulcers are anticipated to account for the largest share of the wound care biologics market in 2018.
The three major categories of wounds included in this market are ulcers (including pressure, diabetic foot, venous, and other ulcers), surgical & traumatic wounds, and burns. The ulcers segment is expected to dominate the wound care biologics market in 2018. This segment is also expected to grow at the highest CAGR during the forecast period. Market growth is largely driven by the significantly higher prevalence of diabetic foot ulcers and venous leg ulcers as compared to surgical & traumatic wounds and burns.
The hospitals segment is estimated to grow at the highest CAGR during the forecast period.
Based on end user, the wound care biologics market is segmented into hospitals, ambulatory surgical centers, and burn centers & wound clinics. The hospitals segment is expected to grow at the highest CAGR during the forecast period. The high and rising need for wound care services among the rapidly growing geriatric population worldwide is one of the major factors responsible for the growing demand for wound care biologics in hospitals.
North America is expected to command the largest share of the market in 2018.
In this report, the wound care biologics market is segmented into North America, Europe, Asia Pacific (APAC), and the Rest of the World (RoW). In 2018, North America is expected to account for the largest share the global wound care biologics market. The large share of the North American market can primarily be attributed to the high prevalence of venous leg ulcers and diabetic foot ulcers and the strong presence of major market players in this region.
Key players in the wound care biologics market include Smith & Nephew (UK), Mölnlycke Health Care AB (Sweden), Integra LifeSciences Corporation (US), Wright Medical (US), MiMedx Group (US), Vericel Corporation (US), Anika Therapeutics (US), Osiris Therapeutics (US), Organogenesis (US), Kerecis (Iceland), Solsys Medical (US), ACell (US), Lavior Inc. (US), and Marine Polymer Technologies, Inc. (US).
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