The global wound care biologics market revenue stood at $1.4 billion in 2018, and it expected to surge to $2.0 billion by 2024.
According to the estimates of the market research company, P&S Intelligence, the market will progress at a CAGR of 7.0% from 2019 to 2024 (forecast period). The surging population of geriatric people, growing prevalence of burns and accidents, soaring number of surgeries, and increasing occurrence of chronic wounds are the major factors propelling the growth of the market across the globe.
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According to the World Population Ageing 2020 report published by the United Nations Department of Economic and Social Affairs (UNDESA), the population of people aged 65 years or above will rise from 727 million in 2020 to more than 1.5 billion by 2050. Since geriatric people have weaker body functions and thus, they need longer recovery time periods for healing from wounds, their growing population is propelling the worldwide demand for wound care biologics.
Additionally, non-fatal burns are the major cause of morbidity all over the world. Wound dressing products, such as sponge, collagen dressings, gauzes, bandages, hydrogel dressings, and hydrocolloid dressings, play a crucial role in treating burns. Depending on product, the market is classified into skin substitutes, growth factors, collagen-based, cell-based, and enzyme-based. Out of these, the skin substitutes category is predicted to demonstrate the fastest growth in the market in the coming years.
Geographically, the Asia-Pacific (APAC) and North American regions are predicted to account for more than 65% of the revenue share in the wound care biologics market in the forthcoming years. This is credited to the existence of several market players, growing healthcare expenditure, and surging research and development (R&D) activities in the region. The European region is also exhibiting rapid expansion, on account of the growing incidence of burns in the regional countries, such as Germany, which is predicted to dominate the regional market in the coming years.
Hence, the demand for wound care biologics will soar in the coming years, mainly because of the rising prevalence of chronic wounds and mushrooming population of geriatric people all over the world.
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