The global wound biologics market size is expected to reach USD 6.43 billion by 2026, according to a new report by Grand View Research, Inc. is expected to grow at a CAGR of 9.4% over the forecast period. The wound biologic therapy helps in restoring innate repair mechanisms of the patients. It also involves application of active biological agents such as plant-derived biomolecules. These biological agents have antimicrobial, anti-inflammatory attributes, and antioxidant properties that helps in rapid healing of wounds. In addition, the biologic dressing restricts water, electrolyte, protein, and heat loss and allows minimal risk of contamination. It also enables autolytic debridement and develop a granular wound bed, thereby promoting rapid wound healing.
Increasing cases of burn wounds and diabetic foot ulcers all over are pushing the market growth and are expected to keep the momentum up in the forecasted period as well. It has also been corroborated by the report published by the National Center for Biotechnology Information (NCBI), in 2019. It states that the global prevalence of Diabetic Foot Ulcers (DFU) was 6.3% in 2018 and North America reported the highest DFU prevalence rate of 13.0% and Oceania had the lowest prevalence of 3.0%. Since, wound biologics allows rapid and effective healing, thus increasing incidence of chronic wounds are expected to surge the demand for wound biologics products, thereby propelling the market growth over the forecast period.
Wound Biologics Market Report Highlights
• Mergers & acquisitions form a major part of market expansion strategy for the key players. For example, in March 2019, Smith & Nephew plc announced its agreement to acquire Osiris Therapeutics Inc. for $19 per share in cash. The transaction represented approximately $660 million in total equity value.
• New product launches help market demands and growth to a great extent. For instance, in December 2018, Smith & Nephew plc launched in Europe the new PICO 7Y Single Use Negative Pressure Wound Therapy System (sNPWT) with AIRLOCK Technology.
• In terms of revenue, acute wounds segment held the largest share in 2018 owing to the rising cases of burn wounds and trauma across the globe.
• In terms of product, biological skin substitutes segment held the largest market share and is expected to witness the fastest growth rate over the forecast period owing to the increasing incidence of diabetic and venous leg ulcers across the globe.
• In terms of end-use, hospital segment held the largest share in 2018 due to the rising cases of burns and accidents.
• In terms of region, Asia-Pacific is expected to witness the fastest growth over the forecast period owing to the rising number diabetic patients in this region.
• Prominent players present in the wound biologics market are Smith & Nephew PLC., Osiris Therapeutics, Integra Lifesciences, and Wright Medical.
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Wound Biologics Market Segmentation
Grand View Research has segmented the wound biologics market report on the basis of product, wound type, end use, and region:
Wound Biologics Product Outlook (Revenue, USD Million; 2015 – 2026)
• Biological Skin Substitutes
• Allograft
• Xenograft
• Biosynthetic Products
• Topical Agents
• Collagen Dressing
Wound Biologics Type Outlook (Revenue, USD Million; 2015 – 2026)
• Chronic Wounds
• Acute Wounds
Wound Biologics End-use Outlook (Revenue, USD Million; 2015 – 2026)
• Hospitals
• Clinics
• Others
Wound Biologics Regional Outlook (Revenue, USD Million; 2015 – 2026)
• North America
• U.S.
• Canada
• Europe
• Germany
• The U.K.
• Asia Pacific
• China
• India
• Latin America
• Brazil
• Mexico
• Middle East & Africa
• South Africa
• Saudi Arabia
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