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Wound Care Biologics Market to Exhibit A Lucrative Growth Of 9.5%

Author : Rahul Sankrityayan | Published Date : 2019-04-15 

The Wound Care Biologics Market is set to exceed USD 2.5 billion By 2025; according to a new research report by Global Market Insights. Rising government initiatives to increase availability of wound care treatment in developed countries will significantly propel the industry growth during the forecast period. Government in developed countries proactively undertake several initiatives such as planning programs to raise the awareness levels amongst the people suffering from burn and other chronic injuries. The government specifically focuses on providing cost-effective quality wound care products that raises its adoption amongst the physicians and doctors. The wound care biologic products are expensive. Therefore, recently government in developing countries such as India have also started focusing on making the wound care treatment affordable that will prove beneficial for the industry growth. However, lack of trained physicians in underdeveloped countries will hamper the wound care biologics market growth up to some extent.

Increasing geriatric population globally will surge demand for wound care biologics Market as the elderly population base is susceptible to chronic infections. According to World Ageing Population, in 2017, 962 million people were in the age group of 60 years and above. Majority of the geriatric population suffers from chronic ailments. For instance, prevalence of foot ulcers is specifically high due to diabetes and other endocrine diseases in elderly people that will boost the demand for wound care biologic products such as skin substitutes and growth factors.

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Topical agents’ segment will experience 8.9% CAGR during the forecast timeframe. Increasing demand for skin reconstruction and other aesthetic surgeries will drive the demand for topical agents. Phases of tissue repair are generally controlled by active topical agents. Also, topical agents have a vital role in tissue bio-engineering and are extensively preferred during the trauma cases that positively impacts the segmental Wound Care Biologics Market growth.

Diabetic foot ulcers segment accounted for 16.8% in 2018 and is expected to show similar growth trends over the upcoming years. Diabetic wounds are caused due to high sugar levels that usually lead to hormonal imbalance and give rise to diseases such as chronic foot ulcers. As reported by OxyGeneration, of the total people suffering from diabetes at least 15%-20% will suffer from foot ulcers. Generally, clinicians prefer wound care biologics that provides moist environment for wound healing. Therefore, high usage of wound care biologics in treatment of diabetic wounds will augment the segmental growth.

Apart from the rising level of income, the market is also being driven by the rising imperative among individuals to have a more aesthetically pleasing face. In 2017 is was expected that more than 14 million individuals across China would undergo a plastic surgeries, a 42% surge from 2016. This factor has been responsible for inducing sizable growth in the nation’s wound care biologics industry. Indeed, China wound care biologics market size is expected to experience a CAGR of more than 11.8% over 2019-2025.

The APAC is also home to South Korea, which has had the world’s highest cosmetic surgery rate per capita. Approximately one in three women in South Korea between 19 & 29 years of age have undergone a procedure. One of the most prominent growth factor behind this thriving Wound Care Biologics Market is that, in South Korea, getting plastic surgery is considered a good career move. Citing a rather trivial instance, even most job applications in the nation often include a photograph of the applicant, indicating that one’s appearance is considered significantly influential in determining whether the applicant is eligible for the job. 

According to a report by the National Public Radio, as the plastic surgeons in South Korea carry extensive experience, the nation is also a popular destination for cosmetic surgery tourism, wherein many people, mostly from China & Japan, travel to Seoul to get plastic surgery done. The influx of medical tourists is such that Seoul's Incheon airport once considered constructing a cosmetic surgery clinic in one of its terminals. This cultural trend makes the nation one of the most prominent consumers of wound care biologics Market.

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Eminent industry players operational in wound care biologics market includes Smith & Nephew, Integra Life Sciences, Mölnlycke Health Care AB, Mimedx Group, Wright Medical, Osiris Therapeutics, Derma Sciences, Kerecis, Amnio Technology, Solsys Medica and Skye Biologics. These industry players adopt strategies such as geographic expansions, acquisitions, mergers, and new product launch to sustain market competition. Product approvals from regulatory authorities will also have positive impact on company’s growth. For instance, in November 2013, FDA approved Kerecis’s  Omega3, tissue-regeneration technology that is specifically utilized in the treatment of chronic wounds.

About Author

Rahul Sankrityayan

Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for Fractovia, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experience in technical field as well as writing. He can be contacted at- [email protected] | https://twitter.com/sankritsays

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