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Wound Care Biologics Market is Determined to Reach a value of $2.5 bn by 2025

Author : Rahul Sankrityayan | Published Date : 2019-03-14 

The wound care biologics market, endorsed by the ever-increasing global geriatric population, is likely to depict a commendable rise in remuneration in the years ahead. With the surge in the elderly populace and the subsequent rise in the number of government initiatives that promote the availability of better wound care treatments, the demand for wound care products is likely to increase ahead. While most of the commercially available wound care products, ranging from over-the-counter (OTC) items to prescription products, are quite affordable, some of the these, falling under wound care biologics, owing to the process through which they were developed, are considerably costly, making them inaccessible for a certain proportion for the populace.

Most initiatives across developed economies generally make wound care biologic products more easily accessible, though they have been out of reach for people living in an underdeveloped or developing economy. However, recently some developing economies like India have begun to put in more efforts on making these wound care therapies more affordable for the general population, thereby eliminating a major hurdle and facilitating new opportunities that would prove to be beneficial for overall wound care biologics industry growth.

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Wound care biologics market | Impact of the rising global geriatric population

Attributing to the advancements in the healthcare sector and the overall improved quality of life, the global populace has been living longer than earlier. This increased life-expectancy has fueled the growth of the geriatric population across the world. In fact, according to statistics by the World Health Organization in 2018, the total population of the world aged 60 years & above is slated to reach 2 billion by 2050, up from the 900 million calculated in a 2015 census. Moreover, the population of people in the 80 years & above age group is projected to reach 434 million by 2050, up from the 125 million calculated in 2015.

The advancements in wound care biologics are one of the most prominent factors behind the exponentially increasing limit of life expectancy. As the geriatric population is easily susceptible to a plethora of chronic infections as well as chronic ailments such as foot ulcers caused by diabetes and other endocrine diseases, the demand for wound care products is expected to increase exponentially. The rise in this demographic is thus expected to prove extremely conducive for wound care biologics industry growth.

Wound care biologics market | Impact of the expanding cosmetic surgery industry in APAC

China, owing to the dizzying pace with which its economy obtained growth, is considered one of the world’s biggest consumer group. The nation’s economic growth is such that Chinese consumers are now considered the largest market for a plethora of industrial sectors. One of the sectors that is slated to chronicle its name in this cosmos is plastic surgery. According to a report by Plastic Surgery Practice, the Chinese plastic surgery industry is growing at a rate that is six times quicker than global average in regard to the sheer number of the nation’s population that has undergone a procedure.

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 industry 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.

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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.

Major players across the wound care biologics industry, over the upcoming years, are expected to majorly capitalize on the increasing geriatric populace susceptible to chronic infections. In fact, a Global Market Insights, Inc., report estimates the overall wound care biologics industry valuation is expected to exceed the $2.5 billion renumeration mark by 2025.

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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