A wound is an injury to the skin in which the skin is broken by a blow, cut or any other impact. The wound care biologics is an emerging market, which includes products such as skin substitutes, collagen dressings, growth factors etc. Some of the chronic wounds like venous ulcers and diabetic foot ulcers can be healed using product such as autografts and allografts and are proven to have a high efficacy rate. Cell based biogens, xenografts and enzyme based formulations are also used to increase the pace of healing. At present, the wound care biologics is widely used for the treatment of burn injuries where the patient has inadequate skin for grafting.
Smith & Nephew, Organogenesis, MiMedx, Integra, Osiris, Derma Sciences Inc, Soluble Systems, Amnio Technology, LLC, Medline, Skye? Biologics, AlphatecSpine, Inc. and Pinnacle Transplant Technologies are the leading companies of the global wound care biologics market. The competition is intense in the industry.Skin substitutes constitute more than half of the market segment and continues to grow with the advancements in technology. According to the market research report ” Global Wound Care Biologics Market by Manufacturers, Countries, Type and Application, Forecast to 2022“, a rise in demand for many biologics in advanced wound care segment has been recorded and is a major driving force for the market. Many of the skin substitutes like tissue scaffolds, grafts and cell-based therapies are now easily available at many places, which will raise their demand. There is increasing awareness about these products, which facilitates the growth of the industry.
The global wound care biologics market gets its major revenue from USA. The number of diabetic and geriatric patients in America is on a rise. It will increase the incidences of chronic wounds and consequently boost the demand for wound care biologics. In addition, the increased occurrences of diabetic foot ulcers and pressure ulcers have been contributing to the market as they are expensive to treat.One of the reasons for growth in the market is the favourable reimbursement policies in the US. Asia-Pacific follows USA as the largest consumer for global wound car biologics. The rising standard of living and disposable income increase the demand for high quality wound management system. The region exhibits huge potential for the industry to grow, as there is a rise in healthcare spending and improved infrastructure for healthcare.
Many companies are developing and introducing new superior products in the market. Significant improvement in the market size is expected due to the advancements in nanotechnology and tissue engineering. There has been an increase in demand for cell-based and tissue-engineered therapies for the treatment of chronic disease as well as the recombinant factors for treatment, which have helped in increasing the revenue of the industry. The developments in technology have enabled to produce products, which can rapidly heal a wound as compared to the traditional dressing products like cotton and bandages. Many cost effective products are now coming into the market in an attempt to beat the intense competition present. The major hindrances for the market are the high price of the treatments and strict regulation reimbursements. With technological innovation, the prices are expected to go down and there is easing of the reimbursement policies that will help in the growth of the industry further.
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Ankur Gupta, Head Marketing & Communications
ankur [@] kenresearch.com