World News: 13:00 GMT Wednesday 11th September 2019. [Prescient & Strategic Intelligence Private Limited via Globe Newswire via SPi World News]
NEW YORK, Sept. 11, 2019 (GLOBE NEWSWIRE) -- According to the market research report published by P&S Intelligence, the global was valued at $1.4 billion in 2018 and is projected to reach $2.0 billion by 2024, progressing at a CAGR of 7.0% during the forecast period (2019–2024). Among the product type, the skin substitutes category held the largest revenue share in the market in 2018. It is also expected to witness the fastest growth during the forecast period. The market growth is mainly driven by rise in incidence of burn injuries, surge in geriatric population, introduction of innovative wound care biologics products, awareness programs for wound care treatment and management, and increase in research and development activities.
Globally, surge in geriatric population has led to high healthcare expenditure, which is driving the growth of the wound care biologics market size. This is mainly due to the fact that elderly patients require extensive care as they are prone to illness, due to low immunity levels. In addition, aged people have weakened body functions, such as impaired blood circulation and reduced collagen deposition, which require longer recovery period for wounds to heal, in comparison to adults. According to the United Nations Department of Economic and Social Affairs (UNDESA) report on the World Population Aging, the population of people aged 60 years and above is growing at a high rate. The number of people aged 60 years and above increased from 382 million in 1980 to 962 million in 2017, and is expected to reach 2.1 billion by 2050.
Wound care biologics are largely being used in hospitals and specialty centers. This end-user category held the largest revenue share, of 81.3%, in 2018 in the wound care biologics market. This is ascribed to the fact that patients with chronic wounds require extensive care under the supervision of trained healthcare professionals.
Together, North America and APAC are expected to account for over 65% revenue share in the global wound care biologics market by 2024. This can be mainly attributed to the presence of large number of market players, high healthcare spending, and increasing research and development (R&D) activities taking place in these regions.
Germany is expected to lead the European wound care biologics market, generating revenue of over $124.1 million by 2024. This can be mainly attributed to the technological advancements and increasing awareness about wound care biologics for the treatment of acute and chronic wounds in the country.
Mexico is the fastest-growing market for wound care biologics in the LATAM region. It is mainly driven by increasing awareness among people to heal chronic wounds and burn injuries using human- and animal-based biologics as they have high collagen content.
Due to the innovation of wound care biologic products and rapid urbanization, Saudi Arabia is expected to dominate the MEA wound care biologics market by 2024, with a revenue share of 34.0%.
In May 2019, MediWound Ltd., an integrated biotechnology company, entered into an exclusive licensing and supply agreements with Vericel Corporation to commercialize NexoBrid, a topically-administered biologic product that removes eschar in patients with deep partial and full-thickness thermal burns, in North America. Under the terms of the agreement, MediWound Ltd. will be responsible for the development and commercialization activities of NexoBrid and to obtain the U.S. marketing approval from the United States Food and Drug Administration (USFDA). Some other important players operating in the wound care biologics market are Wright Medical Group N.V., Anika Therapeutics Inc., Vericel Corporation, MediWound Ltd., and RenovaCare Inc.
The Asia-Pacific advanced wound care market is expected to grow at the highest CAGR, of 7.4%, during the forecast period. This is attributed to the increasing geriatric population, road accidents, and cases of diabetes and burns. For example, in 2014, the World Health Organization (WHO) stated that nearly 1 million people suffer from moderate to severe burns in India, yearly. People can suffer from severe wounds due to road accidents, which require advanced wound care products for recovery. These factors are leading to the growth of the advanced wound care market in this region.
North America occupied the largest share of the wound care market and is expected to retain its dominance during the forecast period as well. The growth of the market in the continent is attributed to the increasing geriatric population, burn cases, diabetic patients, and road accidents. The geriatric population is prone to the slow healing of wounds, resulting from its low recovery power. This leads to more usage of wound dressing, thereby furthering the growth of the market in this region.
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Globe Newswire: 13:00 GMT Wednesday 11th September 2019
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