The global wound care biologics market was valued at USD 1,648.7 million in 2018, which will grow at a CAGR of 6.7% during the forecast period. Several products such as growth factors, skin substitutes, and collagen-based products majorly contribute to the wound care biologics market size. Increasing geriatric population, increasing the incidence of burn injuries, increasing awareness for wound care management, growing prevalence of ulcer and target conditions are propelling the growth of the market.
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Global wound care biologics market has been driven by several key factors, predominantly increasing geriatric population and increasing incidence of burn injuries. Moreover, increasing awareness for wound care management, growing prevalence of ulcer and target conditions across the globe is propelling the demand for wound care biologics. Development of technologically advanced products is also one of the key growth drivers for the global market as conventional methods of wound management are being rapidly replaced by technologically advanced products for effective and faster healing.
The high cost of wound care biologics and stringent regulatory requirements for the approval of products impede the growth of the global wound care biologics market. Moreover, dearth of skilled professionals is also hampering the growth of the wound care biologics market to some extent.
Asia-Pacific is observed to witness the fastest growth in the market as the region comprises of largest population and the awareness for wound management is increasing rapidly among them. In addition, government support for wound management is also creating a positive impact on the wound care biologics market growth in the region.
Some of the key players operating in the global wound care biologics market are Integra LifeSciences Corporation, MiMedx Group Inc., Wright Medical Group N.V., Osiris Therapeutics Inc., Vericel Corporation, Kerecis Limited, Anika Therapeutics Inc., Acell Inc., Skye Biologics Inc., Solsys Medical, Marine Polymer Technologies Inc., Kerecis Limited, Smith & Nephew plc, and Mölnlycke Health Care AB.
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