The global wound care biologics market reached a revenue of around $1.4 billion in 2018, and it is expected to attain a value of $2.0 billion by 2024. Furthermore, the market will progress at a CAGR of 7.0% from 2019 to 2024, as per the forecast of the market research organization, P&S Intelligence.
The factors fueling the progress of the market are the rising prevalence of burn injuries, mushrooming geriatric population, and the advent of advanced wound care biologic products.
Due to the surging population of ageing people, the healthcare expenditure of several countries is growing rapidly. This is credited to the fact that geriatric people require extensive medical care, as they are highly vulnerable to various illnesses, because of the low immunity levels. Moreover, they have weakened body functions such as reduced collagen deposition and impaired blood circulation and as a result, wounds in their body need longer recovery periods to heal in comparison to that of younger adults.
As per the World Population Aging report published by the United Nations Department of Economic and Social Affairs (UNDESA), the population of individuals in the age bracket- 60 years and above- grew from 382 million in 1980 to 962 million in 2017, and it is predicted to rise to 2.1 billion by 2050. Besides, the surging number of burn injuries caused because of friction, chemicals, heat, electricity, and radiation, is also driving the expansion of the market.
This is why the increasing prevalence of burns is fueling the market growth. Depending on product, the wound care biologics market is categorized into skin substitutes, growth factors, collagen-based, enzyme-based, and cell-based. Out of these, the skin substitutes category is expected to register the highest CAGR in the market in the upcoming years. This is ascribed to the fact that these materials have an intact extracellular matrix structure, and thus allow the formation of natural dermis.
Therefore, it can be said without any hesitation that the market will demonstrate rapid expansion in the upcoming years, primarily because of the surging geriatric population and the rising prevalence of burn cases across the world.
