Global Wound Care Biologics Market To Generate $2.0 Billion Revenue by 2024

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.

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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.

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As per the National Fire Protection Association (NFPA), around 662,500 fire injuries were reported in the U.S. in 2016. Furthermore, the World Health Organization (WHO) reported that nearly 180,000 people die annually because of burns, particularly in the low- and middle-income countries. Additionally, non-fatal burns are the main cause of mortality all over the world. Wound dressing products such as sponge, gauzes, collagen dressings, bandages, hydrogel dressings, and hydrocolloid dressings are used extensively for treating burns.

Geographically, the wound care biologics market is expected to exhibit the highest growth rate in Asia-Pacific (APAC) in the coming years. This will be because of the surging population of geriatric people, rapid technological advancements, rising incidence of burns and traumatic wounds, and the surging occurrence rate of chronic wounds in the region. As per the 2017 World Population Ageing report, the ageing population (people aged 60 years or above) in Asia will increase two-fold from 2017 to 2050.