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According to the wound biologics market analysis, Technavio’s research analyst predicts this market will grow steadily at a CAGR of around 21% during the forecast period. The growth of this market is driven by the rising demand for various biologics in the advanced wound care segment. Products such as allografts and autografts have high efficacy rates, and these are used for healing chronic wounds such as diabetic foot ulcers and venous ulcers. The availability of a broad range of approved skin substitutes such as grafts, tissue scaffolds, and cell-based therapies are expected to increase its demand from physicians and patients during the forecast period.
The field of wound biologics is changing rapidly with the introduction of advanced products from vendors. However, difficulties in obtaining reimbursements can pose a challenge for the market growth since approximately 80% of these wounds are treated in hospital outpatient settings. Also, insurers do not provide reimbursement for products that are under investigation. In spite of these challenges, the report predicts a robust growth rate for this market until 2020.
Based on the wound biologics industry insights, skin substitutes segment dominated the market in 2015 with a market share of approximately 56%. This segment is expected to grow at a significant rate during the forecast period due to the increasing demand for tissue-engineered and cell-based therapies for the treatment of chronic wounds. The potential of these medicines in healing wounds quickly, as compared to alternatives available will increase its demand globally. Advances in tissue engineering and nanotechnology will also have a positive impact on this market during this forecast period.
Americas accounted for approximately 60% of the market share during 2015, and it is expected to grow at a CAGR of 22% during the forecast period. The increasing prevalence of chronic diseases and growing demand for recombinant factors boost the growth of wound biologics market in this region. Around 900,000 Americans experience diabetic foot ulcers every year that correspond to a healthcare expenditure of approximately $10 to $15 billion. Moreover, the steadily growing number of diabetic patients in the Americas is expected to increase the occurrence of chronic wounds, thereby necessitating the high use of wound dressing products during the forecast period.
The market is highly dynamic, with intense competition that impels companies to adopt effective strategies and develop innovative products to ensure product differentiation. The global wound biologics market has attracted both major companies and investors on account of the great potential it presents. Vendors in this market are constantly competing for the top position with occasional spurts of competition witnessed from local manufacturers in various countries.
The leading vendors in the market are
Other prominent vendors in the market include Avita Medical, BioDlogics, ConvaTec, Cytori Therapeutic, Intercytex, MacroCure, Molyncke Health Care, Nuo Therapeutics, Osiris Therapeutics, and Regenerys.
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Global Wound Biologics Market 2016-2020
PART 01: Executive summary
PART 02: Scope of the report
PART 03: Market research methodology
PART 04: Introduction
PART 05: Market landscape
PART 06: Market segmentation by product
PART 07: Geographical segmentation
PART 08: Market drivers
PART 09: Impact of drivers
PART 10: Market challenges
PART 11: Impact of drivers and challenges
PART 12: Market trends
PART 13: Vendor landscape
PART 14: Appendix
PART 15: Explore Technavio
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