Market Challenges And Opportunities

High prevalence of diabetes is expected to aid in growth of the market

The wound care biologics market is expected to gain significant traction, with rise in global prevalence of diabetes, as diabetic patients are prone to developing diabetic ulcers. According to the Global Diabetes Community, 2017, an estimated 422 million adults are living with diabetes globally, and this is expected to increase to 642 million by 2040. Also, according to the Journal of Foot and Ankle Surgery, 2016, increasing number of diabetic patients has led to increased burden of diabetic complications, where peripheral neuropathy, foot ulceration, and Peripheral Arterial Disease (PAD) is twice as common for diabetic patients as compared to non-diabetics, affecting 30% of the diabetics aged 40 years and above. The Advances in Wound Care Journal, 2015, also stated that 15%–20% of the diabetic population is likely to develop chronic, non-healing foot wounds. Thus, wound care biologic products provides patients with a cost effective option for managing chronic wounds, thereby reducing economic burden of the patients.

However, high cost of skin substitutes and related biologics is a major hindrance for growth of the market. For instance, according to the Advances in Skin Substitutes Journal, 2014, cost for each 1% body surface area covered with Epicel, is estimated to be over US$ 13,000. This in turn, leads to increasing adoption of alternative and cost effective wound care products, which is expected to negatively affect growth of the market.

North America is expected to be dominant region in the wound care biologics market, owing to rising prevalence of chronic non-healing wounds which pose an economic burden to the healthcare system. According to the American Diabetes Association, 2016, the average cost of healing a single foot ulcer is US$ 8,000 and that of a major amputation is $45,000. Furthermore, venous leg ulcers are the most common wound type in the U.S., affecting almost 2 million people.