The Asia Pacific Wound Care Biologics Market, By Product Type (Biologic Skin Substitutes, Enzyme Based Formulations, and Growth Factors), By Application (Chronic Wounds (Diabetic Foot Ulcers, Venous Leg Ulcers, and Pressure Ulcers) and Acute Wounds(Surgical Wounds, Burns)), By End User (Hospital (In-patient Settings and Out-patient Settings), Clinics, Ambulatory Surgical Centers, and Home Care Settings), and By Country (China, India, Japan, Australia, South Korea, ASEAN, and Rest of APAC) is estimated to be valued at US$ 296.1 Mn in 2022 and is expected to exhibit a CAGR of 7.6% during the forecast period (2022-2030), as highlighted in a new report published by Coherent Market Insights.
The increasing prevalence of diabetic foot ulcers in India is expected to propel the Asia Pacific wound care biologics market growth over the forecast period. For instance, according to an article published in Value in Health in 2017, out of 62 million diabetics in India, 25% develop diabetic foot ulcers, of which 50% become infected, requiring hospitalization while 20% need an amputation. Moreover, according to the same source, Diabetic foot ulcers contribute to approximately 80% of all non-traumatic amputations in India, annually.
Asia Pacific Wound Care Biologics Market – Impact of Coronavirus (COVID-19) Pandemic
Governments of various countries are focusing on initiatives to fight against the COVID-19 pandemic and stop the spread of coronavirus infection by implementing various measures. Countries such as India, Nepal, China, and others have implemented some measures and guidelines to reduce the spread of the COVID-19. The government of India also announced a nationwide lockdown in March 2020, wherein all public facilities, public spaces, educational institutes, state borders, religious places, and others were physically shut to curb the spread of coronavirus in the country. Furthermore, according to the data provided by the Ministry of Finance, under the Government of India as of February 8, 2021, the government would fund US$ 4,798 million (Rs. 35,000 crore) for the COVID-19 vaccine. According to an article published by the Frontiers in Public Health Journal in February 2021, the government of Nepal set up 36 COVID-19 dedicated hospitals to provide healthcare for mild, moderate, and severe COVID-19 cases in Nepal. The government of Nepal had also designated Sukraraj Infectious and Tropical Disease Hospital (SITDH), Patan Hospital, and Armed Police Forces Hospital in Kathmandu as the primary hospitals for COVID-19 treatment.
Browse 27 Market Data Tables and 31 Figures spread through 156 Pages and in-depth TOC on “Asia Pacific Wound Care Biologics Market” - Forecast to 2030, Asia Pacific Wound Care Biologics Market, The Asia Pacific Wound Care Biologics Market, By Product Type (Biologic Skin Substitutes, Enzyme Based Formulations, and Growth Factors), By Application (Chronic Wounds (Diabetic Foot Ulcers, Venous Leg Ulcers, and Pressure Ulcers) and Acute Wounds(Surgical Wounds, Burns)), By End User (Hospital (In-patient Settings and Out-patient Settings), Clinics, Ambulatory Surgical Centers, and Home Care Settings), and By Country (China, India, Japan, Australia, South Korea, ASEAN, and Rest of APAC)
To know the latest trends and insights prevalent in the Asia Pacific Wound Care Biologics Market, click the link below:
https://www.coherentmarketinsights.com/market-insight/asia-pacific-wound-care-biologics-market-5043
Key market players are focusing on growth strategies such as acquisition, which is expected to aid in the Asia Pacific wound care biologics market growth over the forecast period. For instance, in March 2017, Organogenesis Inc., a commercial leader in the field of regenerative medicine, announced its expansion beyond wound care with the acquisition of NuTech Medical that develops biologics for the general orthopedic and spine markets. The newly-combined company will offer a portfolio of advanced and next-generation products for the wound care and surgical biologics markets.
Key Takeaways of the Asia Pacific Wound Care Biologics Market:
- The Asia Pacific wound care biologics market is expected to exhibit a CAGR of 7.6% during the forecast period due to increasing research and development expenditure by market players, organizations, countries, etc. For instance, according to the National Bureau of Statistics, February 2018, China’s expenditure on healthcare research and development increased by 11.6% in 2017 from 10.6% in 2016, reaching US$ 280 Mn in 2017.
- In terms of end user, the hospitals segment is estimated to hold the largest market share in the Asia Pacific wound care biologics market over the forecast period owing to the increasing prevalence of Type 2 diabetes. For instance, according to the MediTherapie Center for True Healing, 2016, over 400,000 people in Singapore aged 18 years and above suffered from Type 2 diabetes, for which four amputations a day were carried out on an average in Singapore.
- Among countries, China is estimated to hold a dominant position in the Asia Pacific wound care biologics market over the forecast period owing to the increasing incidence of burns. For instance, according to data published by the National Center for Biotechnology Information in 2019, it was estimated that >10,000,000 individuals suffer from burns every year in China, and compared with the general population, the incidence rate of burn injury is increased in the coal, petroleum, chemical, and metallurgical industries.
- Major players operating in the Asia Pacific wound care biologics market are Smith & Nephew Plc, Organogenesis, Inc., Integra LifeSciences Holdings Corporation, Skye Biologics, Alphatec Holdings, Inc., Solsys Medical LLC, Amnio Technology LLC, Osiris Therapeutics, Inc., Anika Therapeutics, Inc., Zimmer Biomet, Wright Medical Group N.V., and Kerecis.
