What are wound care biologics? They are products that are used to treat wounds that are not likely to heal. These products are available in a number of forms, including oral solutions, topical gels, and creams. Although the market is expected to grow substantially over the next few years, the key drivers of this industry are the growing number of patients suffering from chronic wounds and the rising prevalence of diabetes.
In addition to wound healing, biologics are also effective for treating chronic and traumatic injuries. Biologics are widely used in hospitals and clinics, and they are used in a variety of other medical conditions. The majority of hospitals use wound care biologics in high volumes.
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Skin substitutes can be used for different types of skin wounds, including diabetic foot ulcers, non-healing ulcers, and chronic ulcers. These products can improve healing rates and improve function, while decreasing the time and cost of wound care. In addition, the market for wound care biologics will continue to grow due to government initiatives and increased awareness among physicians.
The Colombia wound care biologics market is estimated to be valued at US$ 9.6 million in 2021 and is expected to exhibit a CAGR of 5.4% over the forecast period (2021-2028).
For instance, in September 2020, MiMedx Group, Inc. an industry leader in advanced wound care and an emerging therapeutic biologics company, launched EpiCord Expandable. EpiCord Expandable is clinically efficient to use for the treatment of diabetic foot ulcers.
For instance, in June 2018, Acelity L.P. Inc., the world’s largest wound care company and Crawford Healthcare U.K.-based advanced wound care and dermatology company entered into an acquisition agreement. Under which Acelity would acquire Crawford with all of its assets. Therefore, this acquisition would expand Acelity’s portfolio of advanced wound dressings.
Coronavirus (COVID-19) outbreak was first reported on December 31, 2019, in Wuhan, China. The World Health Organization declared COVID-19, as pandemic on November 25, 2021. According to the Coronavirus (COVID-19) Weekly Epidemiological Update by the World Health Organization, over 258,830,438 cases and 5,174,646 deaths due to coronavirus (COVID-19) were reported till July 25, 2021, across the globe.
The COVID-19 pandemic and lockdown in various countries across the globe has negatively impacted the financial status of businesses across all sectors. The COVID-19 pandemic has impacted the entire supply chain of the healthcare industry mainly due to strict lockdown in several regions. Likewise, COVID-19 pandemic has made a negative impact on Colombia wound care biologics market, owing to reduced access to wound management clinics due to lockdown.
Colombia Wound Care Biologics Market – Restraint
Increasing adoption of alternative wound care products and high cost of the wound care biologics products are expected to hinder growth of the Colombia wound care biologics market over the forecast period. The wound care biologic products are relatively expensive, significantly contributing towards cost of total wound management procedure, thereby deterring the patients from seeking advanced wound care. This is a major factor responsible for increasing inclination of patients towards conventional wound care management techniques such as traditional and antimicrobial dressing.
For instance, Collagenase SANTYL Ointment is the only enzymatic debride costing for around US$ 244 for 30 gm quantity. Furthermore, skin substitute products and engineered growth factor could find it difficult to make headway into the Colombian market as these are specialized products with cost that may be difficult to afford.
Traditional wound care products such as polymer dressings, cotton balls, and emulsion are still a common approach for wound healing, owing to its easy application, high accessibility to surgical hospitals, and low costs. Moreover, the medical professionals majorly prefer advanced therapies for wound management such as negative pressure wound therapy and hyperbaric therapy to minimize the occurrence of allergic reactions caused due to skin substitutes tissues. Alternative therapies such as negative pressure wound therapies and others are also proved to have higher efficacy in treating chronic wounds with well-established positive clinical results.
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Major players operating in the Colombia wound care biologics market include Smith & Nephew, Plc, Organogenesis, Inc., Integra Life Sciences Corporation, MiMedx Group, Inc., Skye Biologics, Inc., Amino Technology LLC, Osiris Therapeutics, Inc., Alphatec Holdings, Inc. Mallinckrodt Plc., Amniox Medical, Inc., Acelity L.P. Inc., ConvaTec Group Plc, Generex Biotechnology Corporation, and Olaregen Therapeutix Inc.
The following are the study objectives for this report:
✔SWOT Analysis focuses on worldwide main manufacturers to define, assess, and analyse market competition. By kind, application, and region, the market is defined, described, and forecasted.
✔Examine the global and main regional market potential and advantage, opportunity and challenge, constraints and risks.
✔Determine whether trends and factors are driving or limiting market growth.
✔By identifying high-growth categories, stakeholders would be able to analyse market potential.
✔Conduct a strategic study of each submarket’s growth trends and market contribution.
✔Expansions, agreements, new product launches, and acquisitions in the market are all examples of competitive developments.
✔To create a strategic profile of the main players and analyse their growth plans in depth.
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Table of Contents with Major Points:
1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2022-2028 (USD Billion)
1.2.1. Colombia Wound Care Biologics Market, by Region, 2022-2028 (USD Billion)
1.2.2. Colombia Wound Care Biologics Market, by Type, 2022-2028 (USD Billion)
1.2.3. Colombia Wound Care Biologics Market, by Application, 2022-2028 (USD Billion)
1.2.4. Colombia Wound Care Biologics Market, by Verticles, 2022-2028 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
2. Global Colombia Wound Care Biologics Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Scope of the Study
2.2.2. Industry Evolution
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
3. Global Colombia Wound Care Biologics Market Dynamics
3.1. Colombia Wound Care Biologics Market Impact Analysis (2022-2028)
3.1.1. Market Drivers
3.1.2. Market Challenges
3.1.3. Market Opportunities
4. Global Colombia Wound Care Biologics Market Industry Analysis
4.1. Porter’s 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.1.6. Futuristic Approach to Porter’s 5 Force Model (2022-2028)
4.2. PEST Analysis
4.3. Investment Adoption Model
4.4. Analyst Recommendation & Conclusion
5. Global Colombia Wound Care Biologics Market, by Type
5.1. Market Snapshot
5.2. Global Colombia Wound Care Biologics Market by Type, Performance – Potential Analysis
5.3. Global Colombia Wound Care Biologics Market Estimates & Forecasts by Type 2022-2028 (USD Billion)
5.4. Colombia Wound Care Biologics Market, Sub Segment Analysis
6. Global Colombia Wound Care Biologics Market, by Application
6.1. Market Snapshot
6.2. Global Colombia Wound Care Biologics Market by Application, Performance – Potential Analysis
6.3. Global Colombia Wound Care Biologics Market Estimates & Forecasts by Application 2022-2028 (USD Billion)
6.4. Colombia Wound Care Biologics Market, Sub Segment Analysis
7. Global Colombia Wound Care Biologics Market, by Verticles
7.1. Market Snapshot
7.2. Global Colombia Wound Care Biologics Market by Verticles, Performance – Potential Analysis
7.3. Global Colombia Wound Care Biologics Market Estimates & Forecasts by Verticles 2022-2028 (USD Billion)
7.4. Colombia Wound Care Biologics Market, Sub Segment Analysis
8. Global Colombia Wound Care Biologics Market, Regional Analysis
8.1. Colombia Wound Care Biologics Market, Regional Market Snapshot
8.2. North America Colombia Wound Care Biologics Market
8.3. Europe Colombia Wound Care Biologics Market Snapshot
8.4. Asia-Pacific Colombia Wound Care Biologics Market Snapshot
8.5. Latin America Colombia Wound Care Biologics Market Snapshot
8.6. Rest of The World Colombia Wound Care Biologics Market
9. Competitive Intelligence
9.1. Top Market Strategies
9.2. Company Profiles
220.127.116.11. Key InDurationation
18.104.22.168. Financial (Subject to Data Availability)
22.214.171.124. Product Summary
126.96.36.199. Recent Developments
10. Research Process
10.1. Research Process
10.1.1. Data Mining
10.1.3. Market Estimation
10.2. Research Attributes
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