Asia Pacific Wound Care Biologics Market: Increased Competition to Deliver Unique and Better Product to Increase Expenditure on R&D Activities | Smith & Nephew Plc, Organogenesis, Inc

Overview:

Wound care biologics are drugs extracted from natural sources and these are used for healing infections. Wound care biologic dressings are beneficial in severe cases of trauma and post surgeries, owingto the moist healing environment provided by them along with electrolyte loss for faster healing and preventing bacterial contamination. Biologic skin substitutes facilitate repair mechanisms, promote healing and also help in controlling associated pain. Growth factors are basically polypeptides which control the differentiation, growth and metabolism of cells.

Global Asia Pacific wound care biologics market is forecast to be valued at US$ 296.1 Million in 2022 and is anticipated to exhibit a CAGR of 7.6% over the forecast period.

Impact of COVID-19:

Governments of several nations are focusing on initiatives for fighting the pandemic and stop the transmission of the virus infection by imposing various measures. India, China, Nepal, and many other nations have imposed strict regulations and guidelines for reducing the transmission of the virus. In March 2020, the government of India declared a nationwide lockdown according to which all public spaces, state borders, public facilities, religious places, and educational institutes were shut in order to stop the spread of the virus. Moreover, the Ministry of Finance provided their data as of February 8, 2021, mentioning that the government will be funding fund US$ 4,798 million for coronavirus vaccine. The Frontiers in Public Health Journal published an article in February 2021, mentioning that the government of Nepal has set up 36 hospitals dedicated for COVID-19 cases in Nepal. The government has also dedicated the Patan Hospital, Armed Police Forces Hospital in Kathmandu and Sukraraj Infectious Tropical Disease Hospital for the treatment of COVID-19.

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Major players are adopting strategies like acquisitions, which is estimated to fuel growth of the global Asia Pacific wound care biologics market growth during the forecast period. For instance, Organogenesis Inc., declared the acquisition of NuTech Medical in March 2017. This new acquisition aims to offer advanced and next-generation products in the global Asia Pacific wound care biologics markets.

Drivers:

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.

Key Takeaways:

• The global Asia Pacific wound care biologics market is estimated to exhibit a CAGR of 7.6% over the forecast period, owing to rising funding on research and development by organizations, key players and various countries. For instance, the National Bureau of Statistics mentioned that China’s expenditure on research and development in healthcare has increased from10.6% in 2016 to 11.6% in 2017, and is forecast to reach US$ 280 Million in 2017.
• The hospitals segment, among terms of end user in the global Asia Pacific wound care biologics market is estimated to witness robust growth over the forecast period, due to the increasing incidences of Type 2 diabetes. For instance, the MediTherapie Center for True Healing mentioned that in 2016, almost 400,000 individuals in Singapore18 years and above are suffering from Type 2 diabetes and in Singapore on an average four amputations were conducted each day.
• Among countries, China is expected to witness a robust growth among countries in the global Asia Pacific wound care biologics market over the forecast period, due to rise in burn incidences. For instance, the National Center for Biotechnology Information published their data in 2019, stating that >10,000,000 people in Chins suffer from burns each year. The rate of burn injuries has grown in the petroleum, metallurgical, coal, and chemical industries.

Key players:

Key players active in the global Asia Pacific wound care biologics market are Wright Medical Group N.V, Organogenesis, Inc., Kerecis, Integra LifeSciences Holdings Corporation, Zimmer Biomet, Skye Biologics, Anika Therapeutics, Inc., Alphatec Holdings, Inc., Osiris Therapeutics, Inc., Solsys Medical LLC, Amnio Technology LLC and Smith & Nephew Plc.

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