Autologous Wound Patches Market Growth & Trends
The gloabl autologous wound patches market is anticipated to reach USD 152.76 million by 2030, registering a CAGR of 9.05% from 2022 to 2030, according to a new report by Grand View Research, Inc. This can be attributed to the increase in the number of people suffering from various chronic diseases such as diabetes as a result the number of people suffering from diabetic foot ulcers is anticipated to increase. For instance, as per International Diabetes Federation, approximately 537 million adults are expected to be living with diabetes. Moreover, as per a similar source, this number is projected to increase to 643 million by 2030.
Furthermore, according to NCBI, 15 to 25% of people suffering from diabetes mellitus may develop a diabetic foot ulcer during their lifetime. Thus, an increasing number of diabetic populations may lead to a rise in number of diabetic foot ulcers patients, thereby boosting the market during the forecast period.
Similarly, there has been a rise in number of people suffering from venous leg ulcers. For instance, as per Biomed Central, venous leg ulcers represent about 60 to 80% of all leg ulcerations which occurs due to venous disease. Furthermore, according to a similar source, the estimated annual health care cost for treatment of venous leg ulcers is USD 2.24 billion yearly. Thus, with an increase in the number of such chronic diseases, the market is expected to impel.
In addition, an increase in surgical procedures is expected to increase the demand for autologous wound patches during the forecast period. For instance, as per Jama Network, there were an estimated 13,108,567 surgical procedures identified in 2019 in the U.S. Similarly, according to the Australian Institute of Health & Welfare, 754,600 patients were admitted for surgery in a public hospital. The increase in number of surgical procedures poses a threat of surgical wounds. Thus, the market is expected to grow during the forecast period.
Furthermore, decline in the population suffering from COVID-19 is anticipated to boost the growth of autologous wound patches market. Companies in the market are opting for various strategies such as partnerships, product showcases, and distribution agreements to enhance their customer reach during post-COVID-19 period.
For instance, in October 2021, RedDress announced a partnership with MediGroup. MediGroup is one of the largest non-acute GPO which represents physician centers, surgical centers & clinics. This partnership is expected to help the company provide its innovative wound care system ActiGraft to MediGroup members, which will increase the company’s reach towards the target population. Therefore, such instances are expected to boost the growth of the market during the forecast period.
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Autologous Wound Patches Market Report
Autologous Wound Patches Market Report Highlights
- In terms of type, platelet rich fibrin segment held the largest share of 55.33% in 2021, owing to its compatible nature and better outcome.
- On the basis of application, the acute wounds segment held the largest market share in 2021. However, the chronic wounds segment is expected to expand at the highest CAGR of 9.18%. This can be attributed to the increase in number of people suffering from various chronic ailments such as venous leg ulcers, diabetic foot ulcers, and pressure ulcers.
- On the basis of end-use, the hospitals segment held the largest market share in 2021, whereas, the ambulatory surgical center segment is anticipated to register the fastest CAGR of 9.31% during the forecast period. This can be attributed to the increase in number of ASCs and a rise in number of surgeries performed in ambulatory surgical centers.
- North America is anticipated to dominate the global market during the forecast period owing to the rising number of surgeries and the presence of a large population base in the region. However, Asia-Pacific is projected to witness the fastest growth rate of 9.30% during the forecast period.
