The global collagen wound dressing market valued USD 549.5 million in 2018 and expected to grow at a CAGR of 6.9% to reach a market value of USD 934.4 million by 2026.
Collagen is one of the most abundant naturally occurring protein polymers among mammals. Among all the proteins in the human body, 25% to 35% is collagen. Collagen helps migrate numerous types of cells, including fibroblasts and keratinocytes, to the wound, which plays a significant role in boosting tissue growth in a wound bed. Collagen also assists tissue regeneration and capillary formation of a developing tissue. Therefore, the collagen-based wound care management is a highly sought after market, expected to grow in the near future in developed countries Prominent manufacturers of collagen-based wound care products include Covalon Technologies Ltd., Medira Ltd., 3M Healthcare, Coloplast, ConvaTec, Medline Industries, Smith & Nephew, and DeRoyal among the others.
Market Dynamics
Drivers
- Advancement in Collagen wound dressing products
- Rising research & investment activities related to wound care
Restraints
- High cost associated with advanced wound dressing products
- Unfavorable reimbursement scenario
Rising Research & Investment Activities Related To Wound Care
The presence of ongoing research activities are expected to boost the Collagen wound care market. For instance, in December 2018, according to a new research from the McGill University Health Centre (MUHC) and McGill University showed the use of a new application, called Swift Skin and Wound, which measures accurately and charts the progression of skin wounds, could potentially have a significant impact on the clinical management and the patient outcomes. Clinicians and healthcare professionals are currently using the app at the McGill University Health Centre (MUHC) in Montreal. Also, in March 2019, according to a study, published online recently in the journal Scientific Reports by a research team at the Ohio State University, stated that the electroceutical bandages could kill the bacteria around a wound, allowing the wounds to heal faster. ipLine Medical, Inc (Campbell, CA), completed a $12 million Series E round of financing to support the worldwide commercialization activities for the Zip Surgical Skin Closure product and the development of advanced tools for reducing costs in a bundled care environment. Financing was backed by a new investor, HighCape Partners (New York, NY), and existing investor MVM Life Science Partners LLP (Boston, MA).
Geographical Analysis
The South America Collagen wound care market is valued at USD 104.3 Mn in 2018 and is estimated to grow at a CAGR of YY % over the forecast period to reach USD YY Mn by 2026. Various studies suggest that approximately 26 million people were reported to have diabetes in South and Central America in 2015, among which 15% are at risk of developing foot ulcers. Low adoption rate and reluctance in commercializing new technologies could hamper the growth of the market in South America. A trend of acquiring distributors or small domestic players in South America is expected to further propel the growth in this region. Moreover, rising disposable income and increasing government support are expected to create a demand for diabetic foot ulcers market in the near future It has been estimated that 15% of people suffering from diabetes are at risk of developing a diabetic foot ulcer in their lifetime. Additionally, foot ulcers are found in 12% to 25% of diabetic patients. The Brazilian Collagen wound care market remains in an early developmental stage and there is little domestic competition. The growing healthcare infrastructure in Brazil is also supporting the growth of the market. There are significant regional differences in healthcare provision, and an increasing percentage of healthcare services are being offered through the public sector at the time of tight budget resources. Therefore, it is currently difficult to know what the Brazilian government’s priorities will be for the management of chronic conditions, but the large potential market for Collagen wound care makes Brazil a long-term strong prospect. Besides, with increasing awareness about novel technologies, the growing incidence of metabolic diseases such as diabetes, and at-risk elderly population are pushing up the sales volumes of advanced wound care products in Brazil. According to Brazilian health statistics, 80% to 90% cases of leg ulcers are of venous origin, which indicates that the introduction of specialized NPWT systems for patients with peripheral arterial disease, might gain popularity due to better wound healing capability of the wound care systems.
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