Colombia Wound Care Biologics Market, by Product Type (Biologic Skin Substitutes, Enzyme Based Formulations, and Growth Factors), by Application (Chronic Wounds (Diabetic Foot Ulcer, Venous Leg Ulcer, and Pressure Ulcer) and Acute Wounds (Surgical Wounds and Burns)), by End User (Hospitals, Clinics, Ambulatory Surgical Centers, and Home Care Settings), 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), as highlighted in a new report published by Coherent Market Insights.
Key players operating in the market are focusing on receiving product approvals from regulatory authorities and this is expected to drive the market growth over the forecast period.
For instance, in June 2021, Mallinckrodt Plc. a leading global specialty pharmaceutical company, received the U.S. Food and Drug Administration approval for the ‘StrataGraft’ to treat adult patients with thermal burns which contain intact dermal elements.
Colombia Wound Care Biologics Market – Impact of Coronavirus (Covid-19) Pandemic
COVID-19 outbreak was first reported on December 31, 2019, in Wuhan, China. 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 up till November 25, 2021, across the globe.
The COVID-19 pandemic has negatively affected several markets across the globe and is also expected to hamper the demand and supply in Colombia wound care biologics market, owing to limited access to wound management clinics during the COVID-19 outbreak.
During COVID-19 pandemic, patients have faced limited access to wound care clinics due to stringent lockdown guidelines. Various clinics and healthcare facilities had followed social distancing norms to avoid cross contamination.
Browse 10 Market Data Tables and 20 Figures spread through 111 Pages and in-depth TOC on “Wound Care Biologics Market”- Colombia Forecast to 2028, by Product Type (Biologic Skin Substitutes, Enzyme Based Formulations, and Growth Factors), by Application (Chronic Wounds (Diabetic Foot Ulcer, Venous Leg Ulcer, and Pressure Ulcer) and Acute Wounds (Surgical Wounds and Burns)), by End User (Hospitals, Clinics, Ambulatory Surgical Centers, and Home Care Settings),
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Key players operating in the market are focusing on adoption of inorganic growth strategies such as mergers, collaborations, partnerships, and acquisitions, in order to strengthen their position in the Colombia market. For instance, in August 2018, Organogenesis Inc., a leading regenerative medicine company, and Avista Healthcare Public Acquisition Corp. (AHPAC), a special purpose acquisition company, entered into a definitive merger agreement, under which Organogenesis will become a completely owned subsidiary of AHPAC. Aim of this agreement is to provide integrated healing solutions.
Key Takeaways of the Colombia Wound Care Biologics Market:
- The Colombia wound care biologics market is expected to exhibit a CAGR of 5.4% over the forecast period, owing to rising launches and regulatory approvals of products. For instance, in March 2019, Smith & Nephew plc, a global medical technology company, acquired Osiris Therapeutics, Inc., a fast growing company delivering regenerative medicine products. This acquisition expands market opportunities in high growth regenerative market for Smith & Nephew Plc.
- Among product type, biologic skin substitutes segment is expected to account for largest market share during the forecast period, owing to rising awareness wound management. For instance, in June 2021, Amniox Medical, Inc. a TissueTech, Inc. company and pioneer in the clinical application of human birth tissue products launched awareness campaign that showcased the Amniox complete portfolio of human birth tissue-based products to ease wound healing and minimize cost associated with care.
- Key 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.