Market Trends of Patch Based Wound Healing Industry
This section covers the major market trends shaping the Patch Based Wound Healing Market according to our research experts:
Collagen Formulation Patches are Expected to Witness Significant Growth During the Forecast Period
Collagen formulation patches are expected to witness significant growth in the patch-based wound healing market over the forecast period due to a huge rise in the adoption of rapid wound healing products and rising diabetes and post-operative infections.
According to an article published in the Polymers in June 2021, collagen proteins are the most popular component of hydrogels used as topical drug carriers and wound dressings as they are not only a biocompatible and biodegradable component of the human extracellular matrix (ECM) but also actively contribute to wound healing. Thus, the high demand for these patches can be attributed to their antimicrobial properties, which increase safety and offer several benefits like fibroblast production, prompting the growth of newer collagen on the wound and speeding up healing, as well as maintaining a healthy temperature on the wound, thereby boosting the market growth.
The increasing number of diabetic people are at high risk of developing diabetic wounds or ulcers that heal slowly, which increases the risk of infections and severe complications. This factor is anticipated to fuel the demand for patches that help in faster healing, thereby fueling the market's growth. For instance, according to an article published in NLM in February 2021, diabetes causes severe and diffuse disease below the knee. The lifetime risk of developing a diabetic foot ulcer is between 19.0% and 34.0%. As per the 2022 statistics published by IDF, about 537 people had diabetes globally in 2021, and this number is expected to increase to 643 million and 783 million by 2030 and 2045, respectively. Thus, the expected increase in the population suffering from diabetes further increases the demand for wound-healing patches.
Therefore, the rising diabetes population and increasing adoption of collagen-based wound healing patches are expected to boost the studied market over the forecast period.
North America is Expected to Hold Significant Market Share During the Forecast Period
North America is expected to witness significant growth in the patch-based wound healing market over the forecast period due to the increasing burden of accidents and burns, the growing geriatric population, and the rising diabetes population in the region.
The growing prevalence of diabetes among the population increases the risk of developing diabetic wounds and ulcers while also increasing spending on healthcare management. For instance, according to 2022 statistics published by IDF, about 32.2 million people in the United States had diabetes, which may grow to 36.3 million by 2045. As per the same source, about 2.9 million people in Canada and 14.1 million people in Mexico had diabetes in 2021, and this number is projected to reach 3.4 million by 2045.
As per the Fire and Burn Prevention: 2021 Resource Guide published in May 2021, over 100,000 were admitted to a hospital or treated in an emergency department due to fire or burn injuries each year. Fires and burns were the fifth leading cause of unintentional injury-related deaths in people aged 1-19 in the United States. A high incidence of burns is likely to drive the demand for patches for faster healing of burns, which may fuel the market over the forecast period.
According to the US NHTSA 2021 data, an estimated 20,070 traffic fatalities were recorded in the first half of 2021 in the United States, an increase of 18.4% from the previous year. The high number of road accidents may lead to severe injuries, increasing the demand for wound-healing patches and boosting the market's growth.
Therefore, the increasing burden of diabetes and the rising number of accidents and burn cases in the region are expected to boost the market's growth over the forecast period.
