Global Skin and Wound Care Market is expected to grow at a CAGR of 3.84% during the forecast period from 2018-2025
A new research report published by Fior Markets with the title Skin and Wound Care Market by Products (Advanced Wound Management Products, Surgical Products, Traditional Products), Type, End-User (Hospitals & Specialty Clinics, Long-Term Care, Home Healthcare), Region and Global Forecast 2018-2025.
As per the report, the global skin and wound care market is expected to grow from USD 18.49 billion in 2017 to USD 25.98 billion by 2025 at a CAGR of 3.84% during the forecast period from 2018-2025. Increasing concern for skincare products, presence of major players, and rapid technological advancements are some of the factors that led to the growth of skin and wound care market in North America region.
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Prominent companies in the industry include Smith & Nephew plc., Acelity L.P. Inc., ConvaTec Group Plc., 3M Company, Ethicon, Mölnlycke Health Care AB, Covidien plc, Coloplast A/S, Baxter International Inc., Derma Sciences, Inc., Hollister Incorporated, Baxter International Inc., Bsn Medical GmbH, Deroyal Industries, Inc., Novabay Pharmaceuticals, Inc., Leap Therapeutics Inc., Hematris Wound Care GmbH, Alliqua Biomedical, Inc., Triage Meditech Pvt. Ltd, and among others are offering greater opportunities and major players are continuously focused on new product developments and venture capital investments to obtain market share. For instance, in 2018, Smith and Nephew launched Pico 7, a new single-use negative pressure wound therapy system in Europe. This product advances the design of the existing Pico platform to provide more efficient vacuum and superior leak management enabling improved application in anatomically challenging areas.
Products segment covers advanced wound management products, surgical products, and traditional products. The advanced wound management products segment further includes advanced wound dressings, wound therapy devices, and active products. The surgical products segment further covers sutures and staples, tissue adhesives, sealants, and glues, and anti-infective dressings. The traditional products segment medical tapes, dressings, and cleansing agents. The advanced wound management products segment held highest market share of to 37.24% in 2017 owing to increasing incidence of diabetes and increasing demand for innovative & advanced wound management products. End user segment is divided into hospitals & specialty clinics, long-term care, and home healthcare. The hospitals & specialty clinics segment is sub segmented into inpatient and outpatient. The hospitals & specialty clinics segment held highest market share of 43.28% over the forecast period. This is attributable to increasing number of chronic wound cases, increasing incidence of diabetes, and improving hospital infrastructure in developing countries. Type segment includes chronic wounds and acute wounds. The chronic wounds segment is further divided into diabetic foot ulcers (DFUS), pressure ulcers, venous leg ulcers, and other. The acute wounds segment further divided into surgical & traumatic wounds and burns. The chronic wounds segment held highest market size of USD 9.91 billion in 2017 due to increasing incidence of diabetic foot ulcers, pressure ulcers, and other types of chronic wounds.
Increasing prevalence of diabetes, rising geriatric population, awareness programs for wound care treatment and management, and increasing funding for research globally are the key driving factors for the skin and wound care market. In addition, growing number of road accidents and trauma injuries will lead the growth of skin and wound care market in couple of years. The high cost of advanced products, risk associated with products, and reluctance in adoption of new technologies may limit the growth of market. However, growing research in the field of advanced wound care, potential application of stem cell therapy, emerging economies, and growing popularity of active wound care products is expected to boost the skin and wound care market over the forecast period.
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