Global Bioactive Wound Care Market is expected to grow at a CAGR of 9.5% during the forecast period 2019-2026
A new research report published by Fior Markets with the title Bioactive Wound Care Market by Product (Moist Wound Care, Antimicrobial Wound Care, Active Wound Care), Region, Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast 2019 to 2026.
As per the report published by Fior Markets, the global bioactive wound care market is expected to grow from USD 8.1 Billion in 2018 to USD 16.7 Billion by 2026 at a CAGR of 9.5% during the forecast period 2019-2026. North America region is dominating the market due to the presence of an advanced healthcare system, favourable reimbursement system, and increased patient awareness levels. Additionally, increasing healthcare expenditure may contribute to the further development of the healthcare sector. Also, the increased utility of the products related to injury care in the home healthcare segment is nurturing the growth of this vertical. The Asia Pacific is anticipated to grow rapidly owing to increasing incidences of the diabetic foot, pressure ulcers, and infections among individuals in these developing regions. This provides avenues for players in this vertical to carry out awareness programs and campaigns with regard to skin conditions thereby increasing product penetration in the regional verticals.
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Leaders in the industry Smith & Nephew, Mölnlycke Health Care, 3M Health Care Ltd., ConvaTec, Inc., Paul Hartmann AG, Organogenesis Inc., Systagenix Wound Management Ltd., Medtronic, Covalon Technologies Inc, BSN Medical, and Medline Industries, Inc. among many others which are offering greater opportunities and major players are continuously focused on new product developments and venture capital investments to obtain the market share. For instance, In March 2015, 3M Healthcare Ltd. completed the acquisition of IveraMedical Corporation, a manufacturer of healthcare products and devices. This acquisition is expected to expand the former’s product portfolio.
The product segment is segmented into moist wound care, antimicrobial wound care and active wound care. The moist wound care segment is dominating the market with the highest share of 48.90% in 2018. The moist product types are further sub-segmented into alginate, foam, film, hydrogel, and hydrocolloid-based dressings. These dressings create and maintain a wet environment around the affected area, which is conducive for effective healing. Since these products quicken the healing process, these dressings are hence recommended for chronic conditions including pressure ulcers, diabetic ulcers, burn injuries, and other slow-healing injuries. Antimicrobial wound care products provide various benefits including ease of use, wide availability, and greater cost-effectiveness compared to antibiotics. In addition, these can be obtained without a prescription and may pose a low risk of developing antimicrobial resistance. Bioactive products have been observed to be highly beneficial in cases of severe trauma, burns, and in third-degree pressure & diabetic ulcers. FDA approvals for the products, such as Alpigraph and Dermagraft, have further supported the emergence of this vertical.
The rise in the level of disposable income has stimulated the growth. Increased investments in research and development activities is also stimulating the growth of the market. Also, a growing number of tissue replacement procedures are positively impacting the growth of the market. But the high cost associated with these products, availability of substitute wound care products and stringent regulatory standards may pose a major threat to the global bioactive wound care market.
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- CDN Newswire