Global Advanced Wound Care Market is expected to grow at a CAGR of 5.38% during the forecast period 2019-2026
A new research report published by Fior Markets with the title Advanced Wound Care Market by Product (Wound Dressings, Wound Therapy Devices, Others), Application, End User, Regions, and Global Forecast 2019-2026.
As per the report, the global advanced wound care market is expected to grow from USD 10.24 billion in 2018 to USD 15.57 billion by 2026, at a CAGR of 5.38% during the forecast period 2019-2026. The presence of well-developed healthcare facilities, high incidence of chronic wounds, rising number of the elderly population and a huge number of people undergoing surgeries were some of the factors that led the North America region to dominate the global advanced wound care market with approximately 39.82% of the market share revenue in 2018. The Asia Pacific region is projected to grow at the highest CAGR of 7.42% over the forecast period.
NOTE: Our analysts monitoring the situation across the globe explains that the market will generate remunerative prospects for producers post COVID-19 crisis. The report aims to provide an additional illustration of the latest scenario, economic slowdown, and COVID-19 impact on the overall industry.
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Major players in the global advanced wound care market are 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, B. Braun, Integra Lifesciences, Cardinal Health, Medtronic, Mimedx Group, Axio Biosolutions , Paul Hartmann and Key Innovators among others. In order to participate in a highly competitive market, major players are emphasizing on launching new and innovative products. For instance in 2017, Ethicon collaborated with DePuy Synthes and introduced a customized wound closure kit named STRATAFIX. This kit was developed to improve productivity and patient outcomes in orthopedic surgery.
Advanced wound care products have the reliably to treat all type of wounds by keeping the wound hydrated to encourage healing. It uses the natural healing process to cure the wounds. The global advanced wound care market has been segmented on the basis of product, application, and end user. The product segment is divided into wound dressings, wound therapy devices, and others. The wound dressings segment is further subdivided into antimicrobial dressing, hydrogel dressings, foam dressings, film dressings, hydrocolloidal dressings and others. The wound therapy devices are further subcategorized into negative pressure wound therapy systems, pressure relief devices, electrostimulation devices, oxygen and hyperbaric oxygen equipment and others. The wound dressing segment dominated the global advanced wound care market with a market share of 53.92% in 2018. Growing awareness about the benefits of the advanced wound dressings is primarily responsible for this increased market share. The application segment contains diabetic wounds, skin burn wounds, pressure wounds, surgical wounds, venous legs ulcers and others. Due to the increase in the number of people undergoing surgical procedures, coupled with the growing emphasis on reducing the hospital stay, the surgical wound segment is projected to grow at the highest CAGR of 7.51% over the forecast period. The end user segment is categorized into hospitals & clinics, home care settings, and others. The hospitals & clinics segment emerged as the leader with a market share of 48.92% in 2018. This increased market share can be attributed to factors such as an increasing number of people undergoing the surgical procedures coupled with an increase in spending on the healthcare and favorable reimbursement scenario. The faster wound healing capabilities and the adoption of the advanced wound care and closure product have increased the hospitals & clinics segment growth as well as is expected to maintain this segment dominance during the forecast period.
The factors such as the rising prevalence of chronic wounds as well as growing emphasis on reducing the duration of hospital stay and associated cost are driving the global advanced wound care market. In addition, the superior healing properties of advanced wound care products and rapid growth in the geriatric population are supplementing the market size expansion. However, the lack of awareness about advanced wound care products and stringent regulatory approval process may restrain the market growth. Rising investment in research and development activities and increasing demand from the Asia Pacific region is anticipated to develop new opportunities for the market over the forecast period.
About the report:
The global Advanced Wound Care market is analyzed on the basis of value (USD Billion), volume (K Units), export (K Units), and import (K Units). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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