Advanced Wound Dressing Market to cross US$ 13.94 billion by 2026 | Adynxx, Inc., B Braun Melsungen AG, Coloplast A/S, ConvaTec Group
Pune, Maharashtra, India, December 17 2020 (Wiredrelease) Allied Analytics –:Rise in awareness toward advanced wound care treatment & management boosts the demand for infection management products such as silver wound dressings, non-silver dressings, and collagens. As per the report, the global advanced wound care industry was estimated at $8.45 billion in 2018 and is expected to reach $13.94 billion by 2026, growing at a CAGR of 6.5% from 2019 to 2026.
Growth of the global advanced wound care market is attributed to increase in geriatric population and increase in incidences of diabetes, ulcer, obesity, and chronic conditions. Furthermore, surge in awareness related to advanced wound care applications and advantages are some of the factors that contribute to the growth of the market.
Surge in geriatric population, increase in incidences of diabetes, obesity and chronic conditions, and high-end technological advancements to deal with complex wounds fuel the growth of the global advanced wound care market. On the other hand, high cost of advanced wound care products impedes the growth to some extent. Nevertheless, untapped opportunities in developing economies is expected to create a number of opportunities for the key players in the industry.
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The chronic wounds segment to remain lucrative during the estimated period-
Based on application, the chronic wounds segment contributed to more than two-thirds of the global advanced wound care market in 2018, and is anticipated to dominate during 2019–2026. The same segment is also projected to register the fastest CAGR of 6.7% by 2026. Various methods are now available to treat chronic wounds, including, debridement, moist wound healing, vacuum-assisted closure, oxygenation, warming etc., which has driven the growth of the segment.
In the initial phase of the forecast period the COVID-19 outbreak will affect the advanced wound care market. The advanced wound care market is expected to experience a certain decline over the forecast period due to national lockdowns, refused wound care facilities, cancelled or delayed elective surgery and increased skin injuries in COVID-19 medical care providers.
By application, the chronic wounds segment accounted for the highest revenue share in the advanced wound care market in 2019, and is expected to maintain its dominance during the forecast period. This is attributed to rise in prevalence of postoperative surgical wounds and surge in geriatric population. In addition, rise in awareness toward advanced wound care & improved diagnosis and technological advancements in advanced wound care products are expected to offer remunerative opportunities for market expansion in the near future
Key Findings Of The Study
Depending on product, the therapy devices segment held 35% share in the global market in 2019.
By application, the chronic wounds segment accounted for the largest advanced wound care market share in 2019, and is expected to remain dominant throughout the forecast period.
On the basis of end user, the hospitals segment held 57% share in the global market in 2019.
Region wise, Asia-Pacific is expected to exhibit highest CAGR of 14.0% during the forecast period.
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North America to maintain its dominance throughout the forecast period-
Based on geography, North America held the major share in 2018, generating nearly two-fifths of the global advanced wound care market. Development of advanced systems, upsurge in adoption of wound care products for the treatment of chronic & acute wounds, increase in incidence of chronic diseases, and surge in geriatric population have boosted the market in the province. The region across Asia-Pacific, on the other hand, would cite the fastest CAGR of 8.4% throughout the estimated period. Development in healthcare infrastructure, rise in number of laboratories with advanced medical facilities, and increase in number of target population in emerging economies have propelled the growth.
Key market players-
The major companies profiled in this report include 3M (Acelity Inc.), Adynxx, Inc., B Braun Melsungen AG, Coloplast A/S, ConvaTec Group plc, Essity AB (BSN Medical GmbH), Integra Lifesciences (Derma sciences), Investor AB (Mölnlycke Health Care AB), Johnson & Johnson, Medline Industries, Inc., Medtronic plc., Organogenesis Holdings Inc., and Smith & Nephew Plc.
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