Advanced Wound Care Market Worth US$15,305.94 million by 2027 | 11.6% Of CAGR
Pune, Maharashtra, India, February 9 2021 (Wiredrelease) Allied Analytics –:Allied Market Research published a report, titled, “Advanced Wound Care Market size was valued at $9,255.70 million in 2019, and is estimated to reach at $15,305.94 million by 2027, registering a CAGR of 11.6% from 2020 to 2027. 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.
Surge in geriatric population, increase in number of incidences regarding obesity, diabetes, and chronic conditions, and technological advancements to deal with complex wounds augment the growth of the advanced wound care market. However, high cost of advanced wound care products hampers the market growth. Moreover, untapped prospects in developing regions are expected to provide new growth opportunities for the market players in the near future.
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• Due to the global pandemic all over the world, the medical devices manufacturers are majorly focusing on essential medical devices production including ventilators and diagnostics.
• However, due to the precautionary measures taken by governments in various regions, the supply chain has been hampered. Which may result in shortage of devices in certain locations.
• Food and Drugs Administration (FDA), on the other hand, shared a COVID-19 guidance with medical device manufacturers to notify the agency about changes that could affect availability of their products.
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The therapy devices segment to maintain its leadership status till 2026-
Based on product, the therapy devices segment accounted for more than one-third of the global advanced wound care market share in 2018, and is expected to rule the roost throughout the forecast period. Availability of innovative portfolio for wound care devices, rise in government spending, surge in awareness toward healthcare, and technological advancements are the major factors fueling the growth of the segment. At the same time, the active wound care segment would grow at the fastest CAGR of 17.4% during the study period. Increase in number of plastic surgeries, surge in demand for innovative & advanced wound care products, and rise in incidence of burns & trauma injuries across the globe have boosted 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.
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.
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Key market players-
3M (Acelity Inc.)
Smith & Nephew Plc.
ConvaTec Group Plc.
AB (Mölnlycke Health Care AB)
Essity AB (BSN Medical GmbH)
Integra Lifesciences (Derma sciences)
Johnson & Johnson
Medline Industries, Inc.
B Braun Melsungen AG
Organogenesis Holdings Inc.
To know more about the report, visit the website at: https://www.alliedmarketresearch.com/Advanced-Wound-Care-market
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