The Global Demand for Advanced Wound Care Market, in terms of revenue, was estimated to be $9.01 billion in 2018 and is expected to reach $13.27 billion in 2025, growing at a CAGR of 5.85% from 2019 to 2025. The global advanced wound care is expected to grow at a significant rate due to the number of driving factors.
By Santosh P Salgare, Savitribai Phule Pune University
Market Analysis of Advanced Wound Care
The study provides a crucial view of global advanced wound care market by segmenting the market based on type, wound type, end-users, distribution channel and regional & country level. Based on type, global advanced wound care market is classified as dressing, biologics and therapy devices. Based upon wound type, global advanced wound care market is classified into surgical wound, diabetic ulcers, pressure ulcers, venous ulcers, burns and others. Based upon end-users, market is classified as hospitals, wound care centers, ambulatory centers, home healthcare, clinics and community healthcare.
On the basis of distribution channel, global advanced wound care market is segmented as protein content direct tenders and retail. The regions covered in global advanced wound care market are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, global point-of-care diagnostics market sub-divided into US, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, Brazil, Mexico, GCC, Africa.
The global advanced wound care market is expected to witness a lucrative growth within the forecast period owing to growing awareness about the benefits of advanced wound care coupled with the technological advancements in this field. In addition, increasing number of new products are also augmenting the market growth. Furthermore, increasing technological innovations to improve advanced care products’ functionality are also supplementing and creating new opportunities for the further growth of the global advanced wound care market.
Advanced wound care products play a pivotal role in treating chronic or acute wounds, which are particularly associated with conditions such as diabetes mellitus, weak immune systems, cardiovascular or respiratory disease, renal impairment, malignancy, rheumatoid, obesity and malnutrition. Moreover, growing geriatric population that are at high risk of developing chronic wounds and increasing healthcare expenditure by the government are also fostering the market growth. However, lack of awareness among patients regarding the advantages of advanced wound care products may hamper the market growth.
Advanced wound care management products are mainly used to treat more complex wounds. The products work on the principle of moisture therapy and fit around the shape of the wound. These are highly resistant to environmental inhibitors and foreign particles.
For instance, hydrocolloid dressings cover hydrophilic substances, which absorb fluids, dirt and bacteria, forming a protective gel mass. Maintenance of stable temperature around the wound, protection from infection, removal of dead tissue, assistance in oxygenation and relieve in pain are the major focus areas of advance wound care products. Venous ulcer, diabetic foot ulcers and pressure ulcers are major types of chronic wounds, while surgical and burn cases are major type of acute wounds.
Global advanced wound care market report is segmented on the basis of type, wound type, end-users, distribution channel and regional & country level. Based on type, global advanced wound care market is classified as dressing, biologics and therapy devices. Based upon wound type, global advanced wound care market is classified into surgical wound, diabetic ulcers, pressure ulcers, venous ulcers, burns and others. Based upon end users, market is classified as hospitals, wound care centers, ambulatory centers, home healthcare, clinics and community healthcare.
The regions covered in this global advanced wound care market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, market of advanced wound care is sub divided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.
Key Players for Market Report
Global advanced wound care market report covers prominent players likeBoston Scientific Corporation, 3M, C.R Bard, Inc., General Electric Company, Medtronic, Heraeus Medical Components LLC, Conmed Corporation, Thermo Fisher Scientific Inc., Natus Medical Incorporated, Koninklijke Philips N.V., Asahi Kasei Corporation, and others.
Rising prevalence of wounds, growing incidences of chronic diseases, increasing acceptance of innovative technologies and expanding geriatric population are the major factors driving the growth of global advanced wound care market. According to the World Health Organization (WHO), estimated that, in 2012, the global geriatric population was pegged at 901 million in 2015, which is expected to increase over 2 billion by 2050.
It has been estimated that, by 2020, chronic diseases will account for almost three-quarters of all deaths worldwide, and that 71% of deaths due to ischaemic heart disease (IHD), 75% of deaths due to stroke, and 70% of deaths due to diabetes will occur in developing countries. However, excessive cost of advance wound care products that often weakens treatment affordability may hamper the industry growth in forecast period.
Regional Analysis of Advanced Wound Care Market
North America held the largest market share of xx% in 2018 of global advanced wound care market within the forecast period. In the US, advanced wound management is the fastest-growing segment in the wound care management market owing to the nation’s unique approach to complex and chronic wounds. Increasing diabetic population, greater cost effectiveness of products and technological advancements are also expected to contribute to the current market conditions in this region.
Furthermore, the introduction of new and revised products in a phased manner, the reimbursement from both private and public insurers, and the increased comfort and expertise of healthcare professionals in administering these products have all also had a strong influence on the acceleration of market growth in this region.
Asia-Pacific is expected to be a promising market growing with a CAGR of XX% for advanced wound care owing to growing health consciousness among consumers in this region. In addition, high population base, medical tourism, continuous increase in disposable incomes and growing patient awareness are some of the major factors driving the market growth in this region. Furthermore, increasing investment and entrance of leading players in this region is also one of the major factors fostering the market growth.
Global wound care market current trend is focused on cell and tissue-based therapies and in particular skin substitutions are emerging as a main alternative for skin grafts. Offering a less invasive form of therapy, skin substitutions also offer the advantage of mimicking the physiology and mechanics of normal skin. A number of companies have begun to take an interest in this emerging technology.