Global Advanced Wound Care Market to Grow Over $17 Billion by 2022: Acumen Research and Consulting
According to a new report published by Acumen Research and Consulting titled “Advanced Wound Care Market (Type: Advanced Wound Dressing, Advanced Wound Therapy Devices, Active Wound Care Products; Application: Surgical and Chronic Wounds, Ulcers, Burns; End-user: Inpatient Facilities, Outpatient Facilities) – Global Industry Analysis, Market Size, Opportunities and Forecast, 2012-2022”, the global advanced wound care market is expected to register a considerable growth of 7% during the period from 2016 to 2022 and reach the market size of more than $17 billion by 2022. The growth is mainly attributed by the factors such as rise in the number of geriatric population, growing number of road accidents, surgeries, and increasing number of burn cases registered, globally. Rising incidences of chronic wounds is another important factor driving the demand for advanced wound care. Advanced wound care products can be used for the chronic wounds related to diabetes and obesity.
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According to the sources, approximately 5 to 7 million cases of chronic wounds, every year, are registered in North America alone. This has resulted in increased consumption of advanced wound care products in the region, thus driving the growth of global advanced wound care market. Products such as NPWT (negative pressure wound therapy), hydrogel dressing, and foam dressing accelerate the healing process and, thus are extensively used advanced wound care products.
The global advanced wound care market is segmented based on type, application, end-user and geography. Based on type, the market is segmented into advanced wound dressing, advanced wound therapy devices, and active wound care products. Amongst these segments, advanced wound dressings is the largest and fastest growing segment and accounted for over 50% share of the total market in 2015. The advanced wound dressing refers to the wound dressings that provides moist micro environment and allows gaseous exchange and prevents infection to promote wound healing. Based on wound dressing types, the segment is further divided into hydrocolloid dressing, foam dressing, film dressing, hydrogel dressing, alginate dressing, collagen dressing and others. Depending on applications, the advanced wound care market is segmented into surgical and chronic wounds, ulcers, and burns. Surgical and clinical wounds segment accounted for the largest share of around 48% in 2015 and led the market in terms of applications. Surgical procedures are invasive in nature and damage the tissue, thus forming a wound at the site of surgery. In some cases, this wound comes in contact with infectious agents or physiological condition of patient, leading to the formation of chronic wounds. Various advanced wound care products, such as advanced wound dressing, wound therapy device and advance wound care products are used for the treatment of surgical and chronic wounds. The surgical and chronic wounds segment in Asia-Pacific is expected to grow at a CAGR of 7.7% during the forecast period. The end-users of wound care products include inpatient facilities and outpatient facilities.
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Based on geography, the market is segmented into North America, Europe, Asia-Pacific, and Rest of the World. In 2015, North America was the largest market for wound care products followed by Europe and Asia-Pacific. The major reasons for the growth in North America include rising geriatric population in the region, increasing diabetes and obesity cases, and growing number of road accidents. Geriatric population is more susceptible to diseases due to low immune power, which results in increased need for wound care products. According to the UN publication, the population of people aging 60 years and above in North America was over 74 million in 2015, and the number is estimated to grow and reach more than 104 million by 2030. Further, according to National Highway Traffic Safety Administration, the number of road injuries increased from 2.31 million in 2013 to 2.34 million in 2014 in the U.S and the number is expected to increase further in coming years. As a result, the demand for advanced wound care products is expected to increase in this region.
Among the player operating in the global advanced wound care market, some profiled in the report include 3M Company, Acelity LP Inc., Coloplast Corp., Mo-Sci Corp., Deroyal industries Inc., Medtronic Plc., Organogenesis Inc., Hollister Inc., Dermarite Industries LLC, Molnlycke Healthcare AB, Derma Sciences Inc., Smith & Nephew Plc., and Integra Lifesciences Holdings Corp. among others. Mergers and acquisitions for technology sharing and development and new product launch are some of the major strategies followed by leading players in this market to sustain market competition.
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