Market Insight
As per the latest study by Market Research Future (MRFR), by 2027, the wound care market will showcase a stellar performance by recording the value of USD 29,900 Mn. The said figure will be almost the double of the market value of USD 15,456.2 Mn it achieved in 2016, in addition to growing at a lucrative CAGR during the forecast period (2016-2027).
As per the World Health Organization (WHO), in the year 2014, 9% of the world’s deaths were caused by injuries. Several chronic wound conditions like arterial ulcers, venous ulcers as well as diabetic ulcers compromise the body’s restorative capabilities. In addition to diminishing the quality of life, unhealed wounds also increase the risk of infections as well as complications. Hence, wound care has been established as an integral part of surgical recovery or disease management and is an expanding medical specialty.
The wound care market continuously experiences various technological advancements that are emerging as a standard solution for treating acute and chronic wounds. With time, conventional measures of wound care management are being replaced with advanced wound measure products owing to the effectiveness of the latter enabling faster healing. Furthermore, the treatment in advanced wound care includes intervention therapies along with the use of products like antimicrobial dressings, foam dressings, collagen products, gauze, hydrogels, hydrocolloids, alginate dressings, and film dressings.
However, high cost of the advanced wound care products could slow down the ongoing growth of the market over the next few years. But the market is set to pack a big punch on the back of favorable reimbursement policies combined with catalyzed grants by the governments. Some other factors instrumental in the growth of the market include rising per capita income, exponential geriatric population, and increasing prevalence of diabetes and so on.
Market Segmentation
The market for wound care is segmented on the basis of product, type, application, and end-user.
The wound care market, by product, has been segmented into advanced wound management products, wound therapy devices, traditional wound care products, wound care products, and active wound care products. Among these, the advanced wound management products segment will be noting a high surge in terms of global demand as it ensures faster healing, mitigating the possibility of infection. Furthermore, the active wound care products segment and wound care products segment are predicted to grab a comparatively smaller share of the market over the projected timeframe.
The types of wound care in the market include chronic wound and acute wound. The chronic wound segment is set to acquire the largest share of the total market, accounting for 60.3% market share, in 2016. The segment will be most likely retaining the substantial share it has amassed, over the next few years.
Application-dependent segments in the global wound care market are surgical wound, ulcer, burn, trauma wounds, and others. Here, the surgical wound segment is forecasted to note a massive surge in demand, reaching the value of over USD 10 Mn by the end of 2027.
The end-users in the global wound care market are hospitals, clinics, home health care, trauma centers, and others, wherein the hospitals segment amassed the most substantial share of the market in 2016. The segment is postulated to retain its lead, clocking in a CAGR of over 6% during the forecast period.
Regional Analysis
Region-wise, the global wound care market is established in the regions of the Americas, Asia Pacific, Europe, as well as the Middle East & Africa.
Americas, among all the regions, took possession of the largest share of the overall market in 2016, with the value of 55.8% market share. The market is poised to reach a little over the value of USD 16 Mn by 2027, crossing the value of USD 8,621.4 Mn in 2016. The regional market has expanded over the past couple of years, riding on the development of wound care products, rising geriatric population, and growing diabetic population. As per the National Center for Health Statistics, in 2015, more than USD 13 billion was spent on pressure ulcer management in the United States (U.S).
Meanwhile, Asia Pacific is exhibited to grow at a relatively higher CAGR throughout the conjectured period, on account of the presence of various growth opportunities for the market.
Europe, on the other hand, is on its way to becoming an important growth pocket, with lucrative growth rate predicted in the foreseeable future. Whereas, the Middle East & Africa will account for the least share of the global market.
Competitive Dashboard
The leading companies mentioned in the MRFR report are Kinetic Concepts Inc, 3M, Baxter, B. Braun Melsungen AG Inc, Ethicon, ConvaTec, Smith & Nephew, and so on.
Industry Update
January 2019 – Redsense Medical has announced the development of a prototype that has fully functional optical measuring which is based on the smart wound technology. The smart wound care technology will help develop thin sensor layers for the optical measuring of various physiological as well as biological parameters like blood as well as exudate.
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