The global advanced wound care market is anticipated to grow at a CAGR of around 7% from 2016 to 2022 and reach the market value of over $17 billion by 2022
India, Pune, Dec.06, 2017 (GLOBE NEWSWIRE) Acumen Research and Consulting, a global provider of market research studies, in a recently published report 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”, forecasts that the global advanced wound care market is anticipated to grow at a CAGR of around 7% from 2016 to 2022 and reach the market value of over $17 billion by 2022. Globally, North America accounted for the largest share in 2015 and is expected to maintain its dominance throughout the forecast period.
Rising geriatric population in the region, increasing incidences of chronic wounds, and number of road accidents are creating the need for advanced wound care in North America. Asia-Pacific is expected to register fastest growth, at a CAGR of 7.4% during the forecast period from 2016 to 2022.
The growth of global advanced wound care market is driven by increase in geriatric population, and rising awareness towards use of advanced wound care products. The technological advancements in advanced wound care products are resulting in launch of innovative and more effective wound care products.
In addition, increase in burn cases across the globe, rising incidences of chronic wounds and increase in volume of surgeries are also driving the global advanced wound care market. Rising number of road accidents, globally, is further promoting for growth of global advanced wound care market.
Moreover, increasing incidence cases of diabetes and obesity cases are supporting the demand for advanced wound care products, globally. However, availability of alternative wound care products such as bandage, gauge and wadding is presently restricting the growth of global advanced wound care market to some extent.
These alternate wound care products are the primary choice of patients in case of cuts and scrapes. Moreover, the low cost of these alternative products encourages the inclination of individuals towards such products, thus limiting the market growth.
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The advanced wound care market is segmented based on type, applications, end users, and geography. Based on type, the market is segmented into advanced wound dressings, advanced wound therapy devices, and advanced wound care products.
Advanced wound dressing segment led the global market and accounted for around 48% share in 2015. This segment is further bifurcated into hydrocolloid dressings, foam dressings, film dressings, hydrogel dressings, alginate dressings, collagen dressings, and others.
The applications of advanced wound care market include surgical and chronic wounds, ulcers, and burns. Surgical and chronic wound segment accounted for the highest share in 2015 and is expected to lead the market throughout the forecast period.
The end user segment includes inpatient facilities and outpatient facilities.
The global advanced wound care market is segmented regionally, into North America, Europe, Asia-Pacific, and Rest of the World (RoW).
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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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