Advanced Wound Care Market expected to register a promising CAGR of 4.6% during the period 2017 -2022
The global advanced wound care market is expected to reach USD 13.07 Billion by 2022 from USD 10.43 Billion in 2017, at a CAGR of 4.6%. The market growth is primarily driven by the rising incidence and prevalence of diabetes, growth in geriatric population, increasing prevalence of wound ulcers, technological advancements in advanced wound care products, increasing funding for wound care research, and growing awareness programs about wound management.
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The global advanced wound care market is segmented by product, wound type, end user, and region. By product, the advanced wound care market is segmented into moist wound dressings, wound therapy devices, and active wound care.
The moist wound dressing segment is further subcategorized into foam, hydrocolloid, film, alginate, hydrogel, and collagen dressings. The wound therapy devices segment is further categorized into pressure relief devices, negative pressure wound therapy systems, hyperbaric oxygen equipment, ES devices, and other wound therapy devices.
The active wound care market is further bifurcated into artificial skin and substitutes and topical agents.
The moist wound dressings segment is estimated to account for the largest market share of the global advanced wound care market in 2017. Factors driving the growth of this segment include the increasing incidence of diabetes-associated ulcers and others (pressure ulcers and venous leg ulcers) and rising demand for innovative & advanced wound dressings for the treatment of such wounds.
By wound type, the market is classified into surgical wounds, ulcers, traumatic wounds, burns, and other wounds. The surgical wounds segment is estimated to account for the largest share of the global advanced wound care market in 2017.
The large share of this segment can be attributed to the rising incidence of diabetic foot ulcers & pressure ulcers and increasing prevalence of post-operative surgical wounds.
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On the basis of end user, the advanced wound care market is segmented into hospitals and clinics, home care settings, and other end users. The hospitals and clinics segment is estimated to account for the largest share of the advanced wound care market in 2017.
Increasing hospital admissions due to chronic wounds (such as pressure ulcer, diabetic foot, and venous leg ulcer) and the rising incidence of hospital-acquired pressure ulcers are key market drivers for the growth of this end-user segment. In addition, extended hospital stays of patients with diabetes are further increasing the demand for advanced wound care products in this end-user segment.
The global advanced wound care market is dominated by North America, followed by Europe. North America will continue to dominate the global advanced wound care market in the forecast period.
However, Asia Pacific is expected to witness the highest CAGR, with the growth in this market centered at China, India, and Japan. Factors such as the rising focus of major players in emerging Asian countries and government support are driving the growth of the advanced wound care market in this region.
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The high cost of advanced wound care products and chronic wound treatment may restrain market growth to a certain extent.
Major industry players launched innovative products to maintain and improve their position in the advanced wound care market. The prominent players in the global advanced wound care market are Smith & Nephew, Mölnlycke Health Care, B.
Braun, ConvaTec Group, Coloplast, Integra LifeSciences, 3M, Cardinal Health, Acelity L.P., Medtronic, MPM Medical, Paul HARTMANN, Medline Industries, Lohmann & Rauscher, Advanced Medical Solutions Group, BSN medical GmbH, Wound Care Technologies, Vivostat, Organogenesis, Hematris Wound Care, Alliqua BioMedical, MiMedx Group, Triage Meditech, DeRoyal Industries, and Laboratoires URGO. These companies have a broad product portfolio with comprehensive features and have also launched innovative products.
These leaders also have products for all end users in this market, a strong geographical presence, and they focus on continuous product innovations.
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