NEW YORK, May 27, 2020 (GLOBE NEWSWIRE) -- The global advanced wound care market is predicted to grow at 6.3% CAGR during the forecast period with the market size reaching USD 15.8 billion by 2025. The market is driven by the factors such as the mounting occurrence of the surgical wound and wound ulcer, expanding the geriatric population, mounting healthcare expenditure, escalating adoption of evidence-based treatment for chronic wounds, awareness programs for advanced wound care treatment and management, the introduction of new treatments for advanced wounds.
Industry Insights by Product (Advanced, Wound Therapy Device, Active Wound Care Products), Application (Surgical Wounds, Diabetic Foot Ulcers, Pressure Ulcers, Venous Ulcer, Burns), by End User (Inpatient, Outpatient)
The mounting occurrence of lifestyle associated diseases such as diabetes, favorable reimbursement scenario, technological advancement in wound care products, and increasing research and development activities are further fuelling the growth of the market. For instance, according to the World Health Organization (WHO), globally the number of people with diabetes has risen from 108 million in 1980 to 422 million in 2014.
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The market for advanced wound care is primarily driven by the increasing occurrence of the surgical wound and wound ulcers. With the expanding geriatric population, and mounting occurrence of lifestyle associated diseases such as diabetes has resulted in the demand of advanced wound care products for the management and treatment, which further decreases the length of stay in the hospital and reduces the cost involved. This offers market players immense opportunities for advanced wound care products, which will drive their revenue growth.
Among all products, advanced hold the largest share and is witnessing the highest growth in the advanced wound care market, globally. The advanced segment is further subdivided into foams, films, hydrogels, hydrocolloids, superabsorbent, wound contact layers, alginates, collagen, and Hydrofiber. Among the entire advanced segment, foams segment accounted for the largest share and is expected to grow at the fastest rate in the market. In addition, the artificial skin and skin substitutes segment accounted for the larger share and is expected to grow at the fastest rate in the active wound care products market.
The different applications of, the advanced wound care market are surgical wounds, diabetic foot ulcers, pressure ulcers, a venous ulcer, and burns. Of all these applications, the surgical wound category is predicted to witness the highest CAGR during the forecast period owing to. In addition, of all these delivery modes, the surgical wound category accounted the largest share in the advanced wound care market owing to the mounting occurrence of post-operative surgical wounds, and expanding occurrence of diabetic foot ulcers and pressure ulcers.
Based on end user the advanced wound care market is segmented into inpatient and outpatient. Of all the end users, inpatient is expected to grow at the fastest rate during the forecast period, globally.
Geography Insight
North America accounted for the major share in the advanced wound care industry in 2017, globally due to the growing geriatric population, and technological advancement of the products. In addition, mounting healthcare expenditure, increasing occurrence of surgical wounds and favorable reimbursement scenario are some of the factors facilitating the growth of the North American advanced wound care market. For instance, according to to the study conducted by National Center for Biotechnology Information on Challenges in the Treatment of Chronic Wounds in 2017, in the U.S approximately 2.4 million to 4.5 million people were affected with chronic lower extremity ulcers wound in 2013.
In addition, Europe accounted for the second largest share in the market due to the growing geriatric population, favorable reimbursement scenario, and mounting occurrence of lifestyle associated diseases such as diabetes.
Moreover, Asia-Pacific is observed to witness the fastest growth in the advanced wound care market, owing to escalating government support. Mounting healthcare expenditure, boosting demand for advanced wound care products, expanding the geriatric population, and an upsurge in medical tourism are some of the factors fuelling the growth of the Asia-Pacific advanced wound care market.
Competitive Insight
Key players in the advanced wound care industry are investing in the development of advanced, which is strengthening their position in the market. Smith & Nephew, 3M Company, Medtronic Plc., Mölnlycke Healthcare (A Part of Investor AB), Coloplast Corporation, Paul Hartmann, Cardinal Health, B. Braun, Mimedx Group, Convatec Group, Integra Lifesciences Holdings Corp., and Acelity L.P. Inc. are some of the key players offering advanced wound care.
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The Report Offers:
- Historical market estimate for the years 2015–2019 and forecast for the years 2020–2025
- Insight on current market trends, market dynamics, key opportunities and major challenges in the industry
- Market insights by in-depth segmentation with industry dynamics.
- Competitive analysis and benchmarking of the industry leaders and their product offerings
- Profiles of leading players and innovators, their financial overview and product portfolio
- Analysis of key industry trends and recent developments
- Value chain analysis and distribution channel analysis with opportunity assessment
- Market share analysis of major players
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Global Advanced Wound Care Market Coverage
Product Insight and Forecast 2015-2025
- Advanced
- Wound Therapy Device
- Active Wound Care Products
Application Insight and Forecast 2015-2025
- Surgical Wounds
- Diabetic Foot Ulcers
- Pressure Ulcers
- Venous Ulcer
- Burns
End User Insight and Forecast 2015-2025
- Inpatient
- Outpatient
Geographical Segmentation
Advanced Wound Care Market by Region
North America
- U.S.
- Canada
- Mexico
Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Rest of Europe
Asia-Pacific
- Japan
- China
- India
- Australia
- South Korea
- Rest of Asia-Pacific
Rest of the World
- Brazil
- South Africa
- Saudi Arabia
- U.A.E
- Other Countries
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