Pune, May 20, 2020 (GLOBE NEWSWIRE) -- The global advanced wound care market size is projected to reach USD 13.45 billion by 2025, exhibiting a CAGR of 4.8% during the forecast period. Increasing prevalence of diabetes across the globe will be the central force driving the growth of this market, finds Fortune Business Insights™ in its report, titled “Advanced Wound Care Market Size, Share and Industry Analysis, By Product (Advanced Wound Dressings, Wound Care Devices & Active Wound Care), By Indication (Diabetic Foot Ulcers, Pressure Ulcers, Surgical Wounds, Others), By End User, and Regional Forecast 2018-2025”.
According to the International Diabetes Federation (IDF), presently, more than 460 million people between the ages of 20 and 79 are living with diabetes worldwide and by 2045 this number is expected to rise to 700 million. Diabetes is a chronic disease that is known to give rise complex conditions, which usually do not heal on their own and require surgery. For instance, diabetic foot ulcers usually turn into infection and the patient may end up requiring amputation. In such cases, advanced wound care dressings and devices are pivotal in alleviating the suffering of the patient.
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The report shares that the value of the market stood at USD 9.27 billion in 2017. It further answers the following questions:
- What are the major drivers and trends shaping the size, share, and growth of the market?
- What key challenges does the market face?
- Which regions hold the most promising prospects for the market?
- Who are the core players in this market and what are their growth strategies?
- How is the market segmented and how are the individual segments analysed?
- What opportunities are likely to arise in the market in the future?
An Overview of the Impact of COVID-19 on this Market:
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Market Driver
Rising Uptake of Negative Pressure Therapy to Bolster Market Growth
The advanced wound care market growth is set to get a major upward thrust owing to the rising preference for negative pressure treatment, or vacuum-assisted wound closure, among patients. This shift in preference is mainly because of the multiple advantages of this treatment technique. For instance, on account of its unique wound closing mechanism, occurrence of wound infections in patients with open fractures and orthopaedic trauma is very low in negative pressure therapy. Furthermore, wound healing in patients with diabetes and gangrene, where amputations are necessary, is speedy and with lower level of pain. Fast recovery also means that hospital stays will be of a shorter duration, thus reducing costs and inconvenience for the patient. Lastly, these therapies are ideal for complicated procedures such as chronic and open wounds such as diabetic foot ulcers, skin grafts, acute traumatic wounds, and pressure ulcers.
Regional Analysis
North America to Own Lion’s Share in the Market; Asia-Pacific to Grow Steadily
Having generated revenue worth USD 3.87 billion in 2017, North America is slated to dominate the advanced wound care market share during the forecast period. This is mainly attributable to the robust healthcare system in the region, along with patient-friendly reimbursement policies. This, coupled with high prevalence of chronic and lifestyle-related disorders, will propel the market in the region.
On the other hand, the market size in Asia-Pacific is set to expand steadily owing to the increasing incidence of diabetes and other chronic diseases in the region. In addition, per capita healthcare spending is rising in India and China, which will favour the market growth in the region. In Europe, advancements in medical care techniques is anticipated to accelerate the progress of the market in the foreseeable future.
Competitive Landscape
Strategic R&D Investment by Players to Stimulate Intense Competition
In order to gain an edge over other competitors, players in this market are ramping up their investment to enhance their R&D capacity and create a solid foundation to develop and launch next-gen solutions. This strategy is enabling these players to cement their position in the market through diverse portfolio of products.
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Industry Developments:
- June 2019: Finland-domiciled UPM announced the launch of an innovative wound care solution called FibDex® for the market in Europe. The new advanced wound care dressing product has been derived from wood-based nanofibrillar cellulose, a substance known to be compatible with human tissue and cells.
- February 2019: India-based Axio Biosolutions introduced its cutting-edge wound care product under the name ‘MaxioCel’, designed to provide comfort and promote fast healing among patients suffering from chronic wounds such as pressure ulcers, skin abrasions, and venous leg ulcers. The dressing is made out chitosan, a type of sugar extracted from the outer skeleton of various shellfish.
List of Companies Profiled in the Advanced Wound Care Market Research Report are:
- KCI Licensing, Inc.
- Smith & Nephew
- Tissue Regenix
- Coloplast Corp
- MiMedx
- Organogenesis Inc.
- Mölnlycke Health Care AB
- ConvaTec Inc.
- Derma Sciences Inc.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Prevalence of key Indications, 2017 (Key Countries)
- Economic cost Burden, Chronic wounds (Key Countries)
- Key Mergers & Acquisitions
- Pricing Analysis, Key Players, 2017
- Overview: New Developments in Wound Care
- Global Advanced Wound Care Market Market Analysis, Insights and Forecast, 2014-2025
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Product
- Advanced Wound Dressings
- Alginate Dressings
- Hydrogel Dressings
- Film Dressings
- Hydrocolloid Dressings
- Antimicrobial Dressings
- Foam Dressings
- Others
- Wound Care Devices
- Nagative Pressure Wound Therapy
- Hyperbaric Oxygen Therapy
- Extracorporeal Shock Wave Therapy
- Others (Compression Therapy, etc.)
- Active Wound Care
- Biological Skin Equivalents
- Growth Factors
- Biological Dressings
- Others
- Advanced Wound Dressings
- Market Analysis, Insights and Forecast – By Indication
- Diabetic Foot Ulcers
- Pressure Ulcers
- Surgical Wounds
- Others
- Market Analysis, Insights and Forecast – By End User
- Hospitals
- Clinics
- Home Care Settings
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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Have a Look at Related Reports:
Active Wound Care Market Size, Share and Global Trend by Product Type (Biological Skin Equivalents, Growth Factors, Biological Dressings), Indication (Diabetic Foot Ulcers, Pressure Ulcers, Lower Limb Ulcers), End User (Hospitals, Clinics, Home Care Settings) and Geography Forecast till 2025
Wound Care Devices Market Size, Share and Global Trend By Product Type (Negative Pressure Wound Therapy (NPWT), Hyperbaric Oxygen Therapy (HBOT), Extracorporeal Shock Wave Therapy (ESWT)), Indication (Diabetic Foot Ulcers, Pressure Ulcers, Surgical Wounds), End Users (Hospitals, Clinics, Home Care Settings) and Geography Forecast till 2025
Advanced Wound Dressings Market Size, Share and Global Trend By Product Type (Alginate Dressings, Hydrogel Dressings, Film Dressings, Hydrocolloid Dressings, Antimicrobial Dressings, Foam Dressings), Indication (Diabetic Foot Ulcers, Pressure Ulcers, Surgical Wounds), End Users (Hospitals, Clinics, Home Care Settings) and Geography Forecast till 2025
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