Selbyville, Delaware, March 09, 2021 (GLOBE NEWSWIRE) -- According to credible estimates, worldwide wound management devices market size amassed USD 14 billion in 2019 and is expected to reach USD 19.6 billion with a CAGR of 4.3% between 2020 and 2027. The growth can be ascribed to growing incidences of wounds or injuries along with increasing pervasiveness of lifestyle diseases. According to WHO (World Health Organization) data in 2016, about 650 million of the global population was recorded to be obese. While, the World Obesity Federation (2017) states that over 2.7 billion of the total populace is expected to be obese by the year 2025.
As per the report, global wound management devices market is assessed based on product landscape, application spectrum, end user scope, and geographical reach. In addition, the document also elaborates on the competitive landscape in this business sphere, discussing the plans adopted by firms to gain an edge in the industry.
Notably, wound management devices are widely used in the treatment of injuries caused by any disease, as they are highly resistant to foreign particles and ecological inhibitors, and are used by nurses under supervision and instruction of physician for various reasons.
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These wounds generally occur due to accidents, traumas, burns, or natural disasters, and can be acute or chronic. Chronic wounds are caused mainly due to various lifestyle diseases, such as diabetes, obesity, and cardiovascular disorders. On the other hand, acute wounds may arise due to surgical or traumatic conditions and can heal by a regular wound healing process at a certain rate.
Rising number of surgeries, and booming elderly population are also augmenting global wound management devices industry share. As per National Institutes of Health, the geriatric population has witnessed tremendous growth since 2016, with approximately 617 million, that is, 8.5% of total population aged 65 years and above. Furthermore, the elderly population is projected to grow by 17% by the year 2050.
Speaking of the restraints, high costs associated with wound care and management is likely to negatively impact the industry expansion over the study period.
Analyzing the market segmentations
Based on product landscape, the market is classified into wound closure devices, therapy devices, and others. As per application scope, worldwide wound management devices market is split into surgical wounds, pressure ulcers, diabetic foot ulcers, burns, and others. With respect to end user scope, the industry is bifurcated into clinics, hospitals, and others.
Elucidating the regional landscape
As per credible estimates, North America presently holds a major portion of global wound management devices market share, creditable to concentration of known vendors in the region, and supportive reimbursement policies related to these devices.
Meanwhile, Asia Pacific wound management devices industry is poised to amass massive returns by 2027, attributable to rising pervasiveness of lifestyle diseases, and enhancing healthcare infrastructure in developing economies like India and China.
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Global Wound Management Devices Market Product Landscape (Revenue, USD Billion, 2017-2027)
- Wound Closure Devices
- Therapy Devices
- Others
Global Wound Management Devices Market Application Spectrum (Revenue, USD Billion, 2017-2027)
- Surgical Wounds
- Pressure Ulcers
- Diabetic Foot Ulcers
- Burns
- Others
Global Wound Management Devices Market End User Scope (Revenue, USD Billion, 2017-2027)
- Clinics
- Hospitals
- Others
Global Wound Management Devices Market Geographical Ambit (Revenue, USD Billion, 2017-2027)
North America
- Canada
- U.S.
Europe
- Italy
- Spain
- France
- Germany
- U.K.
- Rest of Europe
Asia Pacific
- South Korea
- Australia
- Japan
- India
- China
- Rest of APAC
Latin America
- Mexico
- Brazil
Rest of the World
Global Wound Management Devices Market Top Vendors (Revenue, USD Billion, 2017-2027)
- Smith & Nephew plc
- Mölnlycke Health Care AB
- Medtronic plc
- 3M Company
- Johnson & Johnson
- Hollister Inc.
- Derma Sciences Inc.
- ConvaTec Group plc
- Coloplast A/S
Table of content:
Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2018-2027 (USD Billion)
1.2.1. Wound Management Devices Market, by Region, 2018-2027 (USD Billion)
1.2.2. Wound Management Devices Market, by Product, 2018-2027 (USD Billion)
1.2.3. Wound Management Devices Market, by Application, 2018-2027 (USD Billion)
1.2.4. Wound Management Devices Market, by End-User, 2018-2027 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global Wound Management Devices Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Scope of the Study
2.2.2. Industry Evolution
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global Wound Management Devices Market Dynamics
3.1. Wound Management Devices Market Impact Analysis (2018-2027)
3.1.1. Market Drivers
3.1.2. Market Challenges
3.1.3. Market Opportunities
Chapter 4. Global Wound Management Devices Market: Industry Analysis
4.1. Porter's 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.1.6. Futuristic Approach to Porter's 5 Force Model (2017-2027)
4.2. PEST Analysis
4.2.1. Political
4.2.2. Economic
4.2.3. Social
4.2.4. Technological
4.3. Investment Adoption Model
4.4. Analyst Recommendation & Conclusion
Chapter 5. Global Wound Management Devices Market, by Product
5.1. Market Snapshot
5.2. Global Wound Management Devices Market by Product, Performance - Potential Analysis
5.3. Global Wound Management Devices Market Estimates & Forecasts by Product 2017-2027 (USD Billion)
5.4. Wound Management Devices Market, Sub Segment Analysis
5.4.1. Therapy Devices
5.4.2. Wound Closure Devices
5.4.3. Others
Chapter 6. Global Wound Management Devices Market, by Application
6.1. Market Snapshot
6.2. Global Wound Management Devices Market by Application, Performance - Potential Analysis
6.3. Global Wound Management Devices Market Estimates & Forecasts by Application 2017-2027 (USD Billion)
6.4. Wound Management Devices Market, Sub Segment Analysis
6.4.1. Burns
6.4.2. Diabetic Foot Ulcers
6.4.3. Pressure Ulcers
6.4.4. Surgical Wounds
6.4.5. Others
Chapter 7. Global Wound Management Devices Market, by End-User
7.1. Market Snapshot
7.2. Global Wound Management Devices Market by End-User - Potential Analysis
7.3. Global Wound Management Devices Market Estimates & Forecasts by End-User 2017-2027 (USD Billion)
7.4. Wound Management Devices Market, Sub Segment Analysis
7.4.1. Hospitals
7.4.2. Clinics
7.4.3. Others
Chapter 8. Global Wound Management Devices Market, Regional Analysis
Related Report:
Advanced Wound Care Market Size, Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
The advanced wound care market is likely to gain substantial momentum over the coming years owing to the advancing development of the healthcare infrastructure and treatment facilities available in hospitals, benefits offered by wound therapy devices, surging cases of diabetic foot ulcers, and rising incidences of trauma cases and road accidents. The technologies of advanced wound care have now come a long way for treating chronic disease-related wounds. Meanwhile, using a patient-specific approach is essential for selecting proper treatments and attaining best possible results. Here, the key goal is closure of wounds, further preventing recurrence of the wound. From a regional frame of reference, in 2019, Latin America advanced wound care market held around 10.5% market share and will continue to showcase similar growth over the coming years. The region is expected to witness a remunerative business trend owing to rising incidences of trauma cases and road accidents in the region.
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