Pune, India, March 16, 2021 (GLOBE NEWSWIRE) -- The global wound care devices market is anticipated to gain traction from the increasing initiatives by prominent companies to introduce technologically advanced devices. They are persistently investing hefty amounts of money in the development of unique devices for wound care. The report further mentions that the market size was USD 2.19 billion in 2019 and is projected to reach USD 3.13 billion by 2027, exhibiting a CAGR of 4.6% during the forecast period.
KEY INDUSTRY DEVELOPMENTS:
- October 2019 – 3M acquired Acelity, Inc. and its subsidiaries with an aim to strengthen its position in the wound care and specialty surgical products market.
- October 2018 – ConvaTec Inc. received the U.S FDA approval for AVELLE. The product is a negative pressure wound therapy system equipped with the benefits of hydrofibre technology.
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Drivers & Restraints-
Rising Demand for Chronic & Acute Wounds to Propel Growth
The rising cases of surgical wounds, diabetic foot ulcers, and high grade pressure ulcers are anticipated to boost the wound care devices market growth in the coming years. They are also available at a comparatively lower cost, than the active therapies. Apart from that, the demand for healing acute and chronic wounds is surging worldwide on account of the emergence of state-of-the-art wound care devices in the market.
However, lack of reimbursement policies in emerging countries and the expensive nature of these devices may obstruct the market growth. The International Surgery Journal (ISJ) published in a study that the total cost of using negative pressure wound therapy (NPWT) for only 15 days was USD 11.16 per patient in India.
The outbreak of the COVID-19 pandemic is affecting several industries negatively by halting production processes and disrupting supply chains. At present, healthcare facilities, such as clinics and hospitals are shutting down their department of wound care for preventing the spread of coronavirus infection.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/industry-reports/wound-care-devices-market-100388
Segment-
NPWT Segment to Lead Fueled by its Capability to Reduce Wound Healing Time
Based on product type, the market is fragmented into extracorporeal shock wave therapy (ESWT), hyperbaric oxygen therapy (HBOT), negative pressure wound therapy (NPWT), and others. Out of these, the NPWT segment held the highest wound care devices market share in 2019. It is expected to dominate in the near future because of its ability to lower the total period of wound healing. At the same time, it can provide high efficiency in exudate management.
Regional Analysis-
Introduction to Novel Devices will Favor Growth in Europe
In 2019, North America generated USD 0.87 billion in terms of revenue. The region is likely to remain in the dominant position throughout the forecast period on account of the presence of adequate reimbursement policies in this region. Apart from that, the increasing demand for these devices in the U.S. would also drive growth.
Europe, on the other hand, is set to showcase a considerable CAGR in the forthcoming period owing to the emergence of novel wound care devices, as well as rising cases of various types of wounds in this region. Asia Pacific would exhibit a higher CAGR attributable to the increasing healthcare expenditure and the rising awareness about such devices.
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Fortune Business Insights™ lists out the names of all the renowned wound care devices providers present in the market. They are as follows:
- Smith & Nephew (London, U.K.)
- 3M (Minnesota, U.S)
- Cardinal Health (Dublin, Ohio)
- Talley Group Ltd (Romsey, U.K)
- ConvaTec Inc. (England, U.K.)
- DeRoyal Industries, Inc. (Powell, U.S)
- Devon Medical Products (King of Prussia, U.S)
- BSN medical (Hamburg, Germany)
- Medela AG (Baar, Switzerland)
- Other Players
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Market Segmentations:
By Product Type
• Negative pressure Wound Therapy (NPWT)
• Hyperbaric Oxygen Therapy (HBOT)
• Extracorporeal Shock Wave Therapy (ESWT)
• Others
By Indication
• Diabetic Ulcers
• Pressure Ulcers
• Surgical wounds
• Others
By End User
• Hospitals
• Clinics
• Homecare settings
• Others
By Geography
• North America (U.S. and Canada)
• Europe (U.K., Germany, France, Italy, Spain, Scandinavia, and Rest of Europe)
• Asia-Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia- Pacific)
• Latin America (Brazil, Mexico, and Rest of Latin America)
• The Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)
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