Advanced Wound Care Market to reach Value USD 10,929.51 Million by 2023
Added: (Tue Mar 13 2018)
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Zion Market Research has published a new report titled “Advanced Wound Care Market by Product Type (Advanced Wound Dressings, Active Wound Care, Antimicrobial Dressing), by Wound Type (Diabetic Foot Ulcers, Pressure Ulcers, Venous Leg Ulcers, Surgical and Traumatic Wounds, Burns and Other Chronic Wounds) and by End Users for Hospitals, ASC’s, Community Medical Centers, Home Healthcare and Other: Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 - 2023”. According to the report, global advanced wound care market was valued at approximately USD 7,365.01 million in 2017 and is expected to generate revenue of around USD 10,929.51 million by end of 2023, growing at a CAGR of around 6.80% between 2017 and 2023.
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A wound is a disruption in the continuity of cells—anything that causes cells that would normally be connected to become separated. Wound healing is the restoration of that continuity. Some of the major factors driving the growth of advanced wound care market are rising aging population, growing incidences of diabetes, technological advancement, rising awareness regarding new technology, government support in the terms of funding, reduced duration of hospital stays, rising incidence of chronic wounds, problem associated with ineffective traditional wound healing method, increase funding in wound care and development, increasing volume of surgeries across the globe, faster recovery and healing time, range of wound indications at relatively lower prices, innovative products and rising demand in emerging healthcare market.
The increasing instances of mortality due to venous leg ulcers and diabetic foot ulcers amongst the elderly populations are further bolstering the demand for strategies related to advanced wound management in various developed and developing countries. The rising morbidity due to chronic wounds across the global patient populations together with economic repercussions have led to the growth of this market in lesser developed societies and communities. In many of the developed and developing nations, the soaring number of cases of maturity-onset and type I diabetes has resulted in the rising prevalence of diabetic ulcers, thereby accelerating the growth of the advanced wound care market.
The advanced wound care market is segmented on the basis of product type into advanced wound dressings, active wound care, and antimicrobial dressing. Advanced wound dressings segment is expected to grow at fastest rate in the global market over the forecast period.
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Based on wound type the market is segmented into diabetic foot ulcers, pressure ulcers, venous leg ulcers, surgical and traumatic wounds, burns and other chronic wounds. The diabetic foot ulcers segment is projected to have the highest CAGR during the forecast period. Approximately 15% to 25% of individuals with diabetes develop a foot ulcer at some point in their lifetime and an estimated 12% of those patients require lower extremity amputation. Diabetic foot ulcers account for nearly 2/3 of all nontraumatic amputations. Ulcer healing is complicated by diabetic neuropathy, decreased cellular synthesis, and susceptibility to infection.
Hospitals, ASC’s, community medical centers, home health care and others are the key applications segments of the global advanced wound care market. The hospital segment dominated the market in terms of revenue in 2017.
North America, Europe, Asia-Pacific, Latin America and Middle East & Africa are key regional segments of global advanced wound care market. North America and Europe are anticipated to remain the leading regions over the forecast period. There is good adoption rate of the advanced wound dressing owing to the growing rate of patients that are suffering from burns, diabetes, and chronic wounds. Due to the growth rate of healthcare awareness the market for advanced wound care is growing significantly in the Asia-Pacific region as well. Developing nations such as China and India are the most promising markets owing to the huge population base and the growing number of patients.
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Some of the key players in advance wound care market include Smith & Nephew, B. Braun, ConvaTec Group, Integra LifeSciences, Cardinal Health, Medtronic, Wound Care Technologies, BSN medical GmbH, and Hematris Wound Care. Major players are frequently engaged in mergers & acquisitions to retain their market share and diversify their product portfolio. Also, key parameters affecting competition are rapid adoption of advanced options and rising need for optimum capital utilization.
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