Increase in geriatric population, rise in incidences of diabetes, obesity and chronic conditions, and technological advancements to deal with complex wounds drive the growth of the global advanced wound care market
PORTLAND, Oregon, Dec. 9, 2019 /PRNewswire/ -- Allied Market Research published a report, titled, "Advanced Wound Care Market by Product (Infection Management, Exudate Management, Active Wound Care, and Therapy Devices), Application (Chronic Wounds and Acute Wounds), and End User (Hospitals and Community Health Service Centers): Global Opportunity Analysis and Industry Forecast, 2019–2026." As per the report, the global advanced wound care industry was estimated at $8.45 billion in 2018 and is expected to reach $13.94 billion by 2026, growing at a CAGR of 6.5% from 2019 to 2026.
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Drivers, restraints, and opportunities-
Surge in geriatric population, increase in incidences of diabetes, obesity and chronic conditions, and high-end technological advancements to deal with complex wounds fuel the growth of the global advanced wound care market. On the other hand, high cost of advanced wound care products impedes the growth to some extent. Nevertheless, untapped opportunities in developing economies is expected to create a number of opportunities for the key players in the industry.
The therapy devices segment to maintain its leadership status till 2026-
Based on product, the therapy devices segment accounted for more than one-third of the global advanced wound care market share in 2018, and is expected to rule the roost throughout the forecast period. Availability of innovative portfolio for wound care devices, rise in government spending, surge in awareness toward healthcare, and technological advancements are the major factors fueling the growth of the segment. At the same time, the active wound care segment would grow at the fastest CAGR of 17.4% during the study period. Increase in number of plastic surgeries, surge in demand for innovative & advanced wound care products, and rise in incidence of burns & trauma injuries across the globe have boosted the growth of the segment.
The chronic wounds segment to remain lucrative during the estimated period-
Based on application, the chronic wounds segment contributed to more than two-thirds of the global advanced wound care market in 2018, and is anticipated to dominate during 2019–2026. The same segment is also projected to register the fastest CAGR of 6.7% by 2026. Various methods are now available to treat chronic wounds, including, debridement, moist wound healing, vacuum-assisted closure, oxygenation, warming etc., which has driven the growth of the segment.
North America to maintain its dominance throughout the forecast period-
Based on geography, North America held the major share in 2018, generating nearly two-fifths of the global advanced wound care market. Development of advanced systems, upsurge in adoption of wound care products for the treatment of chronic & acute wounds, increase in incidence of chronic diseases, and surge in geriatric population have boosted the market in the province. The region across Asia-Pacific, on the other hand, would cite the fastest CAGR of 8.4% throughout the estimated period. Development in healthcare infrastructure, rise in number of laboratories with advanced medical facilities, and increase in number of target population in emerging economies have propelled the growth.
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Key market players-
- Adynxx, Inc.
- 3M (Acelity Inc.)
- Smith & Nephew Plc.
- Coloplast A/S
- ConvaTec Group Plc.
- AB (Mölnlycke Health Care AB)
- Essity AB (BSN Medical GmbH)
- Medtronic Plc.
- Integra Lifesciences (Derma sciences)
- Investor Johnson & Johnson
- Medline Industries, Inc.
- B Braun Melsungen AG
- Organogenesis Holdings Inc.
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