Global Wound Care Market – Overview
Wound care products are the standard devices used for the treatment and prevention of the wounds. During last few decades, there is a significant increase in the number of the people suffering from chronic and acute type of wounds. Market Research Future, a firm which specializes in market reports related to the healthcare sector among others, recently forecasted in its report on Global Wound Care Market Research Report- Forecast to 2027 that the market will demonstrate a steady CAGR of 6.20% while achieving million dollar growth readily in the forecast period.
Wound care is the traditional technique used for the treatment of the different wounds. However, year by year the quality of these products is improving continuously. Now-a-days, biologics products are widely preferred by the people for the treatment of the wounds. The global wound care market is expecting a healthy growth owing to the increasing prevalence of different types of wounds, increasing number of surgeries, rising geriatric population and favorable reimbursement policies.
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According to the WHO in 2014, injuries accounted for 9% of the world’s deaths, and it was estimated that 1%-2% of the population are likely to experience a chronic wound during their lifetime in developed countries. Additionally, in the U.K, the cost to the National Health Service of caring for patients with chronic wounds was conservatively estimated at USD 3.4 billion-4.6 billion per year. Furthermore, rising per capita income, increasing number of hospitals and development in the medical technology have fuelled the growth of the market. However, the advanced wound care products are too expensive and not affordable to the people in developing regions. The high cost of advanced wound care products is expected to slow the market growth.
Advanced wound closure products have emerged as a solution for faster wound healing. These solutions are superior to traditional wound healing products in terms of their ability to produce the desired results. The growing incidences of chronic wounds have intensified the need for faster wound healing products. Negative Pressure Wound Therapy (NPWT) has emerged as a highly effective therapy for progressive wound management through the application of negative pressure on the wound.
Competitive Analysis
A number of industries are working in the development and production of wound care products. It is found that the market players have adopted the organic strategy of development of better and cost-effective products and acquisition. The companies are aiming to capture a considerable share of the market segment as early as possible, due to continuously increasing competition. In order to gain the customer attention the companies have launched innovate products.
The key players profiled in the wound care market are B. Braun Melsungen AG (Germany), 3M (U.S.), Smith & Nephew (U.K.), ConvaTec (U.K), Baxter (U.S.), Ethicon Inc. (U.S.), Mölnlycke Health Care (Sweden), Coloplast (Denmark), Integra LifeSciences (U.S.), Cardinal Health (U.S.), Acelity L.P. (U.S.), MPM Medical (U.S.), and PAUL HARTMANN (Germany).
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Latest Industry Updates
Being a competitive market, a number of different manufacturer are focusing on the product launch, and acquisition for the market development. Some of the latest development in the market are-
Oct 2017: Smith & Nephew, British-based multinational medical equipment manufacturing company headquartered in London, U.K. The company has completed the acquisition of ArthroCare. This acquisition is expected to boost the wound care market of the company in coming future.
Apr 2017: Ethicon Inc., a subsidiary of Johnson & Johnson and operates in various sectors. The company is focusing on the product launch and acquisition to gain the market. Ethicon and Depuy Synthes introduced customized wound closure Kits. So, STRATAFIX and DERMABOND advanced wound closure products. Additionally, the company also acquired Megadyne Medical Products, Inc., a privately held medical device company.
Nov 2016: B. Braun Melsungen AG, a German medical and pharmaceutical device company launched Prontosan Wound Gel X used for maintaining a clean and moist wound environment that is conducive to healing.
Regional Analysis
Geographically, the global wound care market is segmented into Americas, Europe, Asia Pacific, and the Middle East & Africa. Americas dominates the global wound care market owing to the continuously increasing rate of chronic diseases, ageing & prevalence of obesity, and increasing government support. Europe has accounted for the second largest wound care market and is expected to show significant growth during the forecast period due to major reason for the market growth includes rising incidences of diabetes, technological advancements, and favorable government initiatives in Europe. Asia Pacific is the fastest growing market due to presence of huge opportunity and untapped market. China and India are the major contributor for the Asia Pacific market. On the other hand, the Middle East & Africa show the steady growth due to the poor economic condition especially in Africa region.
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