A comprehensive overview of the advanced wound care market 2018
According to the latest industry report published by Market Data Forecast, the Global Advanced Wound Care market is estimated to be USD 9.04 Billion in 2018 and is predicted to grow at a steady annual growth rate of 4.48% to reach USD 11.025 Billion in 2023. Recent advancements in medicine explain that wounds can be healed quickly with dampness around it rather than drying. Implementing this explanation into practice, Advanced Wound Care management has sprouted lately. It was also confirmed that in order to achieve scar-free and quick healing, it is necessary to have some moisture around the wounds.
Most of the products that are used in this wound care process are the hydrogels, hydrocolloids, foam and film dressings, collagen products, alginate dressings, gauze composites, and others. These products are widely used for burns, leg ulcers, pressure ulcers, surgical wounds, venous ulcers and diabetic ulcers. The devices used in this process may encompass electrical stimulation devices, negative pressure wound therapy device, hyperbaric oxygen tools and others.
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The most common problem in many developed nations is its geriatric population. The increasing age will cause several chronic problems in such people, and it is challenging for the governments to provide accurate medical care to them. Diabetes is one such problem that has become common in recent times. In the US alone, 25% percent of people over the age of 65 are suffering from diabetes. It is also evident that the amputation chances were 10 times higher for the people with diabetes than the normal. These two are the principal factors driving the global advanced wound care markets.
Other important growth drivers include increasing disposable income, traditional wound care issues, increasing chronic diseases, expenses involved in hospital admissions, raising physical activities, rapid treatments, government initiatives, the introduction of technology in medicine, sophisticated clinical infrastructure, and so on. However, the lack of awareness in remote areas, expensive treatment costs, proper healthcare in rural centers, and reimbursement policies may act as inhibitors to market growth.
This report provides the useful insight into global advanced wound care market and its segregation based on type, applications, end-users, and geographical regions.
On the basis of type, the market is separated into
- Active Wound Care
- Therapy Devices
The dressings segment which includes hydrogels, hydrocolloids and other moist dressings’ accounts for the largest market size and continue to lead with the prevalent ulcers. Active wound care is also growing at a rapid pace and will soon reach the dressings segment.
On the basis of applications, the market is separated into
- Surgical Wounds
- Skin Ulcers
The surgical wounds segment is projected to lead the global advanced wound care market owing to the increased cases of diabetics and respective foot ulcers. The skin ulcers segment is also moving swiftly among the international markets.
On the basis of end-users, the market is separated into
- Inpatient Services
- Outpatient Services
A large number of hospitals and clinics around the world has made the Inpatient services segment to bag the highest share of the market revenue. However, with the raising interest for personal healthcare, outpatient services will soon outrun the former.
On the basis of regional distribution, the market is separated into
- North America
- Asia Pacific
- Rest of the World
North America with its continuous investments in technology and healthcare, increasing number of aged population and the prevalence of dreadful diseases leads the global advanced wound care market with more than 35% of the total market size. Europe stands next in line to North America with Spain being the top contributor the global markets. The Asia Pacific with its increasing investments in healthcare and growing awareness among public will surely open many unexplored markets.
The market report also includes some of the key competitors of the market in the business line of providing advanced wound care equipment. Few of the market leaders are as follows,
- Smith and Nephew Plc.
- 3M Health Care
- Acelity L.P. Inc.
- Advancis Medical
- Organogenesis Inc.
- Cardinal Health
- B.Braun Melsungen AG
- Integra LifeSciences
- BSN Medical
- ConvaTec Group and others.
Acelity L.P. Inc is expected to dominate the world market for advance wound care followed by many existing and yet to come organizations.
Recent trends in the market like announcement of Smith and Nephew about European introduction of MolecuLight i:X in December 2017, which predicts the level of harmful bacteria around wounds can provide some new inspiration to the global advanced wound care markets and thereby providing significant number of future opportunities for the worldwide market expansion.
Scope of the report:
• Global, regional and country-level analysis and forecasts of the study market; providing Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped
• Segment-level analysis along with market size forecasts and estimations to detect key areas of industry growth in detail
• Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics
• Study of the effect of exogenous and endogenous factors that affect the global market; which includes broadly demographic, economics, and political, among other macro-environmental factors presented in an extensive PESTLE Analysis
• Study the micro environment factors that determine the overall profitability of an Industry, using Porter’s five forces analysis for analyzing the level of competition and business strategy development
• A comprehensive list of key market players along with their product portfolio, current strategic interests, key financial information, legal issues, SWOT analysis and analyst overview to study and sustain the market environment
• Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies
• An executive summary, abridging the entire report in such a way that decision-making personnel can rapidly become acquainted with background information, concise analysis and main conclusions
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