Market Research Future (MRFR) predicts that the Global Advanced Wound Therapy Devices Market to touch the valuation of USD 2,804.53 million by 2023. It could demonstrate a CAGR of 6.70% CAGR during the forecast period (2018-2023).
Market Drivers and Top Barriers
Advanced wound care sector is emerging rapidly, as it provides devices as well as solutions that help manage acute and chronic wounds. Advanced wound therapy devices are used for treating wounds that take place due to pressure venous disease, ulcers, diabetes, and others.
Rising cases of diabetes is one the most important growth-inducing factors in the market. Those with diabetes heal at a slow rate and have poor blood circulation that negatively affects the immunity system. The Centers for Disease Control & Prevention (CDC) reveals that close to 30.3 million in the United States (U.S.) have diabetes. Trade pundits predict that the worldwide advanced wound therapy devices market could capitalize on this trend by offering precise solutions, thereby expanding in the subsequent years.
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The burgeoning geriatric population is benefitting the market to a great extent. This factor is supported by facts presented by the World Health Organization (WHO), that says the elderly populace could reach around 1.2 billion by 2025. Moreover, emergence of novel products along with rapid approval by regulatory bodies benefits the advanced wound therapy devices market. To illustrate, ConvaTec was approved by FDA for its negative pressure wound therapy (NPWT) system in 2018.
Segments – Advanced Wound Therapy Devices Market
The global advanced wound therapy devices market has been segmented on the basis of type, end-user, and region.
Based on types of therapy devices, the market has been segmented into electric stimulation devices, hyperbaric oxygen equipment, pressure relief devices, negative pressure wound therapy systems, and others. Others segment has been sub-segmented into ozone-oxygen therapy, electromagnetic therapy, and intermittent pneumatic compression.
Negative pressure wound therapy systems segment is assessed to account for the largest market share over the forecast period owing to its efficient treatment of acute and chronic wounds. In addition, the higher rate of burn injuries is expected to drive the segment growth over the forecast period. On the other hand, pressure relief devices are estimated to witness massive growth owing to rising medical cases of diabetes over the forecast period. Additionally, the government initiatives to reduce the health risk of diabetics can contribute to the growth of the segment over the forecast period.
Based on end-users, the advanced wound therapy devices market has been segmented into home care settings, hospitals & clinics, and others. Hospitals & clinics segment is expected to rise at a substantial growth rate owing to the rise in the number of hospital chains providing high-quality treatments. In addition, the prevalence of chronic diseases is estimated to create growth for the segment over the forecast period.
Esteemed Players – Advanced Wound Therapy Devices Market
Notable players within the worldwide advanced wound therapy devices market include
- Smith & Nephew plc (U.K.),
- Lohmann & Rauscher GmbH & Co. KG (Germany),
- Cardinal Health (U.S.),
- Sechrist (U.S.),
- Mölnlycke Health Care AB (Sweden),
- DeRoyal Industries, Inc. (U.S.),
- Triage Meditech Pvt. Ltd. (India),
- Medela AG (Switzerland),
- Perry Baromedical (U.S.),
- B. Braun Melsungen AG (Germany),
- KCI Licensing, Inc. (U.S.),
- ConvaTec Inc. (U.K.).
Regional Analysis – Advanced Wound Therapy Devices Market
The global advanced wound therapy devices market has been split into the primary regions of Europe, Asia Pacific (APAC), Middle East & Africa (MEA) and the Americas.
The Americas is the leading market for advanced wound therapy devices market. The region stands atop in the worldwide market with the presence of various advanced wound treatment options. The Intermountain Healthcare article said in 2017 that close to 6.5 million people in the United States (U.S.) are afflicted with chronic wounds.
Europe could expect to register pronounced growth in the following years, backed by the rising awareness about chronic wounds and the rise in government initiatives. Also, mounting awareness among healthcare providers and the presence of renowned vendors like Lohmann & Rauscher could work in favor of the regional market. Additionally, product innovation with technological advancements can stimulate market growth. Europe is expected to hit the valuation of around USD 924.85 million by 2023 at a growth rate of 7.02% during the appraisal period.
APAC could expect to be a highly lucrative market for advanced wound therapy devices. The fast gaining market is backed by the high number of burn injury cases and mounting awareness of NPWT devices. APAC could expand at a size of USD 676.27 million by 2023 at a robust CAGR of 7.16% during the assessment period.
Some Brief Table of Contents of Report
Chapter 1. Report Prologue
Chapter 2. Market Introduction
2.1 Definition
2.2 Scope Of The Study
2.2.1 Research Objective
2.2.2 Assumptions
2.2.3 Limitations
Chapter 3. Research Methodology
3.1 Introduction
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
Chapter 4. Market Dynamics
4.1 Drivers
4.2 Restrains
4.3 Opportunities
4.4 Challenges
4.5 Macroeconomic Indicators
4.6 Technology Trends & Assessment
Chapter 5. Market Factor Analysis
5.1 Porters Five Forces Analysis
5.1.1 Bargaining Power Of Suppliers
TOC Continued…
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