Wound care and closure products denote regular devices adopted for the management of chronic wounds. Innovative wound care and closure products have replaced conventional ones because of their effectiveness. The worldwide wound care market is predicted to grow at more than 6 percent CAGR over the forecast period (2017 to 2023). It is propelled by burgeoning population, surgical ulcers & wounds, and research & development operations.
In addition to these, awareness regarding wound treatments and the need for innovative products also drive market growth. One of the other key propellers of wound care is rising diabetes incidences. The industry varies with respect to both product maturity & offerings. Few products are growing sluggishly, while the others are boosting industry sales. The market is competitive and has multiple small & big firms that sell products for lowering the number of days spent by patients in hospitals.
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Moreover, recent biotechnological trends have contributed to market growth. Considering the rising geriatric population globally, medical equipment & systems face the arduous task of treating complicated & grave illnesses. Patients are being transported faster from & to the hospitals, raising the pressure on care-providers and boosting the demand for high-tech products. It’s essential for manufacturers to create formidable strategies, resulting in novel product developments catering to broader audiences.
Sophisticated and advanced wound care technologies are all set to capitalize on this expansion. Apart from the already-developing synthetic dressing products, the market has experienced the advent of recombinant growth factors, endovascular arterial repair, and bi-layered human alternatives. These novel products are rapidly participating in the industry and attempting for the best treatments.
Target Customers and Worldwide Players
Customers towards whom the wound care market is inclined, comprise biotechnological organizations, pharmaceutical firms, research laboratories, market research & consulting, and research & development companies. Increasing applications of the latest wound care products across these end-user sectors have led to faster industry growth. Reputed and well-known market players include B. Braun (Germany), Smith & Nephew (U.K.), Medtronic (U.S.), 3M Company (U.S.), and Coloplast (Denmark). These companies implement different strategies to occupy more shares and spread their wings worldwide. These strategies encompass partnerships with regulatory organizations, investments in research & developments, and advancements in products.
Market Categories/Segments/Trends
The global wound care market is classified on the basis of products, kinds, applications, end-users, and geographies. Products comprise wound therapy devices, advanced wound management products, wound care products, active wound care products, conventional wound care products, and others. Wound therapy devices consist of oxygen & hyperbaric oxygen equipment, cutting-edge wound therapy devices, negative pressure wound therapy devices, electrical stimulation devices, etc.
Advanced wound management products are fragmented into hydrocell foam dressings, foam dressings, advanced wound dressings, hydrogel dressings, etc. Wound care products are sub-fragmented on the basis of surgical staples, sutures, adhesives & sealants, wound care strips, hemostats, etc. Active wound care products are categorized into artificial skin, topical agents, skin alternatives, and so on. Based on kinds, the industry is segmented into acute wounds, chronic wounds, and others.
The applications include burns, ulcers, surgical wounds, trauma wounds, etc. Market end-users encompass home healthcare, clinics, hospitals, trauma centers, etc. The global industry also split on the basis of Americas, Asia Pacific, Europe, and the Middle East & Africa. Americas lead the market due to their high per capita medical expenses and well-established healthcare sector. Their escalating elderly population fuels their growth.
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Moreover; worldwide participants, such as Baxter and 3M coupled with emerging economies, like Canada and the United States should promote regional sales in the near future. Through a new collaboration with a medical imaging & data analytics firm (based in Maryland), ‘Nash UNC Health Care’ employed a cutting-edge imaging technology to its outpatient, ‘Wound Care Centre.’
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