Global Advanced Wound Care Management Market: Snapshot
Rising prevalence of chronic wounds, technological advancements, increasing patient awareness and health care expenditure, and the rapidly rising global population of geriatrics are some of the key factors driving the increased demand for effective measures for wound care management. The growing understanding of the need for treatment of complex wounds is also a key driver of the market. Compared to the traditional wound care products, advanced wound care products are specially designed for the treatment of more complex wounds and have demonstrated their capability in speeding the process of wound healing and recovery. Thus, majority of hospitals have shifted preference toward advanced wound care products.
Transparency Market Research estimates that the global advanced wound care management market will exhibit a 6.3% CAGR from 2016 through 2024, to reach US$11.2 bn by 2024.
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Advanced Wound Care Dressings Gain Dominant Share among Key Product Varieties
Based on type of product, advanced wound care dressings was the largest segment of the global advanced wound care management market, accounting for share of 62.4% in the market in 2015. The segment is expected to expand at a CAGR of 6.1% from 2016 to 2024. The market is primarily driven by rising risk factor rates and the need for cost-efficient treatments. The foam dressings segment held the major share of the advanced wound care dressings market in 2015. High flexibility and effectiveness of foam dressings have ensured significant support from medical practitioners and consumers alike. Due to their cost effectiveness, alginate dressings have steadily gained popularity over the past few years.
However, the segment of advanced wound care dressings is expected to lose to the segment of active wound care in terms of rate of growth over the forecast period. Although the active wound care segment will continue to account for a relatively lower share in the market, it will exhibit a CAGR of 8.0% from 2016 through 2024. Companies operational in the segment will, therefore, witness highly lucrative growth opportunities and will be able to strengthen hold on the market over the said period. The segment of antimicrobial dressings will grow at a sluggish pace over the forecast period because these dressings are primarily used to treat infected wounds rather than preventing infection.
North America and Europe to Continue to Dominate Global Market
North America leads the overall advanced wound care market, followed by Europe. These regions are expected to remain the dominant contributors to the global market’s revenue throughout the forecast period as well. The wound dressings market in North America will be driven by growth opportunities such as introduction of wound care diagnostics to identify microorganisms and pathogens and the rapidly developing advanced wound care products segment. Owing to the rising number of patients with diabetes and other vascular diseases, the demand for advanced wound care products has continued to increase across all countries in North America.
The Europe advanced wound care market will be chiefly drive by new product launches in fields such as foam dressings. Rise in the geriatric population, encouraging government initiatives and policies, approval of advanced and more effective products, and rising incidence of diabetes are also driving the Europe advanced wound care market.
The Asia Pacific advanced wound care market is, however, the most attractive regional market in terms of market investment and opportunities. The key factors driving the growth of the advanced wound care management market in Asia Pacific include increase in the geriatric population and the number of patients suffering from chronic diseases. Furthermore, the increased adoption of better quality wound care management products by health care professionals and favorable government reimbursement policies will also support the development of the wound dressings market in Asia Pacific in the near future.
Some of the key players in the advanced wound care management market are 3M, Acelity L.P. Inc., B. Braun Melsungen AG, BSN medical GmbH, Coloplast A/S, ConvaTec Inc., Medline Industries, Inc., Medtronic, Molnlycke Health Care, Organogenesis, Inc., and Smith & Nephew plc.
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