According to Stratistics MRC, the Global Wound Care market is accounted for $17.30 billion in 2015 and is expected to reach $24.91 billion by 2022 growing at a CAGR of 5.3%. The market is ubiquitous with vast usage of these products in healing and preventing infection. Growing incidence of Hospital-acquired infections & awareness among people is driving the market. Apart from these, technological advancements and new innovative products are some other factors favoring the market. However, high cost associated with advanced wound care is inhibiting the market.
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Wound Management Products segment is estimated to be the fastest growing segment among product type on account of increasing geriatric population, rising incidence of chronic diseases and greater effectiveness in providing healing. North America accounted for largest market share owing to rising awareness regarding new technologies for wound care, government support in the form of funding, and rising diabetic and aged population. Moreover, Asia Pacific is poised to be the fastest growing market attributing to increasing health awareness.
Some of the key players of the Wound Care market include 3M Company, Acelity L.P. Inc., Baxter International Inc., BSN medical, Coloplast A/S, Convatec Healthcare B S.À.R.L.,, Covidien PLC, Derma Sciences, Inc., Ethicon, Inc., Hollister, Inc. , Integra LifeSciences, Mölnlycke Health Care AB, and Smith & Nephew PLC.
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