Advanced Wound Care Management Market: Overview
The market for wound care is growing phenomenally, due to growing advancement is treating complex wounds. Advanced wound care market is anticipated to grow in forecasted period, as the products has been a promising solution for faster recovery and wound healing. These products offer superior solution than traditional products by offering desired outcome and effectiveness in healing wounds. The increasing incidences of chronic wound has aggravated the need for the products that offers faster and efficient wound healing. Thus, majority of hospitals have shifted their preferences towards the advanced wound care products. It helps to decrease the average length of stay in hospitals through early recovery from wounds. This assists to decrease the length of hospital stay in order to reduce surgical costs. Thus the rising need and demand for advanced products that increases therapeutic outcome drives the advanced wound care market.
Advanced Wound Care Management Market: Growth and Competitive Dynamics
The driving factors for advanced wound care market are mainly increasing demand for faster recovery, decrease in healthcare cost by decreasing average length of stay in hospital, rising population falling for trauma, etc. Advanced wound care market is anticipated to grow in forecasted period, as the products has been a promising solution for faster recovery and wound healing. These products offer superior solution than traditional products by offering desired outcome and effectiveness in healing wounds. The increasing incidences of chronic wound has aggravated the need for the products that offers faster and efficient wound healing. Thus, majority of hospitals have shifted their preferences towards the advanced wound care products. It helps to decrease the average length of stay in hospitals through early recovery from wounds. This assists to decrease the length of hospital stay in order to reduce surgical costs. Thus the rising need and demand for advanced products that increases therapeutic outcome drives the advanced wound care market.
Geographically, the global advanced wound care market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The applications of advanced wound care are rapidly growing in North America due to increasing direct and indirect investments by the U.S. Government and private companies in wound care. Increasing investments and penetration by key market players in Asia Pacific are likely to drive the advance wound care market during the forecast period.
Advanced Wound Care Management Market: Key Players
Major 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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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.
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