The Global Advanced Wound care market has been estimated at USD 8.25 billion in 2015 and is projected to reach USD 10.08 billion by 2020, at a CAGR of 4.10% during the forecast period from 2015 to 2020. Advanced wound care products provide a much-needed relief to the people who are suffering from Chronic wounds, which take significant amount of time to heal and are expensive to treat. Technology in this area has grown manifold. Traditional wound care products are gradually being replaced by advanced wound care products due to their efficacy and usefulness in managing wounds by enabling faster healing.
Advanced Wound care market offers solutions to patients suffering from chronic wounds, by providing them readily accessible and reasonably priced products which can be used at one’s own convenience. Treatment in advanced wound care includes interventions therapies and products such as foam dressings, hydrocolloids, antimicrobial dressings, film dressings, alginate dressings, collagen products, gauze composites, and hydrogels among others. As technology progresses and becomes more viable, the quality of life of patients afflicted with chronic wounds improves.
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This market is mainly driven by technological advances, Increasing Aging Population, problems associated with ineffective traditional wound healing methods, Growing Incidences of Chronic Wounds and diabetes, initiatives taken by the government, and a pressing need for swift and safer treatment of chronic wounds. Attempts to lower the duration of hospital stay in order to reduce the surgical healthcare expenses and the growing inclination towards products that enhance therapeutic outcomes are also driving the demand for the advanced wound care market. The High cost associated with the treatment and reimbursement issues for the new technologies serve as factors which hinder the market.
The global advanced wound care market has been segmented on the basis of type, application and end users. By type, the global advanced wound care market is segmented into dressings, therapy devices, and active wound care. The dressing segment accounts for the largest portion of the global market. However, active wound care is the fastest growing segment in this category. On the basis of application, the market is divided into skin ulcers, surgical wounds, and burn wounds. The surgical wounds segment leads the global market. However, skin ulcer is the fastest growing segment in this category. On the basis of the end user, the market is further segmented into inpatient services and outpatient services. The inpatient facilities segment grabs the largest chunk of the global market. However, outpatient service is the fastest growing segment in this category.
Based on geography, the market has been segmented into North America, Europe, Asia-Pacific and the Rest of the World. North America leads the market with the largest market share in the world followed by Europe and Asia. The Asia Pacific market, which consists of fast-developing economies has remained largely untapped. However, this market is expanding steadily and has created abundant opportunities for the launch of new products. In terms of prospective growth potential, the Asia-Pacific advanced wound care market is expected to witness the fastest growth. However, lack of awareness and price sensitivity has considerably hindered the growth of the advanced wound care market in the developing countries such as India, China, Brazil, and others.
The North America market has more significance with trends showing that people desire more efficient solutions for their illnesses. This technology is especially inclined towards the elderly population, for whom easily accessible healthcare is paramount. The major companies dominating this market for its products and services are Acelity L.P., Inc. (U.S.), Smith and Nephew Plc. (U.K) (market share is around 15-20%), Mölnlycke Health Care (Sweden), ConvaTec, Inc. (U.S.), Coloplast Corp. (Denmark), 3M Health care (U.S), Medtronic (U.S), Integra Lifesciences Corporation (U.S.), Organogenesis Inc. (U.S.). The recent trends in mergers and acquisitions show that smaller companies are working with bigger ones for advanced innovations in the global anaesthesia monitoring devices market, by utilizing their core competencies. The future of this technology looks pretty optimistic as it offers a huge potential for change in treating patients all over the world.
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