There have been technological advancements to develop cost-effective therapies for management of wounds. These include development of crab shell bandages, vacuum-esque bandages, and bacteriophages to name a few. Such innovations are expected to increase application areas for wound care products and would lead to market growth.
Philippines Wound Care Market Report, published by Allied Market Research, projects that the market size was valued at $41.83 million in 2015, and is projected to reach $64.52 million by 2022, registering a CAGR of 6.4% from 2016 to 2022. The surgical wound care segment accounted for nearly two-fifths share of the total market in 2015.
The market growth is driven by growth in geriatric population & favorable demographics; rise in incidences of diabetes, obesity, and chronic conditions; technological advancements to deal with complex wounds; and increase in awareness to reduce healthcare costs. However, reluctance in adoption of new technologies restrain the growth of the market. Increased focus towards advanced treatment protocols and significant unmet needs in wound care provide lucrative opportunities for the market.
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The surgical wound care segment is expected to maintain its dominant position throughout the analysis period, due to increase in accidents and numbers of surgeries in the country. In addition, the advanced wound care segment is expected to grow at the highest CAGR of 8.2% from 2016 to 2022.
Key Findings of the Philippines Wound Care Market Study:
• In the end user segment, community centers accounted for more than three-fifths of the Philippines wound care market in 2015
• The infection management segment was the major segment of Philippines advanced wound care market (accounting for more than one-third of the advanced wound care segment)
• The active wound care segment is projected to grow at a remarkable CAGR of 18.1% from 2016-2022.
• The chronic wounds segment accounted for than two-thirds of the overall market in 2015.
The major companies profiled in the report include 3M Company, Smith & Nephew plc, Coloplast A/S, Medtronic Plc., Acelity L.P. Inc., ConvaTec Healthcare B S..r.l., Mlnlycke Health Care AB (A subsidiary of INVESTOR AB), BSN Medical GmbH, Alliqua BioMedical, Inc., Integra LifeSciences Holdings Corporation, Mundi Pharma, Bbraun, Urgo Medical, Mebo China (Mebo International Group), and Lohmann & Rauscher.
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