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 size was valued at $41 million in 2015, and is projected to reach $64 million by 2022, registering a CAGR of 6.4% during 2017 to 2022. Wound care refers to specific types of treatment for pressure sores, skin ulcers and other wounds that break the skin. This can be done with the help of traditional as well as advanced wound care products. Advanced wound care is emerging as a standard solution treat chronic wounds, including pressure ulcers, diabetic foot ulcers, venous leg ulcers and arterial ulcers. Traditional wound care products are being increasingly substituted with advanced wound care products due to their efficiency and effectiveness to treat wounds thereby enabling faster healing.
The growth of the market is attributed to the rapidly ageing population & favorable demographics; rise in incidence 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 act as the growth 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.
Wound care management finds applications in treatment of chronic as well as acute wounds. The chronic wound care is segmented into pressure ulcers, diabetic foot ulcers, venous leg ulcers, and arterial ulcers. The diabetic foot ulcer and arterial ulcer segments are attractive areas of investment in the Philippines wound care market.
The list of key players 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.