The Global Market For Wound Care resonates strong growth opportunities and is prognosticated to exhibit healthy growth in the forthcoming years. Market Research Future (MRFR)’s latest study reveals that the global wound care market is projected to thrive moderately at 6.20% CAGR during the forecast period 2017 to 2027. The global market is estimated to reach a value over USD 28 Mn by 2027 up from USD 15,456.2 Mn in 2016.
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The shift towards advanced wound care products has opened avenues of growth opportunities for the market participants. The large-scale adoption of the advanced wound care products is attributable to its effectiveness and efficacy in the treatment of wounds. However, the developing economies drive the demand for traditional wound care products owing to low cost and easy availability.
The rising incidences of chronic wounds have intensified the need for developments in the wound care product offerings. For instance, Negative Pressure Wound Therapy (NPWT) has emerged as an effective therapy for progressive wound management. According to the World Health Organization (WHO), in 2014, 9% of the world’s deaths were caused due to injuries. Additionally, increasing count of surgeries is another major factor aiding the expansion of the market.
The favorable reimbursement policies coupled with catalyzed grants from the governments are poised to catapult the wound care market on an upward trajectory. Some of the factors responsible for catalyzing the market proliferation include exponential geriatric population, rising per capita income, and growing prevalence of diabetes among others. Nevertheless, expensiveness of the advanced wound care products is expected to hamper the growth of the market over the next couple of years.
Global Market for Wound Care-Segmental Analysis:
MRFR’s report offers a detailed segmental analysis of the market based on product, type, application, and end-user. By product, the wound care market has been segmented into advanced wound management products, wound therapy devices, traditional wound care products, wound care products, and active wound care products. Among these, the advanced wound management products segment is likely to witness a surge in the global demand as it assures faster healing and mitigates the possibility of infection. The wound care products segment and the active wound care products segment are forecasted to capture a comparatively smaller share of the market over the projection period.
By type, the market is segmented into chronic wound and acute wound. The chronic wound segment held the largest share of the market, which accounted for 60.3% of share, in 2016. It is likely to retain a significant share of the market over the next few years.
By application, the market has been segmented into surgical wound, ulcer, burn, trauma wounds, and others. Among these, the surgical wound segment is estimated to witness a surge in demand and reach a value over USD 10 Mn by the end of 2027.
By end-user, the global market is segmented into hospitals, clinics, home health care, trauma centers, and others. The hospitals segment captured the most substantial share of the market in 2016. It is prognosticated to retain its prominence and register a CAGR of over 6% during the forecast period.
By region, the global wound care market has been segmented into Americas, Europe, Asia Pacific, and the Middle East & Africa. Americas held the largest share of the market in 2016 which accounted for 55.8% share. The valuation of the market is projected to reach a little over USD 16 Mn by 2027-end up from USD 8,621.4 Mn in 2016. The growth of the regional market is attributable to the development of wound care products, growing diabetic population, and rising geriatric population. Meanwhile, Asia Pacific is poised to exhibit a relatively higher CAGR through the assessment period owing to the presence of opportunities for the development of the market. Europe is an important growth pocket and is projected to remain highly lucrative market in the foreseeable future. Meanwhile, the Middle East & Africa is estimated to account for the least share of the global market.
Global Market for Wound Care-Competitive Dashboard:
Some of the key players profiled in the report include B. Braun Melsungen AG, 3M, Baxter, Ethicon, Inc, Smith & Nephew, ConvaTec, and Kinetic Concepts, Inc
Table of Content: Key Points
1 Report Prologue
3 Research Methodology
4 Market Dynamics
5 Market Factor Analysis
6 Global Wound Care Market, By Product
7 Global Wound Care Market, By Type
8 Global Wound Care Market, By Application
9 Global Wound Care Market, By End User
10 Global Wound Care Market, By Region
11 Company Landscape
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