Chronic wounds are hard to heal, which take substantial time to heal and are expensive to treat. Advanced wound care and closure products are increasingly gaining popularity as standard solutions for treating chronic wounds. Traditional products are being increasingly substituted with advanced products, mainly due to their effectiveness in managing wounds by promoting faster healing.
The report also profiles key players involved in global Advanced Wound Care and Closure Market, such as Smith and Nephew, Kinetic Concepts, 3M, BSN medical, Covidien, ConvaTech, Derma Sciences, Integra Life Sciences, Baxter International and Coloplast. They have adopted various strategies such as mergers & acquisitions, collaborations, partnerships, and others to gain a strong position in the industry.
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Global Advanced Wound Care and Closure Market would reach $20.5 billion by 2020, growing at a CAGR of 8.0% from 2014 to 2020.North America leads the overall advance wound care and closure market, which is closely followed by Europe. Growing medical tourism in the Asia Pacific region and the incapability to manage the inflow of patients in hospitals necessitates early patient discharge. Therefore, faster wound healing methods are most sought after treatments to manage the incoming patient pool in the region. These factors would lead to faster adoption of advanced wound care and closure products in the region, facilitating faster market growth.
The demand for advanced wound care and closure products is driven by an inclination towards shorter hospital stays, reduced surgical healthcare costs, and enhanced therapeutic outcomes. Market growth is also supplemented by the risk associated with ineffective wound healing, which has increased the demand for combination dressings. The market is essentially driven by the rise in aging population, upsurge in prevalence of chronic wounds & ulcers, advancements in technology, and an increase in the number of surgeries. However, reluctance in adoption of new technologies and unfavorable reimbursement policies impede market growth. Nonetheless, advancements in moist dressing and optimized physical therapies are set to provide lucrative opportunities for emerging market players.
The report segments the global advanced wound care and closure market based on type, application, end user, and geography. Based on type, the market is bifurcated into advanced wound closure and advanced wound care. The advanced wound closure sub-segment is further categorized into haemostatic and sealing agents, topical tissue adhesive, and wound closure devices. The advanced wound care sub-segment is divided into moist wound dressings, active wound care, and therapy devices. Active wound care consists of skin substitutes and growth factor products, which are expected to foster market growth in the near future.
Negative Pressure Wound Therapy (NPWT) promotes wound healing through the application of negative pressure on the wound via foam dressings and has emerged as a highly effective therapy for advanced wound management. The NPWT segment is projected to grow strongly during the forecast period and reach $3.7 billion by 2020.
Based on application, the report sub-segments the market into burns, ulcers, pressure ulcers, diabetic ulcers, venous leg ulcers, arterial ulcers, and surgical wounds. The treatment of ulcers using advanced wound care and closure products is expected to boost the overall market growth, with diabetic foot ulcer management segment being prominent among all other segments. The report also bifurcates the market into hospitals and community health services and home healthcare.
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