Increasing incidence of chronic diseases such as diabetes and cancer will enable growth in the global advanced wound care market. Fortune Business Insights, has published a report, titled “Advanced Wound Care Market Size, Share and Global Trend By Product (Advanced Wound Dressings, Wound Care Devices & Active Wound Care), Indication (Diabetic Foot Ulcers, Pressure Ulcers, Surgical Wounds, Others), End User and Geography Forecast till 2025.” According to the report in 2017, the global advanced wound care market was valued at US$ 9273.3 Mn. The global advanced wound care market is anticipated to expand at a CAGR of 4.8% and value US$ 13,450 Mn by the end of 2025.
The report classifies the global advanced wound care market in terms of various segments such as regions, product, type, end users, and others. As per the report, North America emerged dominant in the global advanced wound care market in 2017. The North America market was valued at US$ 3874.4 Mn in 2017.
Growth witnessed in the region is attributable to the high demand for advanced treatment for pressure ulcer, diabetic foot ulcer, surgical procedure, and others ailments in the U.S. The region is also expected to dominate the global market through the forecast period 2018-2025.
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Top Leaders Overview:
Some of the leading companies in the global Advanced Wound Care Market are
- Derma Sciences Inc.
- Coloplast Corp
- ConvaTec Inc.
- Tissue Regenix
- Mölnlycke Health Care AB
- Smith & Nephew
- Organogenesis Inc.
- KCI Licensing, Inc
- Other Prominent Players
The Global Advanced Wound Care Market derives growth from a number of factors such as increasing focus on research and development (R&D), increasing investment from leading companies towards R&D. Besides this, increasing regulatory approvals from organizations such as the Food and Drug Administration (FDA) have contributed significantly to the global Advanced Wound Care Market.
Furthermore, newer drug discoveries as a result of emphasis on R&D have favored the growth of the global Advanced Wound Care Market and are likely to boost the market in the coming years. Backed by contributions from government as well as private organizations, the global Advanced Wound Care Market is likely to gain traction in the coming years.
The expansion witnessed in North America is attributable to appropriate availability of reimbursement policies in the region. However, the advanced wound care market in Asia Pacific is anticipated to expand at relatively higher CAGR. High prevalence of diabetes in the region is the major factor contributing to the market growth. Additionally, new players are entering the Asia Pacific market and further introducing advanced wound care products, which is expected to impel growth in the coming years. This is likely fuel the demand for advanced wound care products and services.
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Rising Number of Surgeries Conducted Worldwide to Drive Global Market
Increasing per capita income and increasing cases of chronic diseases such as cancer, diabetes, and others are a few factors anticipated to drive the global advanced wound care market during the forecast period. Additionally, long term hospital stays, backed by rising number of surgical procedures taking place is a factor expected to increase the growth rate in the global market.
Besides this, the increasing geriatric population has been constantly contributing to the global advance wound care market’s growth. Innovation of new products is generating demand for approvals on products such as biological skin equivalents and extracorporeal shock wave therapy devices. This is anticipated to propel growth in the global advanced wound care market.
On the contrary, the factors expected to hamper the growth in the global advanced wound care market are high cost involved in advanced wound care products and services and lack of clinical efficiency for advance wound dressing.
Strong Distribution Network of Leading Organizations to Propel Growth
At present ConvaTec Inc., Smith & Nephew, and KCI Licensing Inc. are leading the global advanced wound care market. The growth witnessed in the market is attributable to these organizations’ diverse product portfolio and strong distribution network. Some of the leading companies operating in the global advanced wound care market are MiMedx, Coloplast Corp, Derma Sciences Inc., Tissue Regenix, Mölnlycke Health Care AB, and Organogenesis Inc.
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