Increase in geriatric population, promising demographics, high-end technological advancements to deal with complex wounds and increased awareness to reduce healthcare costs propel the growth of the Asia Pacific advanced wound care market.
According to the report published by Allied Market Research, the Asia Pacific advanced wound care market was estimated at $1.65 billion in 2017 and is expected to hit $3.65 billion by 2025, registering a CAGR of 10.4% from 2018–2025. The report provides a detailed analysis of the market size & estimations, top investment pockets, top winning strategies, drivers & opportunities, competitive scenario, and changing market trends.
Rapidly aging population, favorable demographics, high-end technological advancements to deal with complex wounds and increased awareness to reduce healthcare costs fuel the growth of the Asia Pacific advanced wound care market. On the other hand, reluctance in adoption of new technologies, development of substitute products and lack of sufficient evidence hamper the growth to certain extent. However, increased focus toward advanced treatment protocols and significant unmet need in wound care are expected to create a number of lucrative opportunities for the key players in the market.
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The exudate management segment to lead the trail-
Based on product, the exudate management segment contributed to more than one-third of the total market revenue in 2017 and is expected to dominate throughout the forecast period. The active wound care segment, on the other hand, is projected to grow at the fastest CAGR of 20.1% till 2025.
The chronic wounds segment to remain lucrative by 2025-
Based on application, the chronic wounds segment accounted for more than two-thirds of the total market share in 2017 and is anticipated to rule the roost throughout the study period. The same segment would also cite the fastest CAGR of 20.1% during 2018–2025.
Japan to retain its top status in terms of revenue-
Based on geography, Japan held the major share in 2017, generating nearly one-third of the total market. Simultaneously, China is predicted to register the fastest CAGR of 11.7% during the study period.
Leading market players-
The key market players analyzed in the Asia Pacific advanced wound care market include Smith & Nephew plc, B. Braun Melsungen AG, Mölnlycke Health Care AB. Cardinal Health, Inc., Medtronic plc, Acelity L.P. Inc., 3M Company, ConvaTec Group Plc, Essity Aktiebolag (BSN Medical GmbH), and Coloplast A/S. They have incorporated a number of strategies including partnership, expansion, collaboration, joint ventures, and others to heighten their stand in the industry.
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