MRFR Offering Latest Research Report On Global Wound Care Market with Research Report, Product (Wound Therapy Devices, Traditional And Active Wound Care Products),Type (Chronic, Acute), Application (Ulcers, Burn, Trauma Wounds), End Users (Hospitals, Clinics, Trauma Center) – Forecast Till 2027,Market Is Growing
Key Players
Leading players profiled in the wound care market report include Smith & Nephew, ConvaTec, Ethicon, B. Braun Melsungen AG Inc, Baxter, 3M, and Kinetic Concepts Inc. Key strategies incorporated by leading industry players for garnering higher market share and strengthening their product portfolio include innovative product launch, distribution agreements, and mergers and acquisitions.
Market Analysis
The global wound care market is predicted to touch USD 29,900 million at a lucrative CAGR over the forecast period (2016-2027), in accordance with the latest Market Research Future (MRFR) report.
Wound care products, simply put, are the salves and ointments which helps a wound in healing more completely. Advanced wound care products these days are chosen over traditional wound care products owing to their effectiveness and efficacy to manage wounds by allowing faster healing. Wound therapy devices, active wound care products, advanced wound management products, traditional wound care products, and wound care products are its different types.
Various factors are propelling the wound care market growth. These factors, in accordance with the MRFR report, include growing prevalence of diabetes, exponential geriatric population, increasing per capita income, various awareness programs both for wound care treatment as well as management, increasing funds for wound care research, and innovations and developments in wound care products.
On the contrary, low awareness about wound care, risk related to wound care products, and the high price of advanced wound care products are factors that may impede the wound care market growth over the forecast period.
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Industry news:
September 2019: NAWCO (National Alliance of Wound Care and Ostomy) has launched the first-ever professional credential for recognizing clinical expertise especially in advanced wound care. This credential will help in validating the higher-level skills and knowledge needed to use in advanced wound therapies today such as hyperbaric oxygen treatments, biologic skin equivalents, and negative pressure wound therapy (NPWT).
Market Segmentation
The MRFR report provides a complete segmental analysis of the wound care market report on the basis of end user, application, type, and product.
Based on product, the wound care market is segmented into active wound care products, wound care products, traditional wound care products, wound therapy devices, and advanced wound management products. Of these, the advanced wound management products segment will have the largest share in the market over the forecast period. This is due to the fact that these products ensure faster healing thereby mitigating the chances of infection.
Based on wound care type, the wound care market is segmented into acute wound and chronic wound. Of these, the chronic wound segment will dominate the market over the forecast period.
Based on application, the wound care market is segmented into trauma wounds, burn, ulcer, surgical wound, and others. Of these, the surgical wound segment will lead the market over the forecast period. It is predicted to touch USD 10 million by 2027.
Based on end users, the wound care market is segmented into trauma centers, home health care, clinics, hospitals, and others. Of these, the hospitals’ segment will have the maximum share in the market over the forecast period. It is anticipated to expand at a 6% CAGR over the forecast period.
Regional Analysis
By region, the wound care market report covers the latest trends and growth opportunities across the Asia Pacific (APAC), the Americas, Europe, and the Middle East and Africa (MEA). Of these, the Americas will spearhead the market over the forecast period. It is predicted to touch USD 16 million by end of 2027.
Factors attributing to the growth of the market in this region include the development of various wound care products, growing diabetic population, and rising geriatric population.
The wound care market in the APAC region is predicted to grow at a higher CAGR during the forecast period. This is due to the scope for enough growth opportunities for the market.
The market in Europe is predicted to have lucrative growth over the forecast period.
On the contrary, the wound care market in the MEA is predicted to have a small share in the market within the forecast period.
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