Wound Care Market Trends, Demand and Industry Overview 2019 to 2027. Global wound care market 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) – Regional Forecast.
Wound management is a critical sector in sealing grievous injuries and the first step against infections and other diseases. The global wound care market report by Market Research Future (MRFR) highlights several developments by manufacturers in terms of products, innovation in polymers, and rising number of surgeries.
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- The global wound care market size is expected to inflate at 6.20% CAGR from 2017 to 2027 (forecast period), as per the analysis of MRFR. It can touch a value of USD 29,955.2 million by the end of the forecast period.
- High prevalence of chronic and acute wounds which make up a vital part of wound management can drive the global market growth. This is driven by the increasing number of chronic diseases and the incidence of road accidents. The rise in healthcare spending by nations to lower the mortality rate and the introduction of favorable reimbursement schemes can provide the market a much needed boost.
- The growing geriatric populace and the large number of surgical complications are other factors triggering the need for wound care products for faster healing. The inclination towards advanced medical products as well as the intention of nations to reduce hospital stays can bode well for the global wound care market growth.
The global Wound Care market has been segmented on the basis of product, type, application, and end user.
- By product, the market has been segmented into active wound care products, traditional wound care products, advanced wound management products, wound therapy devices, and wound care products. Among these, the advanced wound care segment is predicted to lead and accounted for approximately 31% of the market share in 2016. Advanced wound care products are experiencing heightened demand due to faster healing rates in less amount of time. On the flip side, the traditional wound care products segment has a considerable market share due to its easy availability and cost-effectiveness. The segment can gain revenue due to reliance on traditional products by patients and the slow shift towards advanced wound care products.
- By type, the global wound care market has been segmented into chronic and acute wounds. The chronic wound segment accounted for the largest market share of 60.3% in 2016. High prevalence of chronic diseases are likely to be the biggest driver of the segment.
- Major applications of the global wound care market has been segmented into trauma wounds, surgical wound, burn, ulcer, and others. Among these, the surgical wounds segment is the largest in 2016. The ulcer segment is the second largest with 22.1% share of the global market in 2016.
- By end user, the market is segmented into home healthcare, hospitals, trauma centers, clinics, and others. Hospitals accounted for 37.5% share of the global market, while the clinics segment accounted for 26% in 2016.
The Middle East & Africa (MEA), South America, North America, Europe, and Asia Pacific (APAC) are major regions being studied in respect to market scope for the assessment period.
- North America is predicted to be undisputed in its ranking as the leader till the end of the forecast period. The large pool of diabetics and abundant time required by these patients for their wounds to heal are major drivers of the regional market. In addition, investments by healthcare organizations and institutes in procuring these advanced medical devices can bode well for the market till 2023.
- Europe is the second largest market due to the rising number of cases of diabetes, government support for advanced wound closure devices, and technological breakthroughs. Efforts by non-government organizations for creating awareness combined with medical exhibitions and fairs being set up to allow players to showcase their products can boost the market demand exponentially.
- The APAC region is expected to exhibit a stellar growth rate owing to the demand from countries of Japan, China, and India. The rising cases of burns and grievous injuries, as well as the rise of medical tourism, can bolster the demand for wound healing products.
- Ethicon, Inc, B. Braun Melsungen AG, 3M, Kinetic Concepts, Inc, Baxter, Smith & Nephew, and ConvaTec are prime players of the market. Partnerships, mergers, and acquisitions are major strategies of these players to sustain their position over the forecast period.
Developments in chronic wound management is likely to disrupt the global wound care market. Researchers have discovered the efficacy of an electric bandage or e-bandage which can boost the healing rate of the skin. The e-bandage is powered by a wearable nanogenerator and has shown effective results on murine models which healed skin wounds in 3 days as compared to the normal duration of 12 days.