Wound Care Market Trends Insight
According to Market Research Future (MRFR), the global wound care market is expected to rise significantly at a CAGR of 6.20% over the forecast period 2017-2027. The global market for wound care is expected to acquire a market valuation of USD 29,955.2 million by the end of the review period.
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The growth in the global wound care market is the outcome of the rising prevalence of chronic and acute wound due to the increasing number of surgeries and high incidences of severe burns, an increase in a number of road accident injuries which is creating a high demand for wound closing products.
Increasing global geriatric population is another factor driving the growth of the global wound care market. Geriatric population is likely to encourage the demand for wound care products as elderly patients to have a high risk of surgical complications.
Favorable reimbursement setting in developed countries has been a beneficial factor for the market growth as reimbursement facilities for wound closure in hospitals has improved the affordability quotient of wound care products which consequently influences the high demand in the wound care market.
The few restraining factors for the market are the high costs associated with wound care products. high prices are not affordable for consumers in developing countries, which is likely to hamper the growth of the global wound care market over the forecast period.
The global market for wound care has been segmented based on the product, type, application, and end user.
Based on the product, the market has been segmented into active wound care products, advanced wound management products, traditional wound care products, wound care products, and wound therapy devices. the advanced wound care segment accounts for the leading market share over the assessment period. Superior wound care products are expected to witness higher demand owing to the faster healing property and fewer infection risks. Additionally, the traditional wound care products segment is expected to account for a substantial market share owing to its easy accessibility and cost-effectiveness.
Based on type, the global wound care market has been segmented into an acute wound and chronic wound. The chronic wound segment accounts for the largest market share over the forecast period.
Based on application, the Global Wound Care Market has been segmented into the burn, surgical wound, trauma wounds, ulcer, and others. Among these, the surgical wounds segment accounts for the largest segment as wound care products frequently gain application in the treatment of surgical wounds. The surgical wound segment is followed by the ulcer segment, which is assessed as the second largest segment over the review period.
Based on the end user, the wound care market has been segmented into clinics, home healthcare, hospitals, trauma centers, and others. The hospitals segment accounts for the largest market share over the forecast period, followed by the clinics segment, accounts for the second largest market share.
Based on the region, the global wound care market has been segmented into North America, Asia Pacific (APAC), Europe, and the rest of the world (ROW).
North America accounts for the leading market share of the global wound care market owing to the presence of a considerable diabetic and obese patient population. Patients who have diabetes need extended time for wound healing, which is likely to produce further demand for wound closure products. Furthermore, hospitals and healthcare organizations make substantial investments in advanced wound care products owing to high healthcare expenditure in the region to deliver better-quality healthcare services. The US has been assessed as the primary contributor to North America wound care market over the forecast period.
Europe accounts for the second largest region for the global wound care market and is expected to exhibit significant growth over the evaluation period. The rise in the occurrence of diabetes, technological advancements, and favorable government initiatives are expected to sustain the growth of the market over the forecast period. The U.K. and Germany account for the main contributors to the European wound care market over the review period.
The Asia Pacific is a profitable region for the global wound care market and is expected to rise at a comparatively higher CAGR of more than 6% over the forecast period. Factors such as the rising geriatric population, increasing incidence of chronic wounds, and prevalence of major chronic diseases in the region are likely to create favorable opportunities for the growth of the Asia Pacific wound care market over the forecast period.
The key players identified in the global wound care market include 3M, Baxter, B. Braun Melsungen AG, ConvaTec, Ethicon, Inc., Kinetic Concepts, Inc., and Smith & Nephew.
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