Wound care products include dressings and bandages and play an imperative role in assisting in medical cases in hospitals and clinics. They offer the first line of treatment to patients and have induced a massive demand due to increase in chronic and acute disorders. The global wound care market report prepared by analysts at Market Research Future (MRFR) contains insightful trends and drivers which can make industry leaders in making sizeable decisions for the future.
Wound Care Market Overview
The global wound care market size is touted to exceed a value of USD 29,900 million by 2027. It stood at USD 15,456.2 million in 2016. It is expected to experience an enjoyable run over the period of 2017 to 2027 (forecast period) due to high prevalence of chronic injuries. Emphasis on patient care is likely to trigger the development of new variants of existing products and bolster the market demand till the end of the forecast period. Rise of the general populace and favorable reimbursement policies can work in favor of the market.
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Rise in the number of surgeries, increase in accident rates, and high number of burn cases are factors which can drive market growth. The increase in the numbers of the geriatric populace is one of the biggest drivers of the global wound care market. The use of wound care products for expediting the healing of scars and small injuries can bode well for the market revenue. Inclination of patients towards these products can boost the global market volume till 2027.
Wound Care Market Segmentation
The global Wound Care Market report is segmented on the basis of product, type, application, and end-user.
By product, it is segmented into wound care products, traditional wound care products, active wound care products, wound therapy devices, and advanced wound management products. The advanced wound management products segment accounted for close to 31% share in 2016. The use of these products in the treatment of acute and chronic wounds can bolster the market share of the segment by 2027. On the other hand, traditional wound care products can gain a larger market share due to its inexpensive nature and easy availability.
By type, it is segmented into acute and chronic wound. The chronic wound segment accounted for 60.3% share in 2016.
By application, it is segmented into trauma wounds, surgical wound, burn, and ulcer. The surgical wound segment is the biggest application of the market due to its use in the treatment of grievous injuries. It accounted for 35% market share in 2016. On the other hand, the ulcer segment accounted for 22.1% share in the same year.
By end-user, it is segmented into trauma centers, home healthcare, clinics, and hospitals. Hospitals accounted for 37.5% share in 2016, while clinics accounted for 26% share in the same year. Improved patient care in hospitals can drive the market demand for the segment exponentially till 2027.
Wound Care Market Regional Analysis
The Middle East & Africa (MEA), North America, Latin America, Asia Pacific (APAC), and Europe are the regions become the centerpoint in the global wound care market report.
North America is likely to dominate the global market till the end of the forecast timespan due to the large diabetic population. The high healthcare expenditure and investments by hospitals and clinics to improve their current healthcare services can drive the regional market growth. The U.S. is one of the biggest contributors to the regional market revenue due to a sophisticated healthcare framework and a large patient pool.
The APAC region is anticipated to exhibit a CAGR exceeding 6% during the forecast timespan due to large number of chronic diseases, large geriatric populace, and rising incidence of chronic wounds.
Wound Care Market Competition Outlook
Some of the key players profiled in the market report include CanvaTec, Kinetic Concepts, Inc., Smith & Nephew, Ethican, Inc., B. Braun Melsungen AG, 3M, and Baxter. Mergers, acquisitions, and collaborations are major strategies being employed by these players to gain a significant edge in the market. Recently, 3M decided to acquire Acelity Inc. for USD 6.7 billion. This would considerably extend the product offering list of the former and cater to a large number of clients.
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