“Increase in aging population, rise in diabetic population, and upsurge in number of surgeries propel the global wound management devices market growth.”
The global wound management devices market garnered $13.39 billion in 2018, and is estimated to reach $18.81 billion by 2026, portraying a CAGR of 4.3% from 2019 to 2026. The report provides a detailed analysis of changing market trends, top winning strategies, value chain, key segments, and competitive landscape.
Increase in aging population, rise in diabetic population, and upsurge in number of surgeries propel the global wound management devices market growth. However, expensive treatments of wound care and management and negligence in adoption of advanced wound care devices restrain the growth of the market. On the other hand, preferences for advanced wound care devices would offer new opportunities in the coming years.
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- Due to the Covid-19 pandemic all over the world, there has been a focus on production of essential medical devices such as ventilators and diagnostics by manufacturers.
- However, the supply chain has been disrupted due to the lockdown imposed by governments in various regions. This may result in shortage of devices in few regions.
- Food and Drugs Administration (FDA) released guidelines for medical device producers to inform healthcare authorities about changes that could impact product availability.
On the basis of product, the therapy devices segment held more than three-fifths of the total market revenue in 2018, and is estimated to maintain its dominance by 2026. However, the wound closure devices segment is estimated to grow at the highest CAGR of 4.7% during the forecast period.
Based on application, the burns segment contributed to more than one-third of the total share of the global wound management devices market in 2018, and is expected to dominate in terms of revenue during the forecast period. However, the diabetic foot ulcers segment is estimated to portray at the fastest CAGR of 5.8% from 2019 to 2026.
Geographically, North America held the highest share in 2018, accounting for more than two-fifths of the total market share, and will maintain its lead status during the forecast period. However, Asia-Pacific is estimated to register the highest CAGR of 4.7% from 2019 to 2026.
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Frontrunners in the industry-
Baxter International Inc., ConvaTec Inc., Coloplast A/S, Hollister Inc., Derma Sciences Inc., 3M Company, Johnson & Johnson, Mölnlycke Health Care, Medtronic Plc., and Smith & Nephew.
Scope of The Report:
|Market size available for years||2018-2026|
|Base year considered||2019|
|Forecast units||Value (USD)|
|Segments covered||Product, Application, and End User|
|Geographies covered||North America, Europe, Asia-Pacific, LAMEA|
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