The global wound management devices market is anticipated to grow at a CAGR 4.3% during the forecast period to reach USD 18,818.4 million by 2026 from USD 13,396.8 million in 2018.
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Wounds are result of burns, trauma, and accidents, among other causes. Wound management devices are used for preventing wound infections and promote wound healing.
Factors such as growing cases of burn injuries, growing demand for anti-infective dressings, and rising prevalence of diabetic ulcers & foot ulcers are expected to drive the market growth. The National Center for Biotechnology Information (NCBI) stated that 1 to 2% of the population in the developed countries is expected to experience a chronic wound throughout their lifetime. Other factors responsible for market growth include technological advancements by key players and rising awareness regarding importance of wound management.
However, high cost of wound care products and stringent government regulations for product approvals is expected to negatively impact the market growth during the forecast period.
The global wound management devices market has been segmented into product, application, end user, and region.
On the basis of product, the global wound management devices market is divided into therapy devices, wound closure devices, and others. Wound closure devices are used in almost all wound management procedures which contributes to its major market share.
By application, the global wound management devices market is classified into burns, diabetic foot ulcers, pressure ulcers, surgical wounds, and others. Rising incidence rate of burn cases is expected to contribute to the largest market share of the segment.
Based upon the end user, the market is categorized into hospitals, clinics, home care settings, and others. The home care settings segment is anticipated to garner the fastest growth rate owing to growing awareness regarding wound management devices and its usage.
By region, the global wound management devices market is segmented into the North America, Europe, Asia-Pacific, and LAMEA.
North America is estimated to lead the global market in 2019, owing to the rising prevalence of foot ulcer. The American Podiatric Medical Association (APMA) in 2020 stated that diabetes is the leading cause of non-traumatic lower extremity amputations in the US and near about 14-24% of patients suffering from foot ulcer require amputation. The Europe market is expected to garner significant market share owing to the increasing cases of accidents. According to an article published by the Deutsche Welle, about 396,000 people in Germany were injured due to road accidents in 2018, which was an increase of 5,706 cases since 2016. The wound management devices market is the Asia-Pacific region is anticipated to grow at the fastest CAGR owing to the increasing number of surgeries leading to wounds and increasing healthcare expenditure. The market in LAMEA is expected to slowly grow owing to the developing healthcare infrastructures of countries in the Latin American region and Middle East region.
Key market players covered in the report include Baxter International Inc. (US), Coloplast A/S (Denmark), ConvaTec Inc. (UK), Derma Sciences Inc. (US), Hollister Inc. (US), Johnson & Johnson (US), 3M (US), Medtronic Plc. (Ireland), Molnlycke Health Care (Sweden), Smith & Nephew (UK), and others. The major players in the market are investing in acquisitions and product launches in order to become a leading company in the global wound management devices market. For instance, in October 2019, 3M acquired a leading wound care products’ company Acelity and its KCI subsidiaries for USD 6.7 billion. Additionally, in July 2019, Baxter International Inc. launched the Floseal Hemostatic Matrix in order to expand its product portfolio. Likewise, in May 2018, Coloplast announced the launch of Biatain Silicone with 3DFit Technology which offers a full-range portfolio of foam dressings designed for versatile management of exuding wounds or prevention of pressure injuries.
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