Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
The global advanced wound care management market, by product type (Moist Wound Dressings {Foam Dressings, Hydrocolloid Dressings, Film Dressings, Alginate Dressings, Hydrogel Dressings, and Collagen Dressings}, Wound Therapy Devices {Pressure Relief Devices, Negative Pressure Wound Therapy Systems, Hyperbaric Oxygen Equipment, and Electrical Stimulation Devices}, and Active Wound Care {Artificial Skin & Substitutes and Topical Agents}), by wound type (Surgical Wounds, Ulcers {Pressure Ulcers, Diabetic Foot Ulcers, and Venous Ulcers}, Traumatic Wounds, Burns and Other Wounds), by end-user (Hospitals, Clinics, and Ambulatory Surgical Units), and by region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), was valued at US$ 10,911.2 million in 2019. The global market is poised to witness tremendous growth over the forecast period (2017–2025), registering a CAGR of 6.8%.
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One of the pivotal growth attributes for the global advanced wound care management market is the increased research & development activities in the region, couples with significant innovations in advanced wound care products. In November 2017, Arora Biosurgery received the 510(k) clearance from the U.S. FDA for its product, called Endoform Silver Dermal Template, which is an advanced antimicrobial version of the company’s EDT wound care product used for chronic wounds. The company subsequently commercialized and launched the product in the U.S. in the first quarter of 2018. In April 2017, ConvaTec Group Plc. introduced the Foam Lite ConvaTec dressing product in the country. This product is indicated for low to non-exuding chronic wound management. This product is highly flexible and made of breathable films and perforated silicone adhesives, which are easy to apply and do not stick to gloves during removal.
Manufacturers of advanced wound care management products are focused on implementing developmental strategies, such as collaborations, to strengthen their product portfolios. For instance, in December 2017, Smith and Nephew introduced MolecuLight, which is a handheld digital scanner device, in collaboration with MolecuLight Inc. This point-of-care (POC) device reduces the healing time of wounds by about nine hours, with 54% more accuracy. Furthermore, in November 2017, Crawford Healthcare collaborated with EBOS Healthcare, a leading medical supplies distributor based in Australia, in order to tap into the New Zealand and Australia markets.
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Important Market Takeaways:
- Rising prevalence of diabetes and chronic wounds across the globe tremendously drive the global advanced wound care management market development. According to the Centers for Disease Control & Prevention (CDC) in 2016, 23.6 million people suffer from diabetes, which is 7.8 percent of the total population in the U.S. One third of all diabetic population in the U.S also suffer from lower extremity wounds.
- Among the different wound types, the ulcers segment is expected to expand significantly at a CAGR of 6.8%, owing to the increasing incidence of diabetic ulcers.
- Asia Pacific is regarded as one of the emerging markets for advanced wound care management. For instance, in 2012, Smith & Nephew launched up to 23 new wound care products in the regional market. Later that year, ConvaTec commenced its operations in the India to introduce some of its novel healthcare technologies and treatment measures in this market.
- The leading players operating in the global advanced wound care management market include Johnson & Johnson, 3M Company, Baxter International, Acelity, Coloplast, Integra Lifesciences, Kinetic Concepts, Covidien, Smith & Nephew, Leap Therapeutics, Hematris Wound Care, and Triage Meditech.
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