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 wound closure market, by product type (wound dressings and surgical wound closure products), by application (ulcer, surgical wounds, burn injuries, and other applications), by end user (hospitals, long-term care settings, and home care settings) and by region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), was evaluated at US$ 2.3 billion in 2017 and is further estimated to register a robust CAGR of 7.1% during the forecast period (2017-2025).
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The pivotal factors positively impacting the global wound closure market growth are the growing geriatric population, surging prevalence of chronic wounds, venous ulcers, diabetes ulcers, and pressure ulcers, resulting from the greater number of cases of lifestyle disease, accidents, and casualties. It is generally said that the geriatric population is more vulnerable to the wounds and ulcers, due to skin breakdown. Therefore, the ascending number of surgical procedures among the ageing population has augmented the potential for wound complications. As per the data published in the National Center for Biotechnology Information (NCBI) in November 2016, chronic wounds affect around 6.5 million patients in the U.S., with approximately US$ 25 billion annual expenditure on wound-related complications.
As per the 2016 report by the Population Reference Bureau, the prevalence rate of obesity is significantly higher among older adults. Moreover, this trend is expected to increase the global health burden, including high risk of diabetes, cardiovascular disease, osteoarthritis, stroke, and cancer, to a great extent, which would deteriorate the wound healing capacity in older adults.
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Key Takeaways:
- Increasing prevalence of chronic wounds, coupled with the emergence of technologically advanced wound closure products, create numerous opportunities for the growth of the global wound closure market.
- Among product types, the wound dressings segment spearheads the global wound closure market, owing to various features of these products, such as optimized and cost-effective treatment, augmented wound healing time, and reduced number of dressing changes.
- Among end-users, hospitals have emerged as the major end-user segment in the global wound closure market, owing to the increased rate of hospital admissions, surging cases of accidents, increasing casualties, and rising administration of geriatric patients with lifestyle diseases.
- The established companies operating in the global wound closure market include Acelity L.P. Inc., Smith & Nephew Plc, Johnson & Johnson, B. Braun Melsungen AG, ConvaTec Group Plc, Baxter International Inc., Integra LifeSciences Corporation, Medtronic Plc, Molnlycke Health Care AB, and Cardinal Health, Inc.
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