A comprehensive analysis of the various factors and parameters is carried out to present the report on the global Wound Care Market. The marker concentration in the global market as well as the revenue that is earned from the different market segments that comprise the Wound Care Market have been identified and are evaluated in the report. The market status from the year 2022 to the year 2028 that comprises the base period has been presented in the report after a thorough analysis. This has also helped predict the market share for the forecast period from the year 2022 to the year 2028.
The key factors propelling the wound care management device market include an increase in chronic wounds and ulcers, rising incidence of diabetes, aging population, increasing awareness about new technologies for wound care, and government support in the form of funding.
According to the National Diabetes Statistics Report, 2020, there are around 34.2 million people are living with diabetes . The incidence of chronic wounds, especially foot ulcers, is increasing among the diabetic population and a substantial share of the population undergo a lower extremity amputation. It is also estimated that patients with diabetes are 10 times more likely to undergo amputation at some point in their life.
However, the major restraints of the market are the high cost of technically superior products for wound care and lack of proper reimbursement policies.
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Thus, with the increasing number of ASCs, the market is expected to witness rapid growth during the forecast period. Furthermore, increasing cases of traumatic injuries across the globe are expected to drive the market. For instance, as per the WHO (2018), in India, around 1,000,000 severe or moderate burn cases are reported per year. In addition, as per the NCBI, in 2017, countries, such as Bulgaria, Finland, the Netherlands, China, Australia, and the U.K., reported a rise in the incidence of burn wounds. Furthermore, as per the WHO, in Thailand, each year an estimated 22,941 deaths are reported as a result of traffic-related incidents, accounting for roughly 33% of all deaths in the country.
Collagenase-based enzymatic wound debridement products are majorly used for the treatment of such acute wounds. Thus, such cases are expected to increase the demand for wound care products. The COVID-19 considerably decreased the need for wound care products around the globe. However, with the development of the vaccine, countries have opened their international borders and as a result, the market is expected to have steady growth post-pandemic. The earlier postponed elective surgeries are expected to be completed post-pandemic, thereby boosting the product demand. Many companies are incorporating various strategies, such as product launch, M&A, collaboration, and expansion to meet the rising demand.
Scope of the Report
Wounds are being classified as acute and chronic. There are traditional and advanced wound care and closure products for their treatment. Chronic wounds are the wounds that are hard to heal, take substantial time to heal, and are expensive to treat. Advanced wound care and closure products are emerging as a standard solution for treating chronic wounds. Many players in this industry are trying to enlarge their product portfolio in order to top this Industry. The top companies are acquiring other companies in this industry as their strategy to dominate this market. North America Wound Care Management Market is segmented By Product, By Wound Type and Country.
There are different companies that occupy a large percentage of the market share in the global Wound Care Market. These companies are identified and evaluated. This is done to analyze the strategic techniques used by the companies to increase their market share in the various regions as well as the technological developments being used in the manufacturing plants. A strategic profiling of the different companies is carried out as well to identify the different strategies used to increase market penetration in new and developing markets.
List of key Companies Covered
- Smith & Nephew (London, U.K.)
- 3M (Minnesota, U.S)
- ConvaTec Inc. (England, U.K.)
- Cardinal Health (Dublin, Ohio)
- Coloplast A/S (Humlebaek, Denmark)
- Mölnlycke Health Care AB (Gothenburg, Sweden)
- Medtronic (Dublin, Ireland)
- PAUL HARTMANN AG (Heidenheim, Germany)
- BSN medical (Hamburg, Germany)
- Integra LifeSciences Corporation (New Jersey, United States)
- Johnson & Johnson Services, Inc. (New Brunswick, United States)
Key Market Trends
Dressing Segment is Expected to Exhibit Fastest Growth Rate over the Forecast Period
- Dressing segment market is expected to show a lucrative growth in the Wound Care Management Market.
- Foam has a significant role in the clinical management of chronic wounds and in moist wound healing.
- Over the past 30 years, polyurethane foam has become one of the most commonly used wound dressings for exudate management in moist wound healing. The foam consists of a porous structure that is able to absorb fluids into air-filled spaces by capillary action.
- The most commonly used foam is polyurethane. Silicone foam is less frequently used as a primary absorbent in wound dressing but often is applied as an adhesive wound-contact layer.
- Choosing a foam to match the wound is complex, and depends on the underlying basic characteristics of the patient’s wound. The ability of a given foam to maintain the optimal level of moisture in the wound bed should be evaluated continuously, in order to avoid complications from a mismatch of absorptive capacity to exudate production.
- As evident from the above-mentioned application of foam dressing, its importance is indispensable. However, it has its disadvantages. Overall, the segment for foam dressing in North America advanced wound care management market is likely to grow during the forecast period, recording a high growth rate, however, not as high as other product categories, like negative pressure therapy systems.
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The global Wound Care Market remains steady with the scenarios of the critical players who are responsible for contributing to the Wound Care Market’s growth immensely. The report depicted the volume trends, values, and pricing strategies of the market that could predict the maximum increase and enhancement in the coming future days. Apart from these, various new trends and suggestions of the market in the forecasting period are also mentioned.
Drivers and Risks
There are multiple factors in the global Wound Care Market which can be both beneficial and harmful to the growth of the market. These different factors are identified and are included in the report. These factors do not remain constant and can vary from region to region depending on the importance placed on the product/service offered. The forecast of the global Wound Care Market from the year 2022 to the year 2028 is also presented in the report.
The global Wound Care Market has been divided into several market segments that are categorized according to the different regions that each segment is located in. The various market regions covered in the report include Asia-pacific, the Middle East, Africa, North America, South America, and Europe. These market segments are comprehensively analyzed to identify the region with the largest market share and to predict the growth of the market. Different market trends that can be used to increase the market share of specific regions are identified and are presented in the report in detail.
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Method of Research
The data that has been used to analyze the growth of the Wound Care Market is collected from a variety of different sources that include both primary and secondary sources that are used to ensure the accuracy of the data. This data is analyzed according to the SWOT parameters than can identify the different areas that need improvement or new areas that can be exploited by different companies to increase both their market share and profit.
Table of Content- Wound Care Market:
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions and Assumptions
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
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