Global Advance Wound Care Market Outlook, Trend and Opportunity Analysis, Competitive Insights, Actionable Segmentation & Forecast 2024
Global Advance Wound Care Market was valued at USD 6,937 million in 2017, and is expected to reach USD 10,161 million by 2024, at a robust CAGR of 5.6% during 2018-2024.
The growth can be primarily attributed to the increase in old age population, growing number of surgeries across the globe, and increasing adoption of advanced wound care products. Moreover, growing number of diabetic patients, and increasing incidences of burn and road accident cases are further boosting the market growth.
The years used for the assessment are as follows;
Historical year: 2014, 2015, and 2016
Base year: 2017
Forecast period: 2018 – 2024
The research and analysis is based on the data and information obtained from various primary and secondary sources. The data obtained is validated by interacting with the companies of the concerned domain. The steps involved in the research methodology are;
Obtaining historical data of the market based on news, articles, publications, annual reports, white papers, surveys, and other secondary sources
Interacting with key opinion leaders of the market and developing data points based on interaction with them
Study of past trends in the market and their year on year Impact on the market size and share
Analyzing the collected data points
Bridging the data points to calculate the total advance wound care market and its various segments
Anticipating potential risks
Analyzing market forces such as drivers, restraints, and opportunities to assess new growth areas for the global advance wound caremarket
Finalizing the overall size and share of the global advance wound care market
To analyze market trends, opportunities, drivers, and restraints associated with the global advance wound care market
To study market response with respect to the mergers and acquisitions in the industry
To profile key companies operating in the advance wound care market and provide their competitive landscape
The research scope for advance wound care market is as follows:
Wound Therapy Device
Oxygen & Hyperbaric Oxygen Equipment
Electrical Stimulation Device
Negative Pressure Wound Therapy (NPWT) Device
Active Wound Care Product
Moist Wound Dressings
Silver Wound Dressings
Diabetic Foot Ulcer
Venous Leg Ulcer
Rest of the World
The advance wound care products such wound therapy devices, advanced wound dressing, and active wound care products are used in the treatment of surgical and chronic wounds, ulcers and burns. These products are used in both outpatients and inpatients facilities to treat chronic wounds. There has been a steady improvement in the wound dressing and wound-healing technologies. Wound healing technologies provide healing for various types of wound conditions. The wound dressing technologies are used for drug delivery, to treat various conditions such as anti-inflammatory, antimicrobial dressings, and analgesic dressings. Wound dressing involves the use of various types of materials including wool, cotton, bandages, gauzes among others. This is still the common approach to use in the treatment of wounds and is most commonly used in surgical procedures.
Factors driving the market growth are; increase in old age population, growing number of surgeries across the globe, and increasing adoption of advanced wound care products. Moreover, growing number of diabetic patients, and increasing incidences of burn and road accident cases are further boosting the market growth.
Geographically, North America held the largest share of the market in 2017. The growth in the region is attributed to the growing number of diabetic patients, rising obesity rates and increasing incidences of burn injuries. Moreover, advancements in wound treatment such as biological skin substitutes, compression therapy, hyperbaric oxygen therapy, and negative pressure wound therapy is also boosting the market growth in the region. Europe held the second largest share of the global advance wound care market in 2017. An estimated 1.0-1.4 million of the European population have diabetic foot ulcers. The demand of advance wound care products will continue to grow during the forecast period due to growing ageing population and growing number of chronic wound diseases. The growth of advance wound care market in Asia-Pacific region is attributed to increasing number of burn injuries and road accidents.
Some of the key companies operating in the market include Cardinal Health, 3M Company, BSN medical GmbH, DeRoyal Industries, Inc, Vivostat A/S, Lohmann& Rauscher GmbH & Co. KG, Advanced Medical Solutions Group plc, LifeScience PLUS Inc, MiMedx Group, Inc, TRIAGE MEDITECH PVT. LTD., LifeNet Health., among others .