The global advanced wound care management market is extremely consolidated, thanks to the adoption of research and development activities, finds Transparency Market Research (TMR). The topmost four firms held a share of 65% in the global market for advanced wound care management in 2015. These are Convatec, Molnlycke Health Care, Acelity L.P. Inc., and Smith and Nephew plc. The competition between the major players is likely to intensify over the next few years, on account of new products finding their way into the market each day.
One of the key aspects of the competitive landscape is the establishment of partnerships and collaborations, along with acquisitions and mergers. For instance, in May 2017, Smith and Nephew plc announced that it has joined hands with MolecuLight®, Inc., a leading developer of imaging technology used in the clinical assessment of wounds. The collaboration aims at aiding customers in the management of infection of acute and chronic wounds.
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The global market for advanced wound care management was pegged at US$6.45 bn in 2015. Expanding at a CAGR of 6.30% during the forecast period 2016-2024, the global market for advanced wound care management is expected to reach a revenue worth US$11.16 bn by 2024.
Advanced Wound Care Dressings Lead by Product
By product type, the global market for advanced wound care management was dominated by advanced wound care dressings. In 2015, the segment represented approximately 62.4% of the global market, thanks to the increasing need for cost effective solutions. Even during the forthcoming period, this segment might continue to lead the market. By geography, North America was the dominant segment, accounting for a weighty share of 42.6% in the same year. The prominence of the region can be attributed to the emergence of wound care diagnostics that aid in the identification of microorganisms and pathogens.
Growth in Diabetes Patient Pool Propels Demand
The massive growth of patients suffering from lifestyle disorders has been responsible for the growing incidence of chronic wounds including pressure ulcer, diabetic foot ulcer, and venous leg ulcer. Because chronic wounds not only need a long time to heal but also impose socioeconomic burdens on the society, the demand for advanced wound care management is slated to expand substantially over the oncoming years. Also, the number of patients suffering from both maturity-onset and type I diabetes has increased in the last few years in the developed and developing countries alike across the globe.
The excessive growth of the geriatrics worldwide is also driving the demand for advanced wound care management, owing to the fact that the elderly are more prone to a number of chronic diseases. The U.S. Wound Healing Society finds that over 15% of the elderly population is suffering from chronic wounds such as pressure ulcers.
On the flip side, the exorbitant costs of advanced wound care dressing products and devices might inhibit the expansion of the market. However, the substantial growth opportunities held by emerging economies in Latin America, Asia Pacific, and Africa can help the market in recovering from these restraints.
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Company Name: Transparency Market Research
Contact Person: Rohit Bhisey
Country: United States