Wound Care Market Analysis By Product (Wound Therapy Devices, Traditional and Active Wound Care Products), Type (Chronic, Acute), Application (Ulcers, Burn, Trauma Wounds), End Users (Hospitals, Clinics, Trauma Center) – Global forecast till 2027
Wound Care Market Overview
The Global Wound Care Market is expected to reach a valuation of close to USD 30 billion by 2027, according to the latest research report from Market Research Future (MRFR). The market is thus likely to almost double in valuation over the forecast period from 2017 to 2027, according to MRFR. The new MRFR report profiles all the relevant factors affecting the global wound care market and provides readers with a comprehensive overview of the leading drivers and restraints affecting the global wound care market. The leading players operating in the global wound care market are also profiled in the report in order to provide readers with a clear overview of the market’s competitive landscape.
The global wound care market is characterized by a growing trend of product advancement and development. New technologies and solutions for wound care are being developed on a regular basis by major players operating in the market, giving the market a solid push. New developments in fabric products and technologies have led to promising developments in the wound care market, as the wound care market has absorbed many promising innovations in the fabrics sector. The growing textiles industry and the growing rate of product innovation in the same is likely to be a major driver for the global wound care market over the forecast period.
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The increasing prevalence of chronic diseases such as diabetes is likely to be a major driver for the global wound care market. Chronic diseases such as diabetes often lead to wounds on various parts of the body, as the diseases affect the circulatory system and cause blood loss in a variety of sites. The growing awareness about such conditions and the growing prevalence of these diseases is likely to be a major driver for the global wound care market, as this is likely to drive the demand for effective wound care solutions over the forecast period.
Wound Care Market Segmentation Analysis
The global wound care market has been segmented on the basis of product, type, application, and end user.
By product, the market has been segmented into active wound care products, traditional wound care products, advanced wound management products, wound therapy devices, and wound care products. Among these, the advanced wound care segment is predicted to lead and accounted for approximately 31% of the market share in 2016. Advanced wound care products are experiencing heightened demand due to faster healing rates in less amount of time. On the flip side, the traditional wound care products segment has a considerable market share due to its easy availability and cost-effectiveness. The segment can gain revenue due to reliance on traditional products by patients and the slow shift towards advanced wound care products.
By type, the global wound care market has been segmented into chronic and acute wounds. The chronic wound segment accounted for the largest market share of 60.3% in 2016. High prevalence of chronic diseases are likely to be the biggest driver of the segment.
Major applications of the global wound care market has been segmented into trauma wounds, surgical wound, burn, ulcer, and others. Among these, the surgical wounds segment is the largest in 2016. The ulcer segment is the second largest with 22.1% share of the global market in 2016.
By end user, the market is segmented into home healthcare, hospitals, trauma centers, clinics, and others. Hospitals accounted for 37.5% share of the global market, while the clinics segment accounted for 26% in 2016.
Wound Care Market Regional Analysis
The Middle East & Africa (MEA), South America, North America, Europe, and Asia Pacific (APAC) are major regions being studied in respect to market scope for the assessment period.
North America is predicted to be undisputed in its ranking as the leader till the end of the forecast period. The large pool of diabetics and abundant time required by these patients for their wounds to heal are major drivers of the regional market. In addition, investments by healthcare organizations and institutes in procuring these advanced medical devices can bode well for the market till 2023.
Europe is the second largest market due to the rising number of cases of diabetes, government support for advanced wound closure devices, and technological breakthroughs. Efforts by non-government organizations for creating awareness combined with medical exhibitions and fairs being set up to allow players to showcase their products can boost the market demand exponentially.
The APAC region is expected to exhibit a stellar growth rate owing to the demand from countries of Japan, China, and India. The rising cases of burns and grievous injuries, as well as the rise of medical tourism, can bolster the demand for wound healing products.
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Wound Care Market Competition Outlook
Ethicon, Inc, B. Braun Melsungen AG, 3M, Kinetic Concepts, Inc, Baxter, Smith & Nephew, and ConvaTec are prime players of the market. Partnerships, mergers, and acquisitions are major strategies of these players to sustain their position over the forecast period.
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