The global market for advanced wound care depicts a competitive landscape, states a new report by Report Ocean. The extreme business rivalry between key players is expected to intensify the competition in the near future. The global advanced wound care market was valued approximately US$15 bn in 2019 and is anticipated to progress at a CAGR of more than 9.80% over the forecast period.
The research report is titled “Global Advanced Wound Care Market Size study by Product (Dressings, Devices & Accessories, Grafts & Matrices and Topical Agents), by Wound Type (Surgical & Traumatic Wounds, Diabetic Foot Ulcers, Pressure Ulcers, Venous Leg Ulcers and Burns & Other Wounds), by End-User (Hospitals, ASCs and Wound Care Centers, Homecare Settings and Others) and Regional Forecasts 2020-2027.”
The most prominent factor that is boosting the global advanced wound care market is the increasing cases of burn injuries, surgical wounds, traumatic wounds, and obesity. Another factor behind the growth of this market is increased expenditure on chronic wounds by consumers.
Further, the uptake of advanced wounds treatment over the conventional treatments and the rise in the geriatric population across the world are anticipated to drive the growth of the market in the years to come. Moreover, the frequent roll outs of new products and solutions are expected to create new revenue streams for market players over the next few years. On the flip side, the high cost of advanced wound care products and the risks associated with the usage of advanced wound care products may act as a restraint in the market’s future growth.
The key market participants are focusing on mergers, acquisitions, and partnerships to remain in the competition. For instance, in late 2019, 3M Company entered into an acquisition deal with Acelity Inc. and its KCI subsidiaries across the world. This acquisition was aimed at expanding 3M’s medical solutions business, offering it a competitive edge over other players.
Increasing Prevalence of Chronic Conditions Boosts North America
The research study also offers a regional analysis of the global advanced wound care market. It has considered Asia Pacific, North America, Europe, Latin America, and the Rest of the World. According to the research study, North America is the leading the global market, thanks to the increasing prevalence of chronic conditions among consumers, resulting in chronic, surgical, and traumatic wounds. The rising incidence of burn injuries, and surge in the spending on surgical and chronic wounds are expected to boost this regional market over the next few years. Asia Pacific is also anticipated to exhibit high growth rate over the period of the forecast.
Impact of Covid 19 on Global Advanced Wound Care Market
The global advanced wound care market has been negatively affected by the Coronavirus pandemic. The focus of investors and pharma and biotech companies has shifted to Covid vaccine, owing to which the investment in advanced wound care research has decreased. Experts suggest that this scenario will remain so over the next few months.
- North America is the leading the global market, thanks to the increasing prevalence of chronic conditions among consumers.
- Asia Pacific is anticipated to exhibit high growth rate over the period of the forecast.
The global advanced wound care market is classified into:
- Devices & Accessories
- Grafts & Matrices
- Topical Agents
By Wound Type
- Surgical & Traumatic Wounds
- Diabetic Foot Ulcers
- Pressure Ulcers
- Venous Leg Ulcers
- Burns & Other Wounds
By End User
- Hospitals, ASCs and Wound Care Centers
- Homecare Settings
- North America
- Asia Pacific
- Latin America
- Rest of the World
Companies Mentioned in the Report
- 3M Group
- Smith & Nephew Plc.
- Convatec Group Plc.
- Coloplast A/S
- Mölnlycke Health Care AB
- Integra Lifesciences Holdings Corp.
- Paul Hartmann AG
- B. Braun Melsungen AG
- Cardinal Health
- Organogenesis Holdings Inc.
Company Name: Report Ocean
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