Wound Care Market – Overview:
The Global Wound Care Market is deemed to experience a modest CAGR of 6.20% during the forecast period (2018-2023), asserts Market Research Future (MRFR). Wound care provides faster relief to people suffering from chronic diseases. Recent years have seen wound care treatments transforming a great deal by becoming a more efficient method owing to technological advents and slowly replacing the traditional wound care treatments.
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Wound Care Market – Drivers and Restraints:
The American Burn Association had stated in 2014, approximately 486,000 cases of burn injuries were registered, and the wound care market benefitted from it the most. Chronic diseases such as pressure ulcers, diabetic ulcers, and venous stasis ulcers are on the rise. These have sparked a demand for medical care readily accessible and can be used as per the convenience.
Other factors such as increasing geriatric population which according to WHO can cross the daunting mark of 2 billion by 2050, demand for swift and safer treatment and reduced hospital duration can influence the market growth. Government initiatives are also commendable wherein they try hard to generate awareness regarding such treatment. Rising disposable income and growing health awareness can also trigger an impressive growth.
However, the high cost of the advanced wound care treatment method can impede the general market expansion.
Wound Care Market – Competition:
The market is highly competitive with various market influencers investing heavily in research and development to come up with impactful products that could change the market equation. Expanding business in diverse regions is also an option with which the key players are trying to stay afloat in the market. For instance, B. Braun Medical Industries has recently announced the inauguration of medical facilities in Penang, Malaysia. Acquisitions are also an age-old process with which companies expand their business. Recently, ConvaTec Group Plc has acquired J&R Medical LLC to improve their market portfolio.
Key market influencers are Smith & Nephew (U.S.), ConvaTec (Europe), 3M (U.S.), Baxter (U.S.), Ethicon, Inc. (U.S.), Braun Melsungen AG (Europe).
Wound Care Market – Industry Trend:
For the betterment of the wound care sector, companies are continuously increasing their research and development budget. The result is quite incredible. For instance, APR Applied Pharma Research SA (APR), a Swiss company, has announced recently that Nexodyn AcidOxidizing Solution (AOS), a sprayable Active Cleanser with ancillary antimicrobial activity is proving beneficial in healing chronic wounds. The School of Engineering and Applied Sciences (SEAS) and the Wyss Institute for Biologically Inspired Engineering researchers have developed nanofiber dressing technology to speed up the healing procedure which can be considered exemplary.
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Wound Care Market – Segmentation:
The global market can be segmented by product, type, application, and end users.
Based on products, the market is comprised of advanced wound management products, wound therapy devices, traditional wound care products, wound care products, active wound care products, and others. Increasing cases of chronic diseases such as diabetes and the need for innovative and advanced wound management has resulted in the maximum market share of advanced wound management products. The wound therapy devices segment includes oxygen and hyperbaric oxygen equipment, negative pressure wound therapy device (NPWT), and cutting-edge wound therapy device, electrical stimulation devices, and others. The wound care products segment has sub-segments such as sutures, surgical staples, hemostats, wound care strips, adhesives and tissue sealants, and others. The active wound care products segment consists of topical agents, artificial skin and skin substitutes, and others.
Based on application, the market segment’s are surgical wounds, ulcers, burn, trauma wounds, and others. The surgical wound segment is leading the market. However, skin ulcer can register the fastest CAGR during the prognosis period.
On the basis of end-users, the market segments are hospitals, clinics, home healthcare, trauma centers, and others. Hospitals are expected to dominate the market as the number of patient getting admitted with chronic diseases is on the rise. In addition, the developing countries are also having significant changes in their hospital infrastructure, thus, giving rise to the number of intakes.
Wound Care Market -Regional Analysis:
Geographically, the global wound care market includes the Americas, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA).
The Americas lead the market owing to their high healthcare expenditure, infrastructure well-supported by advanced technology and the presence of market beacons such as Baxter and 3M have given the region an advantage over the rest. The U.S. and Canada, two developed countries, are also market deciders who help in the growth of the market.
Europe is next in line where the rising geriatric population has made an indelible impact by taking the market forward by leaps and bounds. Governments are also spending much on research and developments supervening latest technologies which influence the market in coming years.
APAC region is expected to become the region with the fastest CAGR during the forecast period owing to the presence of evolving nations such as India and China. Presence of a large population base suffering from chronic diseases can be considered as an apt reason behind the region’s stellar growth. According to the Indian Brand Equity Foundation in 2017, Indian healthcare sector is touted to cross USD 280 billion with a CAGR of 22.87% by 2020.
MEA is expected to grow with the least speed owing to the presence of several poor countries. The market here has countries such as Saudi Arabia, Kuwait, and Qatar in a cluster who have well-developed healthcare segment and provision to treat their patients with proper wound care.
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