Global Wound Care Market Is Expected To Grow At A CAGR Of 6.20% During The Forecast Period.
Chronic wound treatment can be done through various wound care and closure products. The cases of chronic wounds patients have been increasing, so are the demands of wound care and closure. According to the American Burn Association, in 2014, approximately 486,000 burn injuries were reported which boosted the market growth during the forecasted period. Moreover, rising per capita income, increasing prevalence of diabetes and other chronic diseases along with growing number of surgeries and development in the medical technology have boosted the market growth during the forecasted period. However, the high cost of advanced wound care products is expected to restrain the market growth.
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Smith & Nephew
Wound Care Market – Segmentation:
The global wound care market is segmented on the basis of products, type, application, and end users.
On the basis of products, the market is segmented into advanced wound management products, wound therapy devices, traditional wound care products, wound care products, active wound care products, and others.
The advanced wound management products segment is sub segmented into advanced wound dressings, foam dressings, hydrocell foam dressings, alginate dressings, hydrogel dressings, collagen dressings, others.
The wound therapy devices segment is sub segmented into oxygen and hyperbaric oxygen equipment, negative pressure wound therapy device (NPWT), cutting-edge wound therapy device, electrical stimulation devices, and others. The wound care products segment is sub segmented into sutures, surgical staples, haemostats, wound care strips, adhesives and tissue sealants, and others. The active wound care products segment is sub segmented into topical agents, artificial skin and skin substitutes, and others.
On the basis of type, the market is categorised into chronic wounds, acute wounds, and others.
On the basis of application, the market is segmented surgical wounds, ulcers, burn, trauma wounds, and others.
On the basis of end users, the market is segmented into hospitals, clinics, home healthcare, trauma centers, and others.
Wound Care Market – Regional Analysis:
The Americas dominates the global wound care market owing to a well-developed healthcare sector and high per capita healthcare expenditures. Moreover, the presence of global players like 3M and Baxter in the developed economies like U.S and Canada within the region fuels the market growth.
Europe is the second largest market for wound care, which is followed by Asia Pacific. Availability of funds for research, high healthcare expenditures, huge patient population and government support for research & development will drive the market in the Europe. In the U.K,the cost to the National Health Service for caring for patients with chronic wounds was estimated to be around USD 3.4-4.6 billion per year.
Asia Pacific is the fastest growing region for the wound care market due to the presence of developing economies like India and China. This along with favorable government policies and rising healthcare expenditure boosted the market growth in the presence of huge opportunity for the untapped market within the region.
The Middle East & Africa has the least share in the global wound care market due to presence of poor economies especially in the African region. Majority of the market of Middle & Africa region is held by the Middle East due to a well-developed healthcare sector.
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