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(Medical-NewsWire.com, October 16, 2019 ) Increasing aging population, advancements in technologies, rising prevalence of diabetics, increasing patient awareness, growing patient healthcare expenditure are some of the major factors driving the growth of the advanced wound care market.
By product type, the exudate management accounts for 32.2% of the total advanced wound care market in 2018. The exudate management market is estimated to grow at a CAGR of 5.3% in the forecast period to reach a market value of USD 4,349.51 by 2026. Technological innovation in wound care techniques, specifically, stimulus-activated amorphous hydrogels for preventing bleeding in severe trauma cases further complement the market growth. By wound type, chronic wounds accounted for 78.54% in 2018. One of the primary drivers for chronic wound care is the growing geriatric population across the globe. Chronic diseases, such as metabolic syndromes, cardiovascular conditions, and autoimmune syndromes influence the healing process as a result of their effect on a number of cellular functions. North America has the largest market by region, while the United States account for the largest market share by country with 30.33% in North America in 2018. India is one of the fastest growing market by country.
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Rising number of chronic diseases, especially diabetes, is one of the major factors driving the growth of the advanced wound care market. For instance, according to the World Diabetes Foundation, 285 million people were reported to have diabetes in 2010 and, the number is expected to grow to 438 million by 2030. This huge population of diabetes would also face various diabetic complications such as diabetic ulcers, peripheral vascular neuropathy and diabetic neuropathy. Moreover, the rise in the geriatric population is likely to increase the demand for medical services substantially. For instance, according to the WHO, there has been a significant rise in the global geriatric population; the group of people above 65 years of age is the fastest growing population segment and further expected to grow from 13% in 2010 to 19% by 2030. The increasing consumer awareness has resulted in the higher adoption of products such as NPWT, pressure relief products, ultrasound therapy products, and electrical stimulation products, thus driving the growth of the advanced wound care market. In addition, the advancement in technologies in wound care products has significantly influenced the preferment of advanced products over traditional ones by clinicians and patients. For instance, Smith & Nephew launched a new PICO 7 single use negative pressure wound therapy system in Europe. However, high cost of advanced wound care devices and unfavourable reimbursement policies are hindering the growth of the advanced wound care market globally.
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North America Holds Largest Market Share of Advanced Wound Care Market
Geographically, North America held the largest share of about 30.3% of the advanced wound care market in 2018, owing to the rising prevalence of chronic diseases, elevated patient awareness levels and rapidly aging population, especially in the U.S. The consolidated nature of the advanced wound care market has encouraged market players to shift focus toward relatively niche segments such as advanced wound dressings. The Asia-Pacific advanced wound care is growing at a significant CAGR during the forecast period (2019-2026), owing to increasing adoption of better quality advanced wound care products by healthcare professionals and favourable government reimbursement policies support the development of the wound dressings.
Market Players
The advanced wound care market is a consolidated market with top four companies occupying more than 54% of the market share in 2017. The market in North America and Europe are fairly consolidated while the market is fairly fragmented in Asia-Pacific region due to the presence of a large number of companies. The company profiling of key players in the market includes major business strategies, company overview and revenues. The key players of the market are 3M Healthcare, Urgo Medical, B. Braun Melsungen AG, Coloplast A/S, ConvaTec, Inc., Derma Sciences, Inc., Paul Hartmann AG, Smith & Nephew, Medline Industries, Inc., Acelity, Molnlycke Healthcare, Oranogenesis, among others.
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