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(Medical-NewsWire.com, February 19, 2018 ) The Asia Pacific Advanced Wound Care Market has been estimated at USD 0.99 billion in 2015 and is projected to reach USD 1.24 billion by 2020, at a CAGR of 4.6% during the forecast period from 2015 to 2020. Advanced wound care products are a boon to the people who are suffering from Chronic wounds, which are time consuming and expensive to treat. Technology has grown vastly in this area. Traditional wound care products are gradually being replaced by advanced wound care products due to their user-friendly nature and effectiveness in enabling faster healing.
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Advanced Wound care market caters feasible and user-friendly products to the afflicted patients. Treatment in advanced wound care includes interventions therapies and products such as collagen products, foam dressings, hydrocolloids, alginate dressings, gauze composites, and hydrogels among others. As technology advances and becomes a much more viable option, the quality of life of patients afflicted with chronic wounds in Asia Pacific rises.
The Asia Pacific market is mainly driven by Increasing Aging Population, Growing Incidences of Chronic Wounds and diabetes, Increasing Hospital costs, and policies undertaken by the government. Reimbursement issues and cost issues serve as factors which hinder the market in this region.
The Asia Pacific advanced wound care market has been segmented on the basis of type, end users and application. By type, the global advanced wound care market is segmented into dressings, therapy devices, and active wound care. The dressing segment accounts for the largest portion of the Asia Pacific market. However, active wound care is the fastest growing segment in this category. On the basis of the end user, the market is further segmented into inpatient services and outpatient services. The inpatient facilities segment grabs the largest chunk of the Asia Pacific market. However, outpatient service is the fastest growing segment in this category. On the basis of application, the market is divided into skin ulcers, surgical wounds, and burn wounds. The surgical wounds segment leads this market. However, skin ulcer is the fastest growing segment in this category.
The Asia Pacific region is geographically segmented into China, India, and Japan. Asia is the fastest growing market because of the lower bed capacity in hospitals and the inclination towards homecare treatment. Hence, the need for faster wound healing is attaining wider significance. Japan currently leads the market of Asian advanced wound care market. China and India, being the most populated countries in this region, contribute to the growing demand for the market. The Asian market holds huge potential for growth due to its higher population base, increasing diabetic population, growing patient awareness, and higher disposable incomes. However, lack of awareness and price sensitivity has considerably hindered the growth of the market in this region.
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The market in the Asia Pacific region has more significance with trends showing that people desire more efficient solutions for their illnesses. This technology is especially inclined towards the elderly population in this region, for whom easily accessible healthcare is paramount. The major companies dominating this market for its products and services in this region are are Acelity L.P., Inc. (U.S.), Integra Lifesciences Corporation (U.S.), ConvaTec, Inc. (U.S.), Smith and Nephew Plc. (U.K) (market share is around 15-20%), Organogenesis Inc. (U.S.), Medline Industries Inc. (U.S.), MPM Medical, Inc. (RBC Life Sciences, Inc.) (U.S.). The recent trends in mergers and acquisitions in this region show that smaller companies are working with bigger ones for advanced innovations in the global anaesthesia monitoring devices market, by utilizing their core competencies. The future of this technology looks pretty optimistic in this part of the world as it offers a huge potential for change in treating patients all over the region.
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