Press release
Wound Healing Market is Likely to be Worth US$35,065.7 mn by the end of 2025
Wound healing agents are characterized as the products speeding the repair of tissue injury, reducing the pain associated with the wounds, and curing the infections. The wound healing agents act in various areas of clinical activity, which include reducing the infection and inflammation, lowering the patient’s pain, removing necrotic tissues, and assisting in wound closure. Global Wound Healing market was valued approximately US$ 23,317.7 Mn in 2016 and is anticipated to register CAGR of over 4.8% from 2017 to 2025 to reach value of approximately US$ 35,065.7 Mn by 2025. Rise in the awareness initiatives for the treatment compliance of chronic wounds, and increase in manufacturer focus on development of novel wound healing technologies are likely to fuel the expansion of global wound healing market by 2025.
Early diagnosis of wounds, and introduction of advanced therapy devices are likely to increase the patient pool with acute and chronic wounds. To treat the diseases, key players are investing in to develop innovative therapies with better efficacy and less side effects. Bio-electrical Signal therapy device introduced by E-QURE Corp. received the ‘Accessories & Medical Devices Registration’ from the Ministry of Health of Israel in February 2017. The device also received the CE mark in 2016 and the FDA approval for Investigational Device Exemption (IDE) to start clinical trials in October 2016. Ongoing R&D of such novel therapies are likely to increase the awareness about new treatment options for wounds across the globe, augmenting global wound healing market.
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However, High cost of advanced wound care products, and reluctance to adopt advanced wound management technologies in developing countries are likely to hamper the growth of global wound healing market during the forecast period. There are many unmet needs in global wound healing market, which create huge opportunities for existing players and new entrants in global market. Also rising popularity of telemedicine services and development of combination wound care therapy provide scope for opportunities in the global wound healing market.
The global wound healing market is segmented in terms of product type, wound type, and gender. On the basis of product, the global wound healing market is divided into dressings, bandages, topical agents, wound closure agents, gauzes & sponges, tapes, therapy devices, and others. Dressings are further divided into foam dressings, hydrocolloid dressings, hydrogel dressings, alginate dressings, collagen dressings, others. Numerous types of bandages are elastic bandages, compression bandages, adhesive bandages, liquid bandages, and others, while topical agents are further classified into hemostatic agents, antimicrobials, wound cleansers, and others.
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The wound closure agents are classified into sutures (absorbable, non-absorbable), adhesives & sealants, staplers (manual, powered), strips (sterile, non-sterile), and others. Two types of gauzes and sponges are sterile & non-sterile, while tapes are further divided into cloth tape, paper tape, silicon tape, and others. Various therapy devices are negative pressure wound therapy devices, oxygen therapy device, and others. Wound Closure agents accounted for highest market share in terms of revenue in 2016, and is expected to continue to remain leading throughout the forecast period. The dominance of wound closure agents is attributable to the emergence of strong local manufacturers with high-quality products.
However, therapy devices are anticipated to expand with significant CAGR by 2025, due to their growing adoption, and favorable reimbursement policies. Based on the wound type, the global wound healing market is segmented into chronic wounds and acute wounds. Acute wounds are further divided into surgical & traumatic wounds, and burns, while various types of chronic wounds are infectious wounds & other ischemic wounds, and ulcers. Ulcers are further divided into pressure ulcers, diabetic foot ulcers, arterial & venous ulcers, and others. Chronic wounds generated highest revenue in 2016, which is attributed to the significant patient pool for chronic wound. Based on gender, the global wound healing market is classified into men & women. Women accounted for a maximum market share in terms of value in 2016, and are expected to continue to remain dominant during the forecast period. Initiatives such as Wound Awareness Week and other outreach programs in the developing countries are projected to increase the awareness in women for wound treatment.
Geographically, the global wound healing market is segmented into five major regions, which are North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America captured maximum share of global wound healing market in 2016. The region is expected to lead the global wound healing market in terms of revenue during the forecast period, owing to the strategic presence of key players in the U.S. and Canada. Europe is the second most prominent region in the global wound healing market in 2016. However, strong emergence of local manufacturers offering technologically advanced products at lower prices, and increasing awareness among people about early diagnosis of chronic wounds are the major factors for the estimated growth of Asia Pacific with maximum CAGR during the forecast period.
Key companies operating in the global Wound Healing market and profiled in the report include Smith & Nephew plc, Integra LifeSciences Corporation, B. Braun Melsungen AG, Mölnlycke Health Care AB, 3M Healthcare, Ethicon, Inc. (Johnson & Johnson), Hill-Rom Holdings, Inc., Cardinal Health, Acelity L.P., Inc., ConvaTec Inc., BSN medical (Svenska Cellulosa Aktiebolaget SCA), Coloplast Group, Medline Industries, Inc., Organogenesis Inc., Hollister Incorporated, among others.
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