Comprehensive analysis on Advanced Wound Care Market 2018-2024 | Key Players: Medtronic, Smith and Nephew, 3M, Derma Sciences, Acelity
These firms are adopting strategies like mergers and acquisitions, geographical expansion and new product launch to reap benefits in advanced wound care industry. For instance, in February 2017, Johnson & Johnson acquired Abbott Medical Optics. This acquisition will strengthen the company’s market presence and broaden its product portfolio for long-term growth in future.
Technological advancements in advanced wound care industry leading to the development of better and innovative wound care products with enhanced effectiveness, rapid healing time, and no side effects will drive the industry growth over forecast period. Increasing awareness pertaining to the availability and advantages of these technologically superior products especially in developing regions will further support the market growth over the forecast timeframe.
Increasing number of surgical procedures will serve to another positive impact rendering factor on advanced wound care market growth. Aging population coupled with increase in incidences of chronic disorders are attributable to rapid growth in number of surgical procedures. This will positively impact demand for wound care to treat consequent surgical infections and wounds, thereby driving industry growth during the forecast period.
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Wound dressing segment accounted for highest revenue share in 2017 and is estimated to show 4.8% CAGR during the forecast period. Wound dressings can be used for several types wounds like burns, necrotic wounds, venous ulcers, stalled wounds, open wounds as well as broken areas of skin. Such wide range of applications contributes to high demand over the forecast timeframe. Advanced wound dressings such as low trauma hydrocolloidal dressings promote oxygen circulation around the wound, promoting wound healing. Hydrocolloidal dressings are latex free and biocompatible with the patient’s body. Such advantages of advanced wound dressings will further contribute to segment growth.
Surgical wounds segments dominate the global market with revenue USD 2.9 billion and the scenario is likely to remain so over the analysis period. Segmental growth is attributable to rise in number of surgical procedures owing to rising incidence of chronic and infectious diseases worldwide. Rising number of surgical procedures and consequent increase in incidences of surgical wounds and infections will boost the segment growth.
Hospitals segment accounted for 41.7% revenue share in 2017 and estimated to witness healthy growth over in near future. Increase in number of surgical procedures conducted at hospitals and various reimbursement policies in developed economies for treatment purposes will drive the segment growth. Growing healthcare expenditure in developing economies and cost-effective therapies offered at various public and private hospitals will favor segmental growth.
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U.S. market accounted for USD 3.5 billion in 2017 and is estimated to show lucrative growth over the forecast period due to rising number of surgical procedures and high awareness about wound care. Increasing incidences of chronic diseases such as diabetes and consequent foot ulcers will drive the regional demand. Unhealthy eating habits, sedentary lifestyle further expected to boost prevalence of chronic diseases rendering positive impact on industry growth in coming years.
Some of the prominent players involved in advanced wound care market are Medtronic, Smith and Nephew, 3M, Derma Sciences, Acelity, Mölnlycke, Integra LifeSciences Corporation, Organogenesis, MPM Medical, Human Biosciences, Hollister Incorporated, Beiersdorf global, HARTMANN International, and Medline Industries.
Advanced Wound Care Market, by Product, 2013-2024, (USD million)
Wound Therapy Devices
Negative Pressure Wound Therapy Systems
Pressure Relief Devices
Oxygen and Hyperbaric Oxygen Equipment
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