Advanced Wound Care Market is Anticipated to hit $13 bn by 2024| Key Players: Medtronic, Beiersdorf, Coloplast, Medline Industries, Inc., Smith & Nephew

Global Advanced Wound Care Market is set to exceed USD 13 billion by 2024; according to a new research report by Global Market Insights. 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 advanced wound care market growth over the forecast timeframe.

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Increasing number of surgical procedures will serve to be 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.

Subsequently, the importance of treating any wound in the elderly with products that speed up the healing process will propagate the advanced wound care market. Chronic wounds, those taking more than three months to heal, are challenging to treat and can be triggered by various reasons in old people, such as bacterial or fungal infection, surgical incisions or even radiation poisoning. Representing a major chunk of the advanced wound care industry’s application scope, chronic wounds among the geriatric population commonly result from various types of ulcers.

According to estimates disclosed by the UN, global geriatric population would grow up to 2.1 billion by 2050, promising lucrative opportunities for the development of healthcare products and services in the coming years. In the U.S. alone, about 46 million people were more than 65 years old in 2016, while the number was 11 million in the U.K. These figures represent a significant proportion of the overall population in the respective countries, where problems like diabetes and obesity among the elderly is rising. Diabetic ulcers in old people can lead to chronic wounds due to lower immunity and late diagnosis.

Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
1. Medtronic
2. Beiersdorf
3. Coloplast
4. Medline Industries, Inc.
5. Smith & Nephew
6. ConvaTec
7. Mölnlycke
8. Integra LifeSciences
9. B. Braun Medical
10. Acelity
11. Hollister Incorporated
12. Organogenesis Inc.
13. Derma Sciences
14. MPM Medical Inc.

The American Diabetes Association has informed that 1 in every 4 person in U.S. aged 65 years or more has diabetes. As the prevalence of diabetes increases, probability of related ulcers will also grow and will exponentiate the advanced wound care market share in the global healthcare segment. Bodily changes in older people associated with their age can cause the flow of blood to be blocked in certain parts, transforming into venous ulcers. This in turn can spur into chronic inflammations, demanding the use of advance wound care products to provide and maintain a suitable environment for the wound to heal faster.

In addition to the rapidly inflating elderly population, the advanced wound care market has been witnessing massive boost from the initiatives and efforts of healthcare institutes and companies. For instance, a leading provider of advanced chronic wound care services in U.S. has recently launched its Patient Engagement program. Aimed at improving the utilization of advanced healing products, the program involves reminding patients about their appointments t make sure the do not miss out on critical treatments. Such an effort is quite important considering how old people tend to forget appointments or need to reschedule them more frequently due to different issues.

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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. 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 2018, 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.

Global Market Insights Inc. is a global market research and management consulting company catering to leading corporations, non-profit organizations, universities and government institutions. Our main goal is to assist and partner organizations to make lasting strategic improvements and realize growth targets. Our industry research reports are designed to provide granular quantitative information, combined with key industry insights, aimed at assisting sustainable organizational development.

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