Advanced Wound Care Market Trends, Challenges and Growth Drivers Analysis 2019-2025| Key Players: ConvaTec, Coloplast, Medline Industries, Inc., Medtronic
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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Worldwide, the geriatric population, which consists of people aged 60 years or more, is expanding at a higher pace than all the younger age groups. It was reported that more than 962 million people in 2017 were 60 years old or above, signifying tremendous revenue prospects for the advanced wound care market that exist across the globe. For older people, both low and high level accidents can result into substantial traumatic injury that can take weeks or months to heal. Ageing related effects can also cause difficulties for the body as immune system is weakened and chances of blood clotting rises.
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.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
4. Medline Industries, Inc.
5. Smith & Nephew
8. Integra LifeSciences
9. B. Braun Medical
11. Hollister Incorporated
12. Organogenesis Inc.
13. Derma Sciences
14. MPM Medical Inc.
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.
Speaking of wound healing, it has been speculated that slow healing wounds constitute one of the most dreaded and common complications of diabetes. In the United States alone, around 15 percent of diabetic patients are estimated to get one at some point in their life, with caring costs accounting for $20 billion every year, excluding an estimation of 2 million workdays that are lost due to foot wounds that won’t heal.
Considering the major drawbacks of diabetic wounds, doctors are consistently focused on developing advanced wound care methods, specifically a slew of wound therapy devices and wound dressings, so they don’t lead to severe treatments like limb amputations. Additionally, with technological advancements in wound care, there have lately been fewer cases of amputations. For instance, a study conducted in 2012 stated that the rate of leg and foot amputations among adults affected by diabetes in the U.S. decreased by 65 percent from 1996 to 2008.
Wound dressings, encompassing myriad dressing techniques such as hydrogel dressings, foam dressings, antimicrobial dressings, and the like, form a pivotal part of the product landscape of advanced wound care market. This is primarily on account of the plethora of dressing styles available that can be individually scrutinized and used for numerous types of wounds such as venous ulcers, open wounds, burns, stalled wounds, necrotic wounds, and broken skin. Apparently, in 2017, would dressing held the highest proportion of the advanced wound care market share.
Of late, advanced wound dressings like trauma hydrocolloidal dressings are used to promote oxygen circulation in and around the wound, speeding up wound healing. Other types such as hydrocolloidal dressings that are not just latex free but also biocompatible with the patient’s body are also being deployed extensively. Powered by the massive variety of advanced dressings available and the incredible benefits delivered by these dressings for wound healing, advanced wound care market size from wound dressings is anticipated to depict a CAGR of 4.8% over 2018-2024.
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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.
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