What's driving the Advanced Wound Care Market Size ? 3M, Medtronic, Smith and Nephew, Derma Sciences, Integra LifeSciences Corporation, Acelity, M?lnlycke, MPM Medical, Organogenesis, Human Biosciences, HARTMANN International, Hollister Incorporated, Beie
Advanced Wound Care Market will exceed USD 13 billion by 2024; as per a new research report. Rising incidences chronic diseases and consequent rise in number of patients with acute and chronic wounds will escalate the market growth over forecast timeframe. Favorable demographic trends such as increasing geriatric population and lifestyle changes such as adoption of sedentary lifestyle will further support rise in prevalence of chronic diseases. This is expected to escalate the prevalence of wounds and associated cost burden thereby augmenting demand for wound care products.
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Prominent industry players involved in advanced wound care market are Medtronic, Smith and Nephew, Derma Sciences, 3M, Integra LifeSciences Corporation, Acelity, M?lnlycke, MPM Medical, Organogenesis, Human Biosciences, HARTMANN International, Hollister Incorporated, Beiersdorf global, and Medline Industries. These prominent business players are focusing on strategic alliances, new product launch and collaborations to strengthen their market position. For instance, in December 2017, Smith and Nephew announced launch of an innovative digital wound care program that will strengthen the company?s market presence and broaden its product portfolio for long-term growth in future.
Increasing research and development in advanced wound care industry leading to the development of innovative and better products will drive the industry growth. For instance, Hartmann recently launched Hydroclean Plus wound dressing product that has innovative rinsing-absorption mechanism to promote autolytic removal of damaged tissue, thereby healing the wound. Advent of such products will spur industry demand throughout the analysis period.
Wound therapy devices segment is estimated to witness 6.3% CAGR during the forecast timeframe. Negative pressure wound therapy systems currently represents largest opportunity and the scenario is likely to remain so in near future. Wide range of advantages associated with wound therapy devices such as rapid recovery time will drive the segment growth. However, prohibitive cost and low awareness to these devices in developing regions restricts the segment growth to some extent.
Diabetic wounds application segment is expected show 5.9% CAGR from 2018 to 2024 owing to stupendous rise in incidences of diabetes and other risk factors such as obesity and sedentary lifestyle. Diabetic wounds are most commonly caused by nerve damage and irritated or wounded feet. These wounds are difficult to treat and significantly hampers quality of life. Such wounds are also responsible to significant cost burden due to prolonged hospital stay. As a result, demand for effective wound healing technologies that enables rapid recovery is prevailing in the industry.
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Homecare settings end use segment accounted for USD 2.5 billion in 2017. Homecare settings allows patient to receive personalized care in more comfortable manner. As a result, geriatric population often prefers homecare settings over hospitals. Treatment at home care further reduces the chances of hospital acquired infections. Owing to these advantages, homecare settings are poised to witness robust growth throughout the forecast period.
Europe advanced wound care market accounted for USD 2.8 billion in 2017. Germany, UK, and France represents mature markets in Europe while Spain, Netherland, Belgium, Austria are forecasted to witness high CAGR. Aging demographics in Europe, increasing incidences of chronic and acute wounds as well as high awareness levels pertaining to benefits of advanced wound care technologies will spur the regional growth over foreseeable future.
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