Press release
Wound Care Devices Market Stand Out as the Biggest Contributor to Global Growth and Will Hit 5.1% CAGR By 2026
As per the report wound care device market is projected to reach a value of US$ 2,949.2 Mn from US$ 1,994.8 Mn during the forecast period.
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Some of the Main Key Players Covered in the Report
• Smith & Nephew
• KCI Licensing, Inc.
• Talley Group Ltd
• Cardinal Health
• ConvaTec, Inc.
• DeRoyal Industries, Inc.
• Devon Medical Products
• BSN medical
• Medela AG
AI Technology In Smartphones To Diagnose Wounds
Artificial intelligence is playing a major role in wound care devices, assisting medical practitioners to treat wounds efficiently. New technology in smartphones is leading to a greater future for the wound care devices market. For instance, Kronikare an AI-driven company introduced a system for assessment and management of chronic wounds, which runs on smartphones using thermal imaging and machine learning.
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The process includes Patients creating a five-second video of the wound, which is then analyzed by the app in 30 seconds. The new automation is predicted to fuel demand in patients, wound care nurses and others thereby acting as a driver for wound care device market.
Key Segmentation:
By Product
• Negative Pressure Wound Therapy (NPWT)
• Hyperbaric Oxygen Therapy (HBOT)
• Extracorporeal Shock Wave Therapy (ESWT)
By Indication
• Diabetic Foot Ulcers
• Pressure Ulcers
• Surgical Wounds
By End User
• Hospitals
• Clinics
• Home Care Settings
By Geography
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa
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The U.S to Dominate the Global Market
The lower cost of treatment along with clinical advantages of wound care devices compared to wound care dressing and therapies are factors propelling the growth of wound care devices market in the U.S. The prevalence of unmet needs among patients in the U.S along with ample reimbursement policies for wound acre devices are some of the prime factors attributing to the growth of wound care devices in North America.
Launch of new devices, an increasing number of regulatory approvals along with steady modification towards rental schemes for devices are factors anticipated to drive the wound care device market in North America during the forecast period. The market was valued at US$ 796.4 Mn in 2017 and is predicted to remain consistent and dominate the market through 2018-2025.
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