Advanced Wound Care Market 2019 | Growth, Status and Forecast by 2025
The increasing prevalence of diabetes, especially among the global geriatric population is likely to expedite advanced wound care market trends in the years ahead. This can be credited primarily to the rising occurrence of chronic wounds resulting in limb amputations among diabetic patients. Data released by the World Health Organization (WHO) revealed that over 400 million people are affected by diabetes worldwide. Given today's lifestyle and dietary trends the occurrences are projected to continue to escalate. Back in 2016 alone, diabetes was the seventh leading cause of death with almost 1.6 million deaths directly credited to diabetes annually.
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Although several people experience wounds, cuts, and minor scratches or ulcers, for people with diabetes, even minor wounds can lead to major consequences. Several people affected by diabetes develop wounds that never heal or do so at a slow pace. Wounds that cannot be cured pose a high risk of infection that can rapidly spread to tissues, bones or other parts surrounding the affected area, which in some cases can lead to deadly complications. These patients thus form a pivotal part of the consumer base for advanced wound care market companies.
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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Chapter 1. Methodology
1.1.2. Market definitions
1.1.3. Forecast parameters
1.2. Data Sources
184.108.40.206. Paid sources
220.127.116.11. Unpaid sources
Chapter 2. Executive Summary
2.1. Advanced wound care industry 3600 synopsis, 2014 - 2025
2.1.1. Business trends
2.1.2. Product trends
2.1.3. Application trends
2.1.4. End-use trends
2.1.5. Regional trends
Chapter 3. Advanced Wound Care Industry Insights
3.1. Industry segmentation
3.2. Industry landscape, 2014 - 2025
3.3. Industry impact forces
3.3.1. Growth drivers
18.104.22.168. Increasing incidences of chronic diseases
22.214.171.124. Technological advancement in wound care industry in developed region
126.96.36.199. Growing geriatric population base worldwide
188.8.131.52. Increasing number of surgical procedures
3.3.2. Industry pitfalls & challenges
184.108.40.206. Prohibitive cost of advanced wound care treatment
3.4. Regulatory landscape
3.5. Technology landscape
3.6. Growth potential analysis
3.6.1. By product
3.6.2. By application
3.6.3. By end-use
3.7. Porter's analysis
3.8. Competitive landscape, 2017
3.8.1. Company share analysis
3.8.2. Strategic dashboard
3.9. PESTEL analysis
A pivotal factor that would contribute substantially to the demand for advanced wound care is the increasing rate of the geriatric population around the world. According to the World Population Prospects, the number of older adults aged 60 years and above is expected to double by 2050 from 962 million in 2017 to 2.1 billion in 2050. Likewise, the American Diabetes Association (ADA) claims that over 25% of the population aged 65 within the United States suffer from diabetics. The geriatric population is invariably linked to reduced functional status and high risk of institutionalization, and they are also more receptive to complications including both chronic microvascular and cardiovascular complications.
More Insightful Info: https://www.marketwatch.com/press-release/advanced-wound-care-market-2019-industry-analysis-size-share-growth-by-2025-2019-07-31
The report by ADA further suggested that older adults with diabetes have the highest rates of lower limb amputations along with other complications that include visual impairment, myocardial, and end-stage renal disease. The overall elderly population base susceptible to chronic wounds will thus lead to increased cost burden on the healthcare systems throughout the world, which is estimated to direct investments in developing advanced wound care technology. This would quite overtly, have a transformational impact on the remuneration portfolio of the global advanced wound care market.
Healthcare Assistive Robot Market: https://www.marketwatch.com/press-release/12-bn-by-2024-healthcare-assistive-robot-market-to-depict-a-notable-upsurge-2019-04-18
Antidiabetics Market: https://www.marketwatch.com/press-release/antidiabetics-market-size-to-surpass-usd-110-bn-by-2024-2018-12-10
The availability and awareness related to wound care especially in developing nations is likely to generate substantial demand for these products in the years ahead. As per a report compiled by Global Market Insights, Inc., advanced wound care market size is slated to cross USD 13.5 billion by 2025. Prominent industry players involved in advanced wound care market are Medtronic, Smith and Nephew, Derma Sciences, 3M, Integra LifeSciences Corporation, Acelity, Molnlycke, MPM Medical, Organogenesis, Human Biosciences, HARTMANN International, Hollister Incorporated, Beiersdorf global, and Medline Industries.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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