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Wound Care Market in Philippines Size to hit $85 million by 2025, Top Prominent Players: 3M Company, Smith & Nephew Plc., Coloplast A/S, Medtronic plc, ConvaTec Group Plc

04-09-2020 05:56 PM CET | Health & Medicine

Press release from: Allied Market Research

Philippines Wound Care Market

Philippines Wound Care Market

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The Philippines wound care market was valued at $51 million in 2017, and is projected to reach $85 million by 2025, registering a CAGR of 6.5% from 2016 to 2022. The surgical wound care segment accounted for nearly two-fifths share of the total market in 2017.

Wound care management involves the use of dressing products coupled with drug formulations and offers several benefits such as lower healing time. Wound care products are widely adopted to treat chronic and acute wounds. Advanced wound care products are emerging as a standard solution to treat acute and chronic wounds. Surgical suture is a medical device used to stich the cutaneous wounds, and to close surgical incision site. It is used to hold internal organs, skin, blood vessels, and all other tissues of the human body. Traditional wound care products are increasingly being substituted with advanced wound care products due to their efficiency and effectiveness to treat wounds by enabling faster healing.

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Surge in geriatric population & favorable demographics; rise in incidence of diabetes, obesity, and chronic conditions; technological advancements in complex wound management; and increase in awareness to reduce healthcare costs drive the growth of the market. However, reluctance in adoption of new technologies, development of substitute products, and lack of sufficient evidence restrain the growth of the market. Conversely, increased focus toward advanced treatment protocols and significant unmet needs in wound care are expected to offer remunerative opportunities for market players.

Based on product, the market is classified into advance wound care, surgical wound care, and traditional/basic wound care. The surgical wound care segment is expected to maintain its dominant position throughout the analysis period, due to increase in accidents and numbers of surgeries in the country.

Based on application, the market is bifurcated into chronic wounds and acute wounds. The chronic wounds segment is anticipated to exhibit the highest CAGR during the forecast period, due to the rise in geriatric population, increase in awareness toward wound care management, and improved diagnosis fuel the demand for chronic wound care products.

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The Major Key Players Are:

3M Company, Smith & Nephew Plc., Coloplast A/S, Medtronic plc, ConvaTec Group Plc, Cardinal Health, Inc., BSN Medical GmbH, Mundipharma International Ltd., B. Braun Melsungen AG, and Urgo Medical.

The other Key players Are:

Mebo International Group, Total Wound Care Solution Corporation Philippines, ASO Philippines, Inc., Medline Industries, Inc., and others.

Key Findings of the Philippines Wound Care Market:

o Based on end user, the community centers segment accounted for a major share (more than three-fifths) of the Philippines wound care market in 2017.
o Based on product, the infection management segment was the major segment of Philippines advanced wound care market (accounting for more than one-third share of the advanced wound care market).
o Based on product, the active wound care segment is projected to grow at a remarkable CAGR of 17.0% from 2018 to 2025.
o Based on application, the chronic wounds segment accounted for a major share (more than three-fifths) of the overall market in 2017.

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Allied Market Research (AMR) is a full-service market research and business -consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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