Bioactive Wound Management Market Forecast to 2027 - COVID-19 Impact Analysis by Smith+Nephew, MiMedx, Integra LifeSciences, Organogenesis, Tissue Regenix Group Plc

Bioactive Wound Management Market for Bioengineered Skin Substitutes to Grow at Highest CAGR during Forecast Period

According to our latest study on “Bioactive Wound Management Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by product, application, end user,” the market was valued at US$ 1,751.38 million in 2019 and is projected to reach US$ 3,057.12 million by 2027; it is expected to grow at a CAGR of 7.3% during 2020–2027. The report highlights trends prevailing in the global bioactive wound management market and the factors driving market along with those that act as hindrances.

The global bioactive wound management market based on product is segmented into alginates, collagen-based dressings, antimicrobial dressings, bioengineered skin substitutes, and hydrocolloids. The alginates segment held a largest share of the market in 2019; however, the bioengineered skin substitutes segment is estimated to register the highest CAGR during the forecast period; this projected growth is ascribed to the rising prevalence of rare diseases, increasing geriatric population prone to develop chronic wounds, and high use of these substitutes by healthcare providers in the management of chronic wounds.

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Application-Based Insights
Based on application, the bioactive wound management market is segmented into pressure ulcers, diabetic foot ulcers, venous leg ulcers, burn wounds, and surgical wounds. The burn wounds segment held the largest share of the market in 2019 owing to increasing number of burn incidence globally, especially in low-income countries. According to the WHO data for 2018, every year, ~180 000 deaths are caused due to burning injuries. In addition, the incidences of burn injuries are seen in low-middle income countries. According to the WHO, countries such as India, Pakistan, Bangladesh, Nepal, Colombia, and Egypt have a higher number of burn management cases. Further, the surgical wounds segment is anticipated to register the highest CAGR during the forecast period.

End User-Based Insights
Based on end user, the bioactive wound management market is segmented into hospitals and clinics, ambulatory surgical centers, and others. The hospitals and clinics segment held the largest share of the market in 2019, and it is also anticipated to register the highest CAGR during the forecast period. The growth of the market for this segment is attributed to the increasing number of burn incidence globally, especially in low-income countries. The hospitals and clinics are the primary healthcare centers approached by patient seeking for first aid and treatment after such accidents. In general, the number of patients visiting clinics and hospitals is more than other healthcare centers. These centers offer various services and good quality treatment, with quick availability of the required machinery. Moreover, the fees for the treatment are reimbursed.

Strategic Insights
Product launches, mergers and acquisitions, collaborations, and expansions are the commonly adopted by strategies by various companies to expand their footprint worldwide and meet the growing demand by expanding their respective product portfolios. The players operating in the bioactive wound management market adopted the strategy of product innovations to cater to changing customer demand worldwide, which also permits them to maintain their brand name globally.

Bioactive Wound Management Market – By Product
• Bioengineered Skin Substitutes
• Collagen-based Dressings
• Antimicrobial Dressings
• Alginates
• Hydrocolloids

Bioactive Wound Management Market – By Application
• Pressure Ulcers,
• Diabetic Foot Ulcers
• Venous Leg Ulcers
• Burn Wounds
• Surgical Wounds

Bioactive Wound Management Market – By End User
• Hospitals and Clinics
• Ambulatory Surgical Centers
• Others

The growth of the bioactive wound management market is attributed to factors such as increasing cases of wounds and ulcers, growing number of surgical procedures carried out worldwide, and innovation in advanced wound care products. However, the high cost associated with wound care management restrains the growth of the market. Smith+Nephew, MiMedx, Integra LifeSciences, Organogenesis, Tissue Regenix Group Plc, Coloplast, Hartmann plc, Covalon Technologies Ltd., ConvaTec, and ETS Wound Care, LLC are among the leading companies operating in the bioactive wound management market.

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This release was published on openPR.