Advanced Wound Care Market Global Industry Size, Growth, Covid-19 scenario, Key Players, CAGR Value, Demand and Forecast Till 2027
Increase in geriatric population, rise in incidences of diabetes, obesity and chronic conditions, and technological advancements to deal with complex wounds drive the growth of the global advanced wound care market
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Surge in geriatric population, increase in incidences of diabetes, obesity and chronic conditions, and high-end technological advancements to deal with complex wounds fuel the growth of the global advanced wound care market. On the other hand, high cost of advanced wound care products impedes the growth to some extent. Nevertheless, untapped opportunities in developing economies is expected to create a number of opportunities for the key players in the industry.
The spread of Covid-19 has majorly interrupted the processes in health care services, due to the redeployment of doctors for treating Covid-19 patients.
On the other hand, the demand for advanced wound care would grow during the pandemic as patients with multiple comorbidities may have an increased risk of getting infected from the corona virus.
The advanced wound care market is segmented on the basis of product, application, end user, and region. Based on product, the therapy devices segment contributed to the largest share in 2019, accounting for more than one-third of the advanced wound care market. On the other hand, the active wound care segment is estimated to portray the highest CAGR of 16.6% during the forecast period. The report also analyzes segments including infection management and exudate management.
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Key players in the industry-
3M (Acelity Inc.)
Smith & Nephew Plc.
ConvaTec Group Plc.
AB (Mölnlycke Health Care AB)
Essity AB (BSN Medical GmbH)
Integra Lifesciences (Derma sciences)
Investor Johnson & Johnson
Medline Industries, Inc.
B Braun Melsungen AG
Organogenesis Holdings Inc.
The therapy devices segment to maintain its leadership status till 2026-
Based on product, the therapy devices segment accounted for more than one-third of the global advanced wound care market share in 2018, and is expected to rule the roost throughout the forecast period. Availability of innovative portfolio for wound care devices, rise in government spending, surge in awareness toward healthcare, and technological advancements are the major factors fueling the growth of the segment. At the same time, the active wound care segment would grow at the fastest CAGR of 17.4% during the study period. Increase in number of plastic surgeries, surge in demand for innovative & advanced wound care products, and rise in incidence of burns & trauma injuries across the globe have boosted the growth of the segment.
North America to maintain its dominance throughout the forecast period-
Based on geography, North America held the major share in 2018, generating nearly two-fifths of the global advanced wound care market. Development of advanced systems, upsurge in adoption of wound care products for the treatment of chronic & acute wounds, increase in incidence of chronic diseases, and surge in geriatric population have boosted the market in the province. The region across Asia-Pacific, on the other hand, would cite the fastest CAGR of 8.4% throughout the estimated period. Development in healthcare infrastructure, rise in number of laboratories with advanced medical facilities, and increase in number of target population in emerging economies have propelled the growth.
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