Press release
Advanced Wound Care Market latest industry trends 2021 Outlook, Industry Size, Market Share, 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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Growth in geriatric population, rise in number of incidences regarding obesity, diabetes, and chronic conditions, and technological advancements to deal with complex wounds propel the growth of the advanced wound care market. Nevertheless, high cost of advanced wound care products restrains the market growth.
Furthermore, untapped prospects in developing regions are expected to provide new growth opportunities for the market players in the near future.
COVID-19 scenario:
The spread of COVID-19 have caused a major disruption in health care services. As a result, the treatment processes has been interfered due to the redeployment of the doctors for treating Covid-19 patients.
The demand for advanced wound care, on the other hand, is anticipated to increase during the pandemic as patients with multiple comorbidities may have an increased risk of getting infected from the corona virus.
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The chronic wounds segment to lead the trail through 2027-
Based on application, the chronic wounds segment accounted for the largest share in 2019, holding more than two-thirds of the advanced wound care market, and is expected to maintain the largest share throughout the forecast period. In addition, the segment is expected to register the highest CAGR of 12.1% from 2020 to 2027.
This is attributed to surge in demand for advanced wound care products and rise in incidence of as pressure ulcers, diabetic foot ulcers, venous leg ulcers, and arterial ulcers across the globe.
Leading market players-
3M (Acelity Inc.)
Adynxx, Inc.
B Braun Melsungen AG
Coloplast A/S
ConvaTec Group plc
Essity AB (BSN Medical GmbH)
Integra Lifesciences (Derma sciences)
Investor AB (Mölnlycke Health Care AB)
Johnson & Johnson
Medline Industries, Inc.
Medtronic plc.
Organogenesis Holdings Inc.
Smith & Nephew Plc.
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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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Key Findings Of The Study
Depending on product, the therapy devices segment held 35% share in the global market in 2019.
By application, the chronic wounds segment accounted for the largest advanced wound care market share in 2019, and is expected to remain dominant throughout the forecast period.
On the basis of end user, the hospitals segment held 57% share in the global market in 2019.
Region wise, Asia-Pacific is expected to exhibit highest CAGR of 14.0% during the forecast period.
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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.
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