Global Wound Care Product Market 2018- Expected To Reach a Value of $21.79 Billion at a CAGR of Around 5.9% Over Four-Year Period
The products available in the market for global wound care are designed to treat mostly complex wounds. Surgical wound care products are used to heal the surgical wounds, mainly the infectious ones contracted in the hospital. The advanced wound care products are used to treat both acute and chronic wounds. The global wound care market is expected to grow at a CAGR of around 5.9% over four-year period to reach a value of $21.79 billion by Forecast 2022.
The average incidence of chronic wounds is 0.78% of the population with the prevalence range being 0.18% to 0.32%. Region-wise, North America constitutes the highest share of the wound healing products market worldwide.
There are various divisions within the wound care market, but the advanced wound care market is the fastest-growing segment globally. It is expected to grow at a CAGR of 7.3% between FY 2017 and FY 2022.
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Wound Care Product Market Key Growth Factors
The wound care market is predicted to witness a high growth rate owing to the rise in the geriatric population, surge in lifestyle diseases, advancement of new technology, developments in the wound care research area for advanced wound care products and the rising awareness about these products among consumers.
Factors such as a rise in disposable income, better access to improved healthcare and an increasing awareness about affordable advanced wound therapies are expected to support the growth of advanced wound dressing market globally. Additionally, by the end user division, home healthcare is the fastest growing segment due to the significant rise in the aged population.
Threats and key players
Some of the major players in the wound care industry are Smith & Nephew, Acelity L. P. Inc., Mölnlycke Health Care AB, 3M, ConvaTec Group Plc, Coloplast Group, etc.
Although the global wound care market is expected to experience progressive growth, the high cost of the wound care products, especially the advanced ones, hinders the growth of the market. There is also a lack of experts or trained healthcare professionals who can use these new advanced technologies.
Additionally, the average price of the wound care products is expensive. Certain markets are price sensitive, and hence the acceptance of such products is comparatively less. The complex regulatory process also restricts the wound care penetration.
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What’s covered in the report?
• Overview of the Global Wound Care Market
• Historical, current and forecasted market size data for Surgical Wound Care, Advanced Wound Care, Traditional Wound Care, Chronic Wound Care, Acute Wound Care, Hospital & Specialty Wound Care Clinics, Long Term Care Facilities and Home Healthcare
• Historical, current and forecasted regional (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) market size data for Surgical Wound Care, Advanced Wound Care, Traditional Wound Care, Chronic Wound Care, Acute Wound Care, Hospital & Specialty Wound Care Clinics, Long Term Care Facilities and Home Healthcare
• Value Chain Analysis for the Wound Care Market
• Qualitative analysis of the major drivers and challenges affecting the Surgical Wound Care, Advanced Wound Care, Traditional Wound Care, Chronic Wound Care, Acute Wound Care, Hospital & Specialty Wound Care Clinics, Long Term Care Facilities and Home Healthcare
• Analysis of the competitive landscape and profiles of major players operating in the market
• Key recent developments in the Surgical Wound Care, Advanced Wound Care, Traditional Wound Care, Chronic Wound Care, Acute Wound Care, Hospital & Specialty Wound Care Clinics, Long Term Care Facilities and Home Healthcare
• Market Trends in Surgical Wound Care, Advanced Wound Care, Traditional Wound Care, Chronic Wound Care, Acute Wound Care, Hospital & Specialty Wound Care Clinics, Long Term Care Facilities and Home Healthcare
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