Albany, NY — (SBWIRE) — 08/27/2018 — Global Advanced Wound Care Management Market: Snapshot
The global market for advanced wound care management is poised for healthy growth in the upcoming years. Rising incidence of chronic wounds that require timely medical care before transforming into infection or other complications is fuelling the advanced wound care management market. Increasing prevalence of diabetic ulcers due to increasing incidence of diabetes I and II mellitus especially in developed countries is stoking demand for advanced wound care products. Worldwide, growing geriatric population susceptible to falls and injuries that can convert into chronic wounds is aiding the advanced wound care management market.
On the flip side, high cost of advanced wound care products and limited reimbursement scenarios are bottlenecks to the growth of advanced wound care management market.
Considering a number of favorable factors, the global advanced wound care management market is likely to register a healthy CAGR of 6.3% between 2017 and 2024.
Diabetic Foot Ulcers to Display Attractive CAGR through 2024
The global advanced wound care management market is segregated depending upon product type, wound type, end user, and geography. In terms of product type, advanced wound dressings, antimicrobial dressing, and active wound care are the segments into which the advanced wound care management market is divided. Out of these, advanced wound dressing segment holds the leading share in the market. The advanced wound dressing segment is sub-divided into foam, hydrofiber, hydrocolloid, alginate, film, hydrogel, and collagen.
However, active wound care segment is likely to surpass in terms of growth rate due to high growth of artificial skin and skin substitutes. High acceptance of active wound care and speedy recovery also account for faster growth rate of active wound care segment. The sub-segments of active wound care segment include artificial skin and skin substitutes and growth factors.
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By wound type, acute wound, chronic wound, pressure ulcer, diabetic foot ulcers, burns, arterial ulcer, venous leg ulcer, surgical and traumatic wounds, and other chronic wounds are the key segments into which the advanced wound care management market is divided. Of them, chronic wound segment is likely to offer lucrative growth opportunities to market players due to increasing case of chronic wounds and limited reimbursement scenarios in the U.S. and Europe.
Diabetic foot ulcers segment is anticipated to display a significant growth rate between 2017 and 2024. Rising incidence of diabetes and increasing availability of therapeutics for diabetic foot ulcers is fuelling the growth of diabetic ulcers segment. As per statistics of WHO, in 2013, 347 million suffered from diabetes, of these, 10% to 15% could develop into diabetic foot ulcer.
Surgical and traumatic wounds is likely to emerge attractive in the upcoming years. Surgical wounds develop as a consequence of surgeries that require advanced wound care products for healing. Traumatic wounds occur 50 million or more each year globally. This requires cleaning and treatment with low-adherent dressings to wrap the wound, protect against infection, and enable healing by primary intervention.
Hospital Inpatient Settings End-user to Remain Lucrative
By end-user, hospital inpatient settings, community medical centers, hospital outpatient settings, home healthcare, and others are the segments into which advanced wound care management market is divided. Hospital inpatient settings is an attractive segment due to increasing prevalence of chronic wounds among inpatients
Region-wise, the regions into which the advanced wound care management market is classified are North America, Europe, Asia Pacific, Latin America, and Rest of the World. North America is the most attractive market for advanced wound care management and is anticipated to be worth US$4,481.9 mn by 2024. Early acceptance of new technology and high cost of medical products are key factors behind the growth of this region. However, Asia Pacific is highly attractive in terms of feasibility and profitability of new investments.
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Key companies in the advanced wound care management market include Molnlycke Healthcare, Convatec, Smith and Nephew plc, Acelity L.P. Inc., Coloplast A/S, and Medtronic.
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