Wound Care Market Estimated for a Sharp Growth at ~6.20% of CAGR By 2023
The Worldwide Wound Care Market research report is growing with the rapid pace; mainly due the burgeoning Healthcare Sector. According to a recent study report published by the Market Research Future, The World Wound Care Industry Research report is booming and expected to gain prominence over the forecast period. The Market is forecasted to demonstrate a huge growth by 2023, surpassing its previous growth records in terms of value & volume. Considering all these factors The World Wound Care Market research report is expected to grow at a CAGR of 6.20% during the forecast period.
Market Research Future published new report, titled “Wound Care Market -Research Report: Global Forecast till 2023”.
The Worldwide Wound Care Market report explores the Top Key Players in-depth analysis as: Braun Melsungen AG (Europe), 3M (U.S.), Baxter (U.S.), Ethicon, Inc. (U.S.), Smith & Nephew (U.S.), ConvaTec (Europe), Kinetic Concept, Inc. (U.S.), and others.
Market Synopsis of Global Wound Care Market:
Wound care & closure products are considered as a standard devices used for the treatment of chronic wounds. Introduction of the advanced wound care & closure products has substituted traditional wound care & closure products are owing to their effectiveness and efficacy in the treatment of the wounds.
According to the American Burn Association, in 2014, approximately 486,000 burn injuries were reported which boosted the market growth during the forecasted period. Moreover, increasing prevalence of diabetes and chronic diseases alongwith growing number of surgeries and rising per capita income and development in the medical technology have boosted the market growth during the forecated period. However, the high cost of advanced wound care products is expected to restrain the market growth.
Market Segments:
The global wound care market is segmented on the basis of product, type, application, and end users.
On the basis of products, the market is segmented into advanced wound management products, wound therapy devices, traditional wound care products, wound care products, active wound care products, and others. The advanced wound management products segment is sub segmented into advanced wound dressings, foam dressings, hydrocell foam dressings, alginate dressings, hydrogel dressings, collagen dressings, others. The wound therapy devices segment is sub segmented into oxygen and hyperbaric oxygen equipment, negative pressure wound therapy device (Npwt), cutting-edge wound therapy device, electrical stimulation devices, and others. The wound care products segment is sub segmented into sutures, surgical staples, haemostats, wound care strips, adhesives and tissue sealants, and others. The active wound care products segment is sub segmented into topical agents, artificial skin and skin substitutes, and others.
On the basis of type, the market is categorised into chronic wounds, acute wounds, and others.
On the basis of application, the market is segmented surgical wounds, ulcers, burn, trauma wounds, and others.
On the basis of end users, the market is segmented into hospitals, clinics, home healthcare, trauma centres, and others.
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Regional Analysis:
The Americas dominates the global wound care market owing to a well-developed healthcare sector and high per capita healthcare expenditures. Moreover, increasing geriatric population further facilitates the market growth within the region. Additionally, the presence of global players like 3M and Baxter along-with the developed economies like the U.S and Canada within the region fuels the market growth.
Europe holds the second largest market for wound care, which is followed by Asia Pacific. Availability of funds for research, high healthcare expenditures, huge patient population and government support for research & development will drive the market in the Europe. In the U.K, according to the National Health Service, the cost of caring for patients with chronic wounds was estimated to be around USD 3.4-4.6 billion per year.
Asia Pacific is the fastest growing region for the wound care market due to the presence of developing economies like India and China within the region which have increasing healthcare expenditures. According to the Indian Brand Equity Foundation in 2017, Indian healthcare sector is one of the fastest growing industries and is expected to advance at a CAGR of 22.87% during 2015-20 to reach USD 280 billion by 2020. This, along with other favourable government policies like the National Health Insurance and relaxation in custom duties, will boost the market growth in the presence of huge opportunities for the untapped market within Asia Pacific.
The Middle East & Africa has the least share in the global wound care market due to the presence of poor economies especially in the African region. Majority of the market of the Middle East & Africa region is held by the Middle East due to a well-developed healthcare sector. Moreover, the presence of economies like Saudi Arabia, Kuwait and Qatar within the region, with increasing healthcare expenditures and developing healthcare infrastructure, fuels the market growth.
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Posted by
Vivian Dsena
on Friday November 17 2017, 1:00 PM EST.
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