Global Wound Care Market 2019 Insights Business Opportunities, Current Trends and Restraints Forecast 2023

Posted August 16, 2019 by Nusrat1125

Global Wound Care Market is witnessing noteworthy expansion at a CAGR of 6.20% during the forecast period of 2017-2027 and reach the valuation of USD 29,955.2 Mn by the end of forecast period from USD 15,465.2 Mn in 2016.

Increasing availability of advanced wound care treatments and high prevalence of chronic diseases that require prolonged wound healing time are resulting in the significant growth of the global wound care market. However, lack of awareness and poor healthcare facilities in the underdeveloped countries are restraining the expansion of the global wound care market during the forecast period.

With increased research and development activities and rapid incorporation of advanced technology in the healthcare sector, various innovative treatment solutions are being introduced along with improvements in the existing treatment techniques.

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Key Players:

Braun Melsungen AG
Smith & Nephew
and Kinetic Concepts and more.

The global Wound Care Market segmentation is segmented as per type, product, end-user, and application.

By product, the market includes active wound care products, wound therapy devices, advanced wound management products, wound care products, and traditional wound care products. Advanced wound care holds the leading position in terms of market share. However, in developing countries, lack of awareness concerning advanced wound care products have prompted them to rely upon traditional wound care products.

By type, the market divides into chronic and acute wound. Chronic wound held the largest market share in 2016 and is slated to grow further in the forthcoming years.

By application, the market segments into trauma wounds, surgical wound, burn, ulcer, and others. The surgical wounds segment held a majority of the market with 35% of the share to its name back in 2016. The ulcer segment followed up as the second-largest global market with a 22.1% share.

By end-user, the market includes clinics, trauma centers, hospitals, home healthcare, and others. The hospitals' segment was the market dominator in 2016 with 37.5% of the global share to its name.

Industry Updates:

In November 2018, Dermozone, an Indonesia-based wound care product manufacturer, has synthesized +dalethyne after 18 years of untiring research. +delethyne will be utilized as a key ingredient of the new range of Dermozone wound care products which would be launched soon in India.

In November 2018, Ren Ci Hospital and Tetsuyu Healthcare (Singapore) has collaboratively developed a wound management application, CARES4WOUNDS, which is capable of capturing 3D images of wounds, record, measure and monitoring progress of wounds and also providing treatment guidance online.

In October 2018, researchers at Albert Einstein College of Medicine (the U.S.) have incorporated a gene-suppressing drug into an over-the-counter wound care gel, which has led to the reduction of healing time by half and has significantly improved the healing outcomes compared to control treatments.

Regional Analysis:

Geographically, the global wound care market has been segmented into five major regions such as North America, Europe, South America, Asia Pacific, and the Middle East and Africa. The North America region captures the major share in the global wound care market owing to the high demand for wound care as a result of increasing prevalence of diabetic patients who require prolonged wound healing time and increased healthcare expenditure by the population in this region. The Europe region commands for the second largest share in the global wound care market owing to the increased research and development investments for the introduction of highly effective wound care medication in the well-developed healthcare sector and innovative initiatives from non-governmental as well as government organizations such as European Wound Management Association in this region. Increasing geriatric population, high prevalence of diabetes and rise in awareness regarding wound care are majorly propelling the growth of the wound care market in the Asia Pacific region.

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Categories Biotech
Last Updated August 16, 2019