The evolution of traditional wound care to advanced wound care technologies such as NPWT, biologics, and advanced dressings, has been steady. The use of simple bandages and dressings gave way to hydrofibers, alginates, collagen, hydrogels, and silver containing dressings. Replacement of traditional wound management regimens with advanced wound care products is mainly due to latter’s efficiency in treating wounds by preventing the growth of excess exudate, while preserving the precise level of moisture to stimulate healing with minimum scarring. These products are progressively being accepted by acute care centers and emergency departments to reduce the length of patient stay and reduce the overall cost of wound management. Growing awareness of precisely formulated products and swift technological innovations are also contributing toward market growth. Moreover, the escalating base of geriatric population and increasing incidence of chronic conditions such as diabetes that result in chronic wounds which need advanced level of treatment, are also spurring opportunities for the market.
The global advanced wound care market, by products, was valued to be $8,904.6 million in 2018 and is estimated to reach a market value of $11,059.3 million by 2024 at a CAGR of 3.62% from 2018 to2024. The market is subject to intense competition and the rising demand by the governments to reduce spending on healthcare is dragging the market growth. However, the future growth is expected to be driven by favorable demographic factors such as growing aging population and rising incidences of chronic wounds.
Scope of the Advanced Wound Care Market
The purpose of this study is to gain a holistic view of the global advanced wound care market in terms of various influencing factors, such as regional adoption trends, and key developments, among others. The scope of this report constitutes of an in-depth study of the market, including a thorough analysis of the products across different regions. The report includes an in-depth examination of the key ecosystem players and key strategies and developments taking place in this market. The report presents the reader with an opportunity to unlock comprehensive insights with respect to the market and helps in forming well-informed strategic decisions. The research uncovers some of the substantial parameters that must be taken into consideration before entering into the market.
Market Segmentation
The report on global advanced wound care market tracks trends, industry participants, and quantifies technologies that facilitates wound healing in conditions where standard wound care therapies fails. These technologies are classified under advanced wound dressings, negative pressure wound therapy, wound biologics and an array of emerging technologies such as oxygen therapy, electric simulation, spray mist, and shockwave therapy.
Diving further deep, this report also discusses and quantifies the various underlying conditions for wounds, wound care global burden, and application of advanced wound care in the management of chronic and acute wounds.
The above analysis is conducted at a regional and country level and markets have been sized and forecasted by considering impact of various trends. Major industry participants and their products have been thoroughly analyzed and forecasts of their performance, market share, and growth rates have been provided. The report considers 2018 as the base year and forecasts the market for the period of 2019-2024.
Key Companies in the Advanced Wound Care Market
Acelity (3M), Smith and Nephew, Molnlycke, ConvaTec, Coloplast, Hartmann, Integra, BSN Medical, MiMedX, Medline and Organogenesis are some of the leading players in this market.
As the global economic power shifts away from established developed economies in North America, Europe, and Asia (Japan), the advanced wound care market is expected to witness immense growth in developing countries such as China and India.
However, the recent experience in economic slowdown has reemphasized that a comparatively rapid growth is not anticipated for all developing countries, as directed by current economic problems in Russia and Brazil. It requires persistent and operational investment in healthcare infrastructure and improving political, economic, and legal healthcare framework. It also requires openness to the free flow of advanced technology and innovation that are key drivers of the wound care market growth which is hampered by the present trade war scenario among nations.
Key questions answered in this report:
• How big is the advanced wound care market and what is its outlook for future?
• What are the drivers and restraints of this market?
• Which technologies dominate in this advanced wound care market?
• What will be the growth of sub segments of the advanced wound care market (advanced dressings, NPWT, biologics) and their sub-categories (films, alginates, single use NPWT, allograft, and others)?
• How will the advanced wound care market and its sub segments behave in different regions, and countries? What are the expected growth rates?
• What are the characteristics (GDP, disease prevalence, regulations, and reimbursements) of countries that are major market for advanced wound care products?
• What are the key developments in this market- mergers and acquisitions, product launches etc. in past 3 years?
• Who are the dominant players in this market and its sub-segments?
• What strategies are deployed by leading players to maintain market share?
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Within the research report, the market is segmented based on therapy type, product, region. Each of these segments covers the snapshot of the market over the projected years, the inclination of the market revenue, underlying patterns, and trends by using analytics on the primary and secondary data obtained.
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