According to the latest market report published by Credence Research, Inc. “Advanced Wound Care Market – Growth, Future Prospects, and Competitive Analysis, 2017 – 2025,” the global advanced wound care market was valued at US$ 7,532.1 Mn in 2016, and is expected to reach US$ 13,455.1 Mn by 2025, expanding at a CAGR of 6.4% from 2017 to 2025.
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Advanced wound care products available on the market include hydrocolloid, hydrofibre, film, hydrogel, collagen, etc. designed to treat complex wounds. Advanced wound care products are used for the treatment of both chronic and acute wounds. Chronic diseases such as diabetes and vascular diseases are on the rise as a result of lifestyle changes, resulting in chronic wounds such as diabetic foot ulcers, arterial ulcers and pressure ulcers, which are the main drivers of advanced wound care. Acute injury due to surgery or traumatic accidents is also on the rise, which requires new products and technology to be brought on the market. The introduction of new products, improved technology and an increase in the geriatric population is expected to accelerate the growth of the specialized market for wound care.
The advanced wound care market is segmented by form of wound consisting of burns, pressure ulcers, diabetic foot ulcers, arterial ulcers, surgical and traumatic wounds. Diabetic foot ulcer is the largest market in specialized wound care. Surgery and traumatic wounds are projected to be a fast-growing market in the 2017-2025 forecast period.
The advanced wound care market is segmented by product type consisting of advanced wound dressings and active wound care. Advanced wound dressing further sub-segmented into foam dressing, hydrocolloid dressings, hydrofiber dressings, film dressings, alginate dressings, hydrogel dressings, collagens dressing, semi-permeable films. Active wound care further sub segmented into artificial skin and skin substitutes and growth factors. In advanced wound dressing, foam dressing occupies the largest share followed by hydrocolloids.
As of the current market scenario, North America dominates the advanced wound care market, with US occupying the maximum share regional market. Surge in prevalence of chronic diseases such as diabetes, vascular disease, development of novel products and technological advancement in wound care are driving the growth of the market. Asia Pacific is anticipated to be the fastest growing market for the advanced wound care management, due to rise in population especially suffering from chronic diseases, increase health awareness and rise in disposable income and investment.
Market Competition Assessment:
Key players in the advanced wound care market are Acelity L.P. Inc, 3M, B. Braun Melsungen AG, BSN medical GmbH, Coloplast A/S, ConvaTec Inc., Integra Lifesciences Corporation, Medline Industries, Inc., Medtronic, Molnlycke Health Care, MPM Medical Inc. (Rbc Life Sciences, Inc.), Organogenesis, Inc., Smith & Nephew plc., and others
Key Market Movements:
- Surge in lifestyle diseases such as diabetes, vascular diseases has led to increase in chronic wounds such as diabetic foot ulcer, pressure ulcer, and arterial ulcer, which is one of the key drivers of the advanced wound care market
- Advancement in technology in terms new devices and upcoming novel product to treat the complex wound to enhance the therapeutic outcomes
- Rise in geriatric population, favorable reimbursement policy, increase in health care expenditure are some of the factors driving the demand of advanced wound care market