According to a new report by Expert Market Research titled, ‘Global Advanced Wound Care Market Report and Forecast 2020-2025’, the global advanced wound care market stood at a value of around USD 10.7 million in 2019. The industry is further expected to grow at a CAGR of 4.8% in the forecast period of 2020-2025.
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The global advanced wound care market is being driven by the growing availability of well-developed healthcare facilities and the increasing demand for advanced solutions in the healthcare sector. The chronic wound segment dominates the advanced wound care industry globally. While North America accounts for the largest share in the industry due to the availability of advanced products in the region, the Asia Pacific is expected to witness a significant growth rate in the forecast period owing to the growing acceptance of advanced wound care products, rising consumer disposable income, and growing geriatric population in the region. Within the Asia Pacific, in emerging nations like India, the demand for advanced wound care products such as foams, hydrocolloids, alginates, hydrogels, etc. is rising, leading to the growth of advanced wound care industry over traditional wound care market, which is expected to aid the global market as well.
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The growing consumer preference for convenient and advanced solutions is leading manufacturers to look for advanced wound care solutions. In September 2019, Integra LifeSciences Holdings Corporation (NASDAQ: IART), a leading player in the industry, announced the acquisition of Rebound Therapeutics, manufacturers of single-use medical devices for use in neurosurgery, that would allow minimally invasive access through the use of optics and illumination for therapeutic and diagnostic purpose. Rebound’s minimally invasive surgical (MIS) technology, featuring integrated optics and illumination, is capable of interfacing with existing operating room monitors, and this acquisition shows Integra’s efforts to address unmet needs in the healthcare sector. Such developments are expected to aid the growth of the advanced wound care market globally in the forecast period.
Market Breakup by Product:
1. Infection Management
2. Exudate Management
3. Active Wound Care
4. Therapy Devices
By product, the global advanced wound care industry can be divided into infection management, exudate management, active wound care, and therapy devices.
Market Breakup by Wound-Types:
1. Chronic Wounds
2. Acute Wounds
By wound-types, the industry is bifurcated into chronic wounds and acute wounds.
Market Breakup by End Use:
1. Hospitals & Clinics
2. Community Health Service Centers
3. Others
It finds end use in sectors like hospitals and clinics, and community health service centres, among others.
Market Breakup by Region:
Region-wise, the global advanced wound care market can be divided into North America, the Asia Pacific, Europe, Latin America, and the Middle East and Africa.
Key Findings of the Report:
1. The global advanced wound care market is being driven by the growing acceptance of advanced wound care solutions among consumers over traditional ones and the rising consumer awareness.
2. The growing geriatric population and rising disposable incomes are providing further impetus to the industry for its growth.
3. The growing prevalence of chronic wounds and acute wounds is further aiding the industry growth.
4. The increased investment by the government in the healthcare sector, particularly in developing nations, is expected to provide a further boost to the industry.
Key Offerings of the Report:
1. The Expert Market Research report gives an overview of the global advanced wound care market for the periods (2015-2019) and (2020-2025).
2. The report offers historical (2015-2019) and forecast (2020-2025) market information for the products, wound-types, end-uses, and regional markets of the global advanced wound care industry.
3. It also provides an assessment of the industry based on the Porter’s Five Forces model along with a SWOT analysis.
Competitive Landscape and Supplier Analysis:
1. Smith & Nephew plc (LON: SN)
2. Mölnlycke Health Care
3. B. Braun Melsungen AG
4. ConvaTec Group PLC (LON: CTEC)
5. Coloplast A/S (CPH: COLO-B)
6. Integra LifeSciences, (NASDAQ: IART)
7. 3M Company
8. Cardinal Health, Inc.
9. Others
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Note 1: As the novel coronavirus (COVID-19) continues to spread across the world, our analysts are constantly tracking the impact of this rapidly evolving situation on the markets and the consumer purchase behaviours. Thus, our latest estimates and analysis about the current market trends and forecast will exhaustively reflect the effects of this emerging pandemic.
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