Pune, Aug. 31, 2020 (GLOBE NEWSWIRE) -- Global advanced wound care market size is expected to reach USD 15.59 billion by 2027, exhibiting a CAGR of 5.1% during the forecast period.
The increasing cases of chronic wounds such as foot ulcers, pressure ulcers, and venous ulcers around the world can be a vital factor in bolstering the growth of the market.
Moreover, the growing treatment of acute wounds in the developing nations will promote the growth of the market in the forthcoming years, states Fortune Business Insights in a report, titled “Advanced Wound Care Market Size, Share & Industry Analysis, By Product (Advanced Wound Dressings, Wound Care Devices, Active Wound Care), By Indication (Diabetic Foot Ulcers, Pressure Ulcers, Surgical Wounds, and Others), By End, User (Hospitals, Clinics, Homecare Settings, and Others), and Regional Forecast, 2020-2027” the market size stood at USD 10.43 billion in 2019.
This Report Answers the Following Questions-
- What are the market trends, growth drivers, and hindrances?
- How many companies would generate the maximum share in the near future?
- Which are the innovative strategies adopted by key players to increase sales?
- What are the important challenges and opportunities that the market may face?
- How will the market be affected in the near future?
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Market Driver:
Instigation of Effective Therapies to Facilitate Colossal Development
The growing need for effective and proficient treatment of chronic wounds among patients will impel companies to introduce innovative therapies. The rising unmet patient needs is a critical factor expected to fuel demand for novel treatment options for patients in developing nations. The release of effective therapies for hard-to-heal chronic wounds by pre-eminent organizations will support the growth of the market.
For instance, MTF Biologics, a global nonprofit organization innovating in tissue and organ donation for safe and sound healing, unveiled AminoBand viable membrane at the Wound Healing Society (WHS) conference in the U.S. Similarly, the constant R&D activities for the improvement in collagen dressings, skin grafts, and effective healing therapies will aid massive growth of the market in the foreseeable future.
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Market Restraint:
High-priced Therapies to Constrict Market Expansion
The high-cost associated with superior wound products will be a restricting factor for the growth of the market. The unfavorable reimbursement policies pertaining to wound care products such as negative pressure wound therapy, and skin grafts in emerging nations will further dwindle the growth of the market during the forecast period.
The lack of awareness regarding the effective therapies and devices in various regions will further limit the adoption of wound care products in the foreseeable future. The inclination towards conventional treatment options in developing countries will aggravate the adoption of innovative therapies, which in turn, will retard the growth of the market.
Regional Analysis:
Developing Healthcare Infrastructure to Favor Growth in Asia Pacific
The market size in North America stood generated a revenue of USD 4.35 billion in 2019 and is likely to remain dominant during the forecast period owing to the rising cases of chronic and acute wounds. The rising patent pool for diabetic foot ulcers and surgical wounds will further promote the growth of the market.
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Key Development:
February 2019: Axio Biosolutions Pvt. Ltd., a medtech R&D, and Manufacturing Company concentrated on surgical and wound care products announced the launch of MaxioCel, an advanced Ground-breaking wound care dressing made of chitosan.
The Report Lists the Key Players in the Advanced Wound Care Market:
- Smith & Nephew
- 3M
- MiMedx
- Coloplast Corp
- ConvaTec Inc.
- Tissue Regenix
- Derma Sciences Inc.
- Mölnlycke Health Care AB
- Organogenesis Inc.
- Other Players
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Advanced Wound Care Market Segmentations:
By Product
• Advanced Wound Dressings
o Alginate Dressings
o Hydrogel Dressings
o Film Dressings
o Hydrocolloid Dressings
o Antimicrobial Dressings
o Foam Dressings
o Others
• Wound Care Devices
o Negative Pressure Wound Therapy (NPWT)
o Hyperbaric Oxygen Therapy (HBOT)
o Extracorporeal Shock Wave Therapy (ESWT)
o Others (compression therapy, etc.)
• Active Wound Care
o Biological Skin Equivalents
o Growth Factors
o Biological Dressings
o Others
By Indication
• Diabetic Foot Ulcers
• Pressure Ulcers
• Surgical Wounds
• Others
By End User
• Hospitals
• Clinics
• Homecare Settings
• Others
By Geography
• North America (U.S. and Canada)
• Europe (U.K., Germany, France, Italy, Spain, Scandinavia, and Rest of Europe)
• Asia-Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia- Pacific)
• Latin America (Brazil, Mexico, and Rest of Latin America)
• The Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)
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Have a Look at Related Reports:
Active Wound Care Market Share and Global Trend by Product Type (Biological Skin Equivalents, Growth Factors, Biological Dressings), Indication (Diabetic Foot Ulcers, Pressure Ulcers, Lower Limb Ulcers), End User (Hospitals, Clinics, Home Care Settings) and Geography Forecast till 2025
Advanced Wound Dressings Market Share and Global Trend By Product Type (Alginate Dressings, Hydrogel Dressings, Film Dressings, Hydrocolloid Dressings, Antimicrobial Dressings, Foam Dressings), Indication (Diabetic Foot Ulcers, Pressure Ulcers, Surgical Wounds), End Users (Hospitals, Clinics, Home Care Settings) and Geography Forecast till 2025
Wound Care Devices Market Share and Global Trend By Product Type (Negative Pressure Wound Therapy (NPWT), Hyperbaric Oxygen Therapy (HBOT), Extracorporeal Shock Wave Therapy (ESWT)), Indication (Diabetic Foot Ulcers, Pressure Ulcers, Surgical Wounds), End Users (Hospitals, Clinics, Home Care Settings) and Geography Forecast till 2025
Immunodiagnostics Market Share and Global Trend By Product Instruments, Reagents & Consumables), By Application (Oncology & Endocrinology, Hepatitis & Retrovirus, Cardiac Markers, Infectious Diseases), By End user (Clinical Laboratories, Hospitals, Physician’s Offices), By End-user(Hospitals, Dental Clinics, Academic & Research Institutes) and Geography Forecast till 2026
Antithrombin Market Share and Global Trend By Application (Therapeutics, Research, Diagnostics & Others), Source (Human, Goat Milk), Dosage Form (Lyophilized, Liquid) & Geography Forecast till 2025
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