Albany, NY, March 30, 2018 (GLOBE NEWSWIRE) -- As per the TMR report, the global advanced wound care management market is likely to display a CAGR of 6.3% between 2017 and 2024. Expanding at this rate, the market which stood at US$7,268.1 mn will become worth US$11,161.6 mn by the end of 2024. Among the key product types, advanced wound dressings currently hold leading share in the overall market. Going ahead, the segment is likely to expand at the leading growth rate. Venous leg ulcers, on the basis of type of wound, holds the leading market share due to high incidence of leg ulcer cases.
Rising Literacy in Developing Countries Accounting for Early Medical Help for Wounds Benefits Market
The advanced wound care management market is primarily driven by the rising incidence of chronic wounds. Chronic wounds generally require longer healing time and if not treated on time can lead to complications. Chronic wounds account for significant burden on public healthcare systems worldwide that have socioeconomic implications. According to statistics, currently more 4.5 million individuals suffer from pressure ulcers and more than 9.7 million individuals with venous ulcers.
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Diabetic ulcers – a type of chronic wounds are growing at a rapid pace due to increasing incidence of Type 1 and Type 2 diabetes especially in developed economies. Diabetic ulcers is growing at 9% annually which outpaces the rate of development of new therapeutics. Patient pool of diabetic ulcer patients is currently close to 10.0 million.
Worldwide, growing elderly population above the age of 65 years is stoking demand for advanced wound care. As per statistics of the U.S. Census Board, individuals above the age of 65 years are estimated to account for 20% of the population by 2030. This population that is susceptible to falls and injuries require longer healing time that can impact quality of life and can also cause social distress. According to the Wound Healing Society, in the U.S., almost 15% individuals above the age of 65 years suffer from chronic wounds, which mainly include venous stasis ulcers, pressure ulcers, and diabetic foot ulcers.
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Increasing patient awareness about early treatment of wounds is stoking demand for wound care products. Rising disposable income and increasing literacy especially in developing countries is leading individuals to seek early medical help for wounds before it leads to infection or other complications.
Apart from this, commercial availability of different skin substitutes for treating chronic wounds is benefitting the advanced wound care management market. Skin substitutes help reduce healing time and reduce the risk of complications associated with burns, trauma, surgical cuts, and skin breakouts.
Limited Reimbursement Scenario Challenges Growth in the U.S.
On the downside, high cost of advanced wound care products over traditional wound dressing account for their limited adoption. For instance, in the U.S., the cost of managing pressure ulcer with advanced wound care products ranges from US$7,000 to US$55,000. Such costs are mostly affordable by the affluent thus makes for a smaller market. Limited reimbursement for advanced wound care products is a restrain to the growth of this market in the U.S.
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The worldwide market for advanced wound care management market is a consolidated one with a few companies that are technologically and scientifically advanced, reports Transparency Market Research (TMR) in a new report. The four top companies, namely Molnlycke Health Care, ConvaTec Group plc., Smith and Nephew, and Acelity L.P. Inc. held close to 65% market share in 2015. These topnotch companies are making significant investments in R&D so as to develop innovative products and stay in the lead. Competitive prices offered by top shots renders intense competition amongst them.
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