New York, NY, March 14, 2018 (GLOBE NEWSWIRE) — Zion Market Research has published a new report titled “Advanced Wound Care Market by Product Type (Advanced Wound Dressings, Active Wound Care, Antimicrobial Dressing), by Wound Type (Diabetic Foot Ulcers, Pressure Ulcers, Venous Leg Ulcers, Surgical and Traumatic Wounds, Burns and Other Chronic Wounds) and by End Users for Hospitals, ASC’s, Community Medical Centers, Home Healthcare and Other: Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2023”. According to the report, global advanced wound care market was valued at approximately USD 7,365.01 million in 2017 and is expected to generate revenue of around USD 10,929.51 million by end of 2023, growing at a CAGR of around 6.80% between 2017 and 2023.
A wound is a disruption in the continuity of cells—anything that causes cells that would normally be connected to become separated. Wound healing is the restoration of that continuity. Some of the major factors driving the growth of advanced wound care market are rising aging population, growing incidences of diabetes, technological advancement, rising awareness regarding new technology, government support in the terms of funding, reduced duration of hospital stays, rising incidence of chronic wounds, problem associated with ineffective traditional wound healing method, increase funding in wound care and development, increasing volume of surgeries across the globe, faster recovery and healing time, range of wound indications at relatively lower prices, innovative products and rising demand in emerging healthcare market.
Browse through 90 Tables & 26 Figures spread over 110 Pages and in-depth TOC on “Global Advanced Wound Care Market: Industry Size, Share, Trends and Forecast 2016 – 2022”.
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The increasing instances of mortality due to venous leg ulcers and diabetic foot ulcers amongst the elderly populations are further bolstering the demand for strategies related to advanced wound management in various developed and developing countries. The rising morbidity due to chronic wounds across the global patient populations together with economic repercussions have led to the growth of this market in lesser developed societies and communities. In many of the developed and developing nations, the soaring number of cases of maturity-onset and type I diabetes has resulted in the rising prevalence of diabetic ulcers, thereby accelerating the growth of the advanced wound care market.
The advanced wound care market is segmented on the basis of product type into advanced wound dressings, active wound care, and antimicrobial dressing. Advanced wound dressings segment is expected to grow at fastest rate in the global market over the forecast period.
Browse the full “Advanced Wound Care Market by Product Type (Advanced Wound Dressings, Active Wound Care, Antimicrobial Dressing), by Wound Type (Diabetic Foot Ulcers, Pressure Ulcers, Venous Leg Ulcers, Surgical and Traumatic Wounds, Burns and Other Chronic Wounds) and by End Users for Hospitals, ASC’s, Community Medical Centers, Home Healthcare and Other: Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2023” report at https://www.zionmarketresearch.com/report/advance-wound-care-market
Based on wound type the market is segmented into diabetic foot ulcers, pressure ulcers, venous leg ulcers, surgical and traumatic wounds, burns and other chronic wounds. The diabetic foot ulcers segment is projected to have the highest CAGR during the forecast period. Approximately 15% to 25% of individuals with diabetes develop a foot ulcer at some point in their lifetime and an estimated 12% of those patients require lower extremity amputation. Diabetic foot ulcers account for nearly 2/3 of all nontraumatic amputations. Ulcer healing is complicated by diabetic neuropathy, decreased cellular synthesis, and susceptibility to infection.
Hospitals, ASC’s, community medical centers, home health care and others are the key applications segments of the global advanced wound care market. The hospital segment dominated the market in terms of revenue in 2017.
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North America dominates the advanced wound care market due to increasing incidences of chronic wounds, favorable reimbursement policies and rises in geriatric population. Furthermore, North America was the largest geographical market for wound care biologics and NPWT devices due to the large patient base suffering from diabetes associated with foot ulcers and pressure ulcer. In 2015, it was estimated that more than $14 billion was spent on pressure ulcer management in the U.S
Europe is the second largest regional market and is expected to show significant growth in the years to come due to increasing awareness of wound care management among geriatric population. Factors such as increasing accessibility to healthcare facilities in the region, rising medical tourism, and increasing prevalence of chronic diseases are also expected to contribute to the growth of the market in this region.
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The Asia-Pacific and Latin America market are projected to have the highest CAGR during the forecast period. Market growth is particularly expected in Brazil, China, India, and other emerging countries where the market penetration of advanced wound care products, and especially biologics, is just a fraction of the market penetration in the U.S. The organization also reported that, until 2012, Japanese women have the longest life expectancy of around 87 years globally. Thus, the rise in life expectancy of the population in this region along with high demand for superior quality of life would escalate the demand for wound management products during in this region.
The Middle East and Africa hold the least growth in comparison to another region, due to lack of reimbursement policies in this region are also responsible for hindering the growth of the market. Thus, all the aforementioned parameters are expected to propel the market growth globally.
Some of the key players in advance wound care market include Smith & Nephew, B. Braun, ConvaTec Group, Integra LifeSciences, Cardinal Health, Medtronic, Wound Care Technologies, BSN medical GmbH, and Hematris Wound Care. Major players are frequently engaged in mergers & acquisitions to retain their market share and diversify their product portfolio. Also, key parameters affecting competition are rapid adoption of advanced options and rising need for optimum capital utilization.
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This report segments the global advanced wound care market as follows:
Global Advanced Wound Care Market: Product Type Segment Analysis
- Advanced Wound Dressings
- Active Wound Care
- Antimicrobial Dressing
Global Advanced Wound Care Market: Wound Type Segment Analysis
- Diabetic Foot Ulcers
- Pressure Ulcers
- Venous Leg Ulcers
- Surgical and Traumatic Wounds
- Other Chronic Wounds
Global Advanced Wound Care Market: End-User Segment Analysis
- Ambulatory Surgical Centers (ASC’s)
- Community Medical Centers
- Home Healthcare
Global Advanced Wound Care Market: Regional Segment Analysis
- North America
- The U.S.
- Asia Pacific
- Latin America
- The Middle East and Africa
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