Advanced Wound Care Market will surge at 5%+ CAGR from 2018 to 2024 | 3M, Acelity, Medtronic, B. Braun, Mölnlycke, Medline Industries Group and 10 Other Vendors Profiled
Thursday, 11 October 2018 According to Global Market Insights, Inc., North America advanced wound care market currently dominates the global industry with revenue share of USD 3.9 billion and the scenario is likely to remain same in the forecast time-frame owing to rising prevalence chronic wounds and increasing number of surgeries.
SELLBYVILLE, Dela. (PRWEB) October 11, 2018
Growth of Advanced Wound Care Market revenue driven by technological advancements in advanced wound care industry leading to the development of better and innovative wound care products with enhanced effectiveness, rapid healing time, and no side effects will drive the industry growth over forecast period. Increasing awareness pertaining to the availability and advantages of these technologically superior products especially in developing regions will further support the market growth over the forecast time-frame. Advanced Wound Care Market will surpass USD 13 billion by 2024; according to a new research report published by Global Market Insights, Inc.
Rising incidences chronic diseases and consequent rise in number of patients with acute and chronic wounds will escalate the market growth over forecast timeframe. Favorable demographic trends such as increasing geriatric population and lifestyle changes such as adoption of sedentary lifestyle will further support rise in prevalence of chronic diseases. This is expected to escalate the prevalence of wounds and associated cost burden thereby augmenting demand for wound care products.
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Wound dressing segment accounted for highest revenue share in 2017 and is estimated to show 4.8% CAGR during the forecast period. Wound dressings can be used for several types wounds like burns, necrotic wounds, venous ulcers, stalled wounds, open wounds as well as broken areas of skin. Such wide range of applications contributes to high demand over the forecast timeframe. Advanced wound dressings such as low trauma hydrocolloidal dressings promote oxygen circulation around the wound, promoting wound healing. Hydrocolloidal dressings are latex free and biocompatible with the patient’s body. Such advantages of advanced wound dressings will further contribute to segment growth.
Wound therapy devices segment of advanced wound care market is estimated to witness 6.3% CAGR during the forecast timeframe. Negative pressure wound therapy systems currently represents largest opportunity and the scenario is likely to remain so in near future. Wide range of advantages associated with wound therapy devices such as rapid recovery time will drive the segment growth. However, prohibitive cost and low awareness to these devices in developing regions restricts the segment growth to some extent.
Hospitals segment accounted for 41.7% revenue share in 2017 and estimated to witness healthy growth over in near future. Increase in number of surgical procedures conducted at hospitals and various reimbursement policies in developed economies for treatment purposes will drive the segment growth. Growing healthcare expenditure in developing economies and cost-effective therapies offered at various public and private hospitals will favor segmental growth.
Browse key Advanced Wound Care Market insights from the 2018 report spread across 180 pages offering 128 market data tables as well as 9 figures & charts along with the table of contents:
U.S. market accounted for USD 3.5 billion in 2017 and is estimated to show lucrative growth over the forecast period due to rising number of surgical procedures and high awareness about wound care. Increasing incidences of chronic diseases such as diabetes and consequent foot ulcers will drive the regional demand. Unhealthy eating habits, sedentary lifestyle further expected to boost prevalence of chronic diseases rendering positive impact on industry growth in coming years.
Europe market accounted for USD 2.8 billion in 2017. Germany, UK, and France represent mature markets in Europe while Spain, Netherland, Belgium, Austria are forecasted to witness high CAGR. Aging demographics in Europe, increasing incidences of chronic and acute wounds as well as high awareness levels pertaining to benefits of advanced wound care technologies will spur the regional growth over foreseeable future.
16 companies active and profiled in the global advanced wound care market research include Medtronic, Smith and Nephew, Derma Sciences, 3M, Integra LifeSciences Corporation, Acelity, Mölnlycke, MPM Medical, Organogenesis, Human Biosciences, HARTMANN International, Hollister Incorporated, Beiersdorf global, and Medline Industries.
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