ADVANCED WOUND CARE PRODUCTS MARKET:TRENDS ANALYSIS AND FORECASTS UP TO 2022

A Wound is generally defined as an injury to living tissue by a cut, blow or other impact, typically one in which the skin is broken. These wounds are basically classified as chronic and acute. Among these, acute wound in lasts for less than eight weeks in duration and follows normal stages of wound healing, whereas chronic wounds does not proceed through the normal healing stages. There are various factors which influence the development of chronic wounds, which includes age, diabetes, obesity, cancer, chemotherapy, poor nutrition, infection, chronic illness, etc.

The wound care market comprises two main segments, namely traditional wound dressings and advanced wound care products. Traditional wound dressings are extensively used by healthcare professional particularly under dry environment to protect wound from external factors. Advanced wound care products are used by specialist professionals to provide a therapeutic effect that supports wound healing. These wound dressings are used to treat serious problems such as chronic and complex wounds such as burns. Based on type of technology used in wound healing process, these products are divided into moist wound care dressings, biologics, negative pressure wound therapy and other therapeutic devices. Biologic wound care market is the emerging business segment in advanced wound care market owing to the favorable reimbursement policies in the US. These biologic wound care products include collagen dressings, skin substitutes, growth factors, etc. The global market for advanced wound care products is valued at USD 5.5 billion in 2015 and is expected to reach around USD 9.4 billion by 2022, growing at a CAGR of 8.1% during the forecast period of 2016 to 2022.

The principle driving factors fueling this market growth include rise in base of aging population, decline in the chronic wounds treatment costs by reducing the hospital stays, increasing awareness about the products, favorable government reimbursement policies, growing incidence of diabetes and technological advancements. However, the high costs associated with these devices expected to deter the market growth.

Geographically, North America is leading contributor to the market and is expected to retain its position during the forecast period. Nonetheless, the market for Asia-Pacific region is expected to grow at a faster rate owing to increasing prevalence chronic diseases, growing awareness among the population, increasing adoption of new technologies, large number of new players entering into the market, improving healthcare infrastructure, rise in healthcare spending, and favorable government policies.

Companies profiled:

Smith & Nephew, Molnlycke Health Care, ConvaTec, 3M Health Care, Coloplast, Medtronic (Covidien). Paul Hartmann, Braun Melsungen, Acelity, Medline Industries

 

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