ALBANY, New York, November 2, 2016 /PRNewswire/ --
The global market for advanced wound care management, beinga highly technology- and research- oriented specialty sector of the overall wound care market, features few companies and a highly consolidated competitive landscape, observes a recent report by Transparency Market Research. The top four vendors in the
Transparency Market Research estimates that the advanced wound care management market will expand at a CAGR of 6.3% from 2016 to 2024 and rise from a valuation of at US$6,457.0 mn in 2015 to US$11,161.6 mn by 2024.
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Market in Asia Pacific to Exhibit Promising Growth
Based on product type, advanced wound care dressings was the dominant segment of the global advanced wound care management market, accounting for a share of nearly 62.4% of the overall market in 2015. In terms of geography, North America dominated with a 42.6% of the market in the said year.
Rising Geriatric Population to Stoke Demand for Effective Products
Increasing prevalence of lifestyle diseases and disorders is leading to the increased prevalence of chronic wounds such as venous leg ulcer, diabetic foot ulcer, and pressure ulcer globally. As chronic wounds generally take longer to heal and levy vast socioeconomic burdens on any society, the demand for advanced wound care therapies for their effective treatment is rising globally. Diabetic ulcers are growing rapidly due to the increased incidence of both type I and maturity-onset diabetes in developed as well as developing economies across the world. The prevalence of diabetic ulcers is rising at 9% annually, which is much faster than the rate of development of new treatment technologies. Currently, there are over 4.5 million pressure ulcer patients in the world that require treatment every year. Moreover, there are more than 9.7 million venous ulcers and approximately 10 million diabetic ulcers patients in the world that require treatment.
Apart from this, factors such as the rising population of geriatrics, a demographic that is highly vulnerable to several chronic diseases, and availability of a vast array of highly effective products such as skin substitutes are also stimulating market's growth. According to the Wound Healing Society, nearly 15% of older adults in the U.S. suffer from chronic wounds, such as venous stasis ulcers, pressure ulcers (bedsores), and diabetic (neuropathic) foot ulcers.
High Product Costs and Unfavorable Reimbursement Scenario to Hamper Market Growth
The costs of advanced wound dressing products are comparatively higher than traditional wound dressing products. Therefore, many patients opt for traditional dressings despite their slow healing process. This trend significantly hampers the overall consumption of advanced wound care products, especially in certain low-income and emerging economies. Markets in Asia Pacific, for instance, are price sensitive and have inhibitions on investing in advanced wound care. These are often only affordable for the high-income population, therefore leaving scope for a comparatively smaller market. Moreover, developing regions such as Asia Pacific, Latin America, and the Middle East and certain developed economies do not have established provisions for reimbursement for advanced wound treatment. High cost of advanced wound care products combined with the non-availability of favorable reimbursement norms are expected to exert a sizeable negative impact on the development of the global advanced wound care management market in the near future.
This review of the market is based on a recent market research report published by Transparency Market Research, titled "Report Title: Advanced Wound Care Management Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024."
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For the study, the market has been segmented as follows:
Global Advanced Wound Care Management Market, by Product Type
Global Advanced Wound Care Management Market, by Type of Wound
Global Advanced Wound Care Management Market, by End-user
Global Advanced Wound Care management Market, by Geography
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Transparency Market Research (TMR) is a U.S. based provider of syndicated research, customized research, and consulting services. TMR's global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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