Advanced Wound Care Market is Expected to Reach $12,454 Million, Globally by 2022 - Allied Market Research
PORTLAND, Oregon and PUNE, India, March 17, 2017 /PRNewswire/ --
Advanced Wound Care Market (AWC Market) Report, published by Allied Market Research, forecasts that the global market is expected to garner $12,454 million by 2022, registering a CAGR of 8.3% during the period 2016-2022. Active wound care is projected to be the dominant segment by 2022. North America is estimated to maintain its lead position throughout the forecast period with around two-fifths share in 2015.
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Major factors that boost the market growth include the change in lifestyle conditions that lead to increased diabetic wounds and pressure ulcers, technological advancements, favorable reimbursement scenario in developed economies, and increase in adoption rate of advanced wound care products. Moreover, there is a positive correlation between aged population and frequent occurrences of severe chronic & surgical wounds. High unmet medical needs and rise in preference for products that enhance therapeutic outcome are anticipated to drive the demand for these products. However, high cost of products and unfavorable reimbursement policies in the emerging countries restrict the market growth.
Summary of the Advanced Wound Care Market can be accessed on the website at: https://www.alliedmarketresearch.com/advanced-wound-care-market
The therapy devices segment is estimated to lead in 2016 closely followed by exudate management. Therapy devices enhance the healing process with the use of vacuum dressing for acute and chronic wounds; hence, rise in incidences of chronic infections such as diabetic foot ulcers and pressure ulcers are expected to boost the market growth. Active wound care is estimated to grow at the fastest rate due to its low toxicity and biocompatibility characteristics, which facilitate active wound care products as attractive and effective.
In the end user segment, community centers accounted for a major market share in 2015, and is projected to maintain this trend throughout the forecast period. This is attributed to the increase in adoption rate of high technology solutions and the availability of wide range of AWC products coupled with government reimbursements. Community centers are followed by hospitals with over two-fifths share of the overall market in 2015.
Geographically, North America occupied a major market share in 2015, and is expected to continue this trend. This was attributed to an increase in the diabetic population, presence of highly sophisticated healthcare infrastructure, and adoption of AWC products. However, Asia-Pacific followed by LAMEA are expected to be the fastest growing regions, due to ample growth opportunities in terms of unmet medical needs for the treatment of wounds.
Key findings of the Advanced Wound Care Market:
- Therapy device was the leading segment in 2015, and is projected to grow at a CAGR of 4.3% during the forecast period.
- The active wound care segment is estimated to grow at a CAGR of 20.6%.
- The chronic wounds application segment is expected to grow at the fastest CAGR of 8.8%.
- Community center segment is projected to grow at a CAGR of 11.1% in the Asia-Pacific region.
- U.S. was the largest country in 2015, and is projected to maintain its lead position until 2022.
China and Japan are the major shareholders, jointly accounting for almost two-fifths share of the Asia-Pacific market, in 2015.
Key players in this market adopted product development and launches as their key strategies. They launched economical and technologically efficient products to strengthen their market position. The key players profiled include 3M Company, Smith & Nephew plc, Coloplast A/S, Medtronic plc, Acelity L.P. Inc., ConvaTec Healthcare B.S..r.l., Mlnlycke Health Care AB, BSN Medical GmbH, Alliqua BioMedical, Inc., and Integra LifeSciences Holdings Corporation.
Read similar market research reports on Diagnostics and Biotech at: https://www.alliedmarketresearch.com/life-sciences/diagnostic-and-biotech-market-report
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SOURCE Allied Market Research