According to the latest market report published by Credence Research, Inc. “Advanced Wound Care Market - Growth, Future Prospects, and Competitive Analysis, 2017 - 2025,” the global advanced wound care market was valued at US$ 7,532.1 Mn in 2016, and
is expected to reach US$ 13,455.1 Mn by 2025, expanding at a CAGR of 6.4% from 2017 to 2025.
Advanced wound care products available in market, includes hydrocolloid, hydrofibre, film, hydrogel, collagen, etc. which are designed to treat
the complex wounds. Advanced wound care products are used for treatment of both chronic and acute wound. Due to life style changes, there is being rise in chronic diseases like diabetes, and vascular diseases giving rise to chronic wounds such as diabetic foot ulcers, arterial ulcers, and pressure ulcers which is the major driving factor for the advanced wound care management. Acute wound due to surgery or traumatic accidents is also on the rise, which requires to address with novel products and technology coming up in the market. Development of novel products, enhanced technology and surge in geriatric population is anticipated to accelerate the growth of advanced wound care market.
The advanced wound care market is segmented by wound type consisting of burns, pressure ulcers, diabetic foot ulcer, arterial ulcer, surgical and traumatic wounds. Diabetic foot ulcer occupies the largest market in advanced wound care market. Surgery and traumatic wound is anticipated to be the fast growing market during the forecast period 2017-2025.
The advanced wound care market is segmented by product type consisting of advanced wound dressings and active wound care. Advanced wound dressing further sub-segmented into foam dressing, hydrocolloid dressings, hydrofiber dressings, film dressings, alginate dressings, hydrogel dressings, collagens dressing, semi-permeable films. Active wound care further sub segmented into artificial skin and skin substitutes and growth factors. In advanced wound dressing, foam dressing occupies the largest share followed by hydrocolloids.
As of the current market scenario, North America dominates the advanced wound care market, with US occupying the maximum share regional market. Surge in prevalence of chronic diseases such as diabetes, vascular disease, development of novel products and technological advancement in wound care are driving the growth of the market. Asia Pacific is anticipated to be the fastest growing market for the advanced wound care management, due to rise in population especially suffering from chronic diseases, increase health awareness and rise in disposable income and investment.
Market Competition Assessment:
Key players in the advanced wound care market are Acelity L.P. Inc, 3M, B. Braun Melsungen AG, BSN medical GmbH, Coloplast A/S, ConvaTec Inc., Integra Lifesciences Corporation, Medline Industries, Inc., Medtronic, Molnlycke Health Care, MPM Medical Inc. (Rbc Life Sciences, Inc.), Organogenesis, Inc., Smith & Nephew plc., and others
Key Market Movements:
- Surge in lifestyle diseases such as diabetes, vascular diseases has led to increase in chronic wounds such as diabetic foot ulcer, pressure ulcer, and arterial ulcer, which is one of the key drivers of the advanced wound care market
- Advancement in technology in terms new devices and upcoming novel product to treat the complex wound to enhance the therapeutic outcomes
- Rise in geriatric population, favorable reimbursement policy, increase in health care expenditure are some of the factors driving the demand of advanced wound care market