Advanced Wound Care Market Size Is Projected To Be Around $15 Billion By 2025
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A research study titled, “Advanced Wound Care Market by Product and Application - Global Industry Analysis and Forecast To 2025” published by Crystal Market Research, states that the advanced wound care market is projected to be around $15 billion by 2025.
Advanced wound care (AWC) product have an enhanced therapeutic efficiency in comparison with conventional wound care products like bandage, gauge, sponge and others. The use of advanced wound care product encourages the process of healing and decreases the time taken for recovery.Therefore, the demand for wound therapy device, advanced wound dressing, and active wound care product is estimated to escalate. All of these products are used in outpatient as well as inpatient facilities to render improved treatment to patients suffering from surgical wounds, burns, chronic wounds, and ulcers. Advanced wound therapy devices comprise of oxygen and hyperbaric oxygen equipment,negative pressure wound therapy (NPWT) device,electrical stimulation device, and many others to fasten the wound healing process. Advanced wound dressing consists of hydrocolloid dressing, foam dressing, film dressing, alginate dressing, collagen dressing, hydrogel dressing, amongst the rest. Lastly, active wound care products in the form of topical agents have skin and skin substitutes. NPWT would mean sporadic application of partial vacuum to a particular wound with the help of a motorized pump. A negative pressure environment which is controlled eliminates bacteria, pressure ulcers, edema fluid, and escalates the oxygenation of tissues.
The advanced wound care market is flourishing owing to rising elderly population and more amount of awareness pertaining to the advanced products coupled with higher rate of adoption.Alarming prevalence of diabetes and obesity are also resulting in elevated demand for advanced wound care products. Of all the kinds of advanced wound care, the advanced wound dressing segment is predicted to experience the most rapidly growing market during the forecast period.
Some of the major factors driving the growth of AWC market are rising prevalence of chronic diseases worldwide, technological advancements in wound care products and procedures, and increasing aging population vulnerable to chronic diseases such as diabetes leading to the heightened risk of chronic wounds. According to NCBI, pressure ulcers occur in 30 to 85% of spinal cord injury patients in the first month of injury. However, high cost of AWC treatment procedures can restrain the growth of the market. But, the development of AWC systems offering cost effective treatments targeted towards specific wounds will spearhead the future growth of the market. Thus, technological advancements and cost effectiveness along with pain and odor control are some of the key factors that will dictate the evolution of wound care industry in the coming years.
The therapy devices segment dominated the global AWC market in 2016 due to their capability to enhance the wound healing and recovery process by the use of vacuum dressings. The active wound care market is poised to grow at a significant CAGR from 2017 to 2025. On the basis of application, the chronic wound segment is projected to exhibit lucrative growth rate during the forecast period as AWC products helps in faster wound healing and recovery.
U.S. dominated the North American AWC market in 2016 which can be attributed to the growing incidence of chronic wounds, rising demand for AWC products for faster healing, and favorable reimbursement policies Moreover, the ongoing technological innovations for the development of advanced AWC products will further contribute to the market growth.
Some of the key players in this market are PAUL HARTMANN Limited, Medtronicplc, Cardinal Health, BSN medical, Acelity L.P., Inc., Integra LifeSciences Corporation, Smith & Nephew plc., Covalon Technologies Ltd., DeRoyal Industries, Inc, ConvaTec, Inc., Organogenesis Inc., Coloplast A/S, Mölnlycke Health Care AB, and Medline Industries, Inc.
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Key Findings of the Research Study:
- Therapy devices segment held major share of the overall market in 2016 and will continue to dominate the market during the forecast period.
- Active wound care segment is projected to grow at a double digit CAGR during the forecast period primarily due to its biocompatibility characteristics.
- NPWT modality is gaining popularity in the management of acute as well as chronic wounds.
- Chronic wound segmentis projected to witness a high single digit growth rate from 2017 to 2025.
- North America dominated the global AWC market in 2016 primarily due to availability of advanced healthcare infrastructure and favorable reimbursement policies.
- Asia-Pacific AWC market is projected to grow at significant CAGR during the forecast period owing to increasing demand for advanced healthcare services with rising disposable income of the people.