Growth in geriatric population, rise in number of incidences regarding obesity, diabetes, and chronic conditions, and technological advancements to deal with complex wounds propel the growth of the advanced wound care market. Nevertheless, high cost of advanced wound care products restrains the market growth. Furthermore, untapped prospects in developing regions are expected to provide new growth opportunities for the market players in the near future.
The advanced wound care market size was valued at $9.25 billion in 2019, and is estimated to reach at $15.30 billion by 2027, registering a CAGR of 11.6% from 2020 to 2027. The report provides a thorough analysis of changing market trends, key investment pockets, major segments, value chains, and leading market players.
- The spread of COVID-19 have caused a major disruption in health care services. As a result, the treatment processes has been interfered due to the redeployment of the doctors for treating Covid-19 patients.
- The demand for advanced wound care, on the other hand, is anticipated to increase during the pandemic as patients with multiple comorbidities may have an increased risk of getting infected from the corona virus.
Key Findings Of The Study
- Depending on product, the therapy devices segment held 35% share in the global market in 2019.
- By application, the chronic wounds segment accounted for the largest advanced wound care market share in 2019, and is expected to remain dominant throughout the forecast period.
- On the basis of end user, the hospitals segment held 57% share in the global market in 2019.
- Region wise, Asia-Pacific is expected to exhibit highest CAGR of 14.0% during the forecast period.
North America to lead the trail-
Based on region, North America contributed to the highest market share in 2019, accounting for more than one-fourth of the global advanced wound care market. This is attributed to the factors such as development of advanced systems, upsurge in adoption of wound care products for the treatment of chronic & acute wounds, increase in incidence of chronic diseases, and surge in geriatric population. On the other hand, the region across Asia-Pacific is anticipated to manifest the fastest CAGR of 14.0%, owing to presence of large untapped opportunities including expanding healthcare budgets and increase in disposable income. At the same time, rise in demand for advanced wound care products, owing to growth in number of geriatric population fuels the growth yet more.
Leading market players-
- 3M (Acelity Inc.)
- Adynxx, Inc.
- B Braun Melsungen AG
- Coloplast A/S
- ConvaTec Group plc
- Essity AB (BSN Medical GmbH)
- Integra Lifesciences (Derma sciences)
- Investor AB (Mölnlycke Health Care AB)
- Johnson & Johnson
- Medline Industries, Inc.
- Medtronic plc.
- Organogenesis Holdings Inc.
- Smith & Nephew Plc.
Read More: https://www.alliedmarketresearch.com/Advanced-Wound-Care-market
0 Comments