The world advanced wound care market was valued at $7,117 million in 2015 and is expected to reach $12,454 million, growing at a CAGR of 8.3% during 2016-2022. Advanced wound care products and traditional wound care products are used to treat acute and chronic wounds. Chronic wounds take considerable time to heal and are expensive to treat. Due to their high cost, advanced wound care has emerged as a standard solution for treating chronic wounds. Advanced wound care products are gradually replacing the traditional wound care products due to their efficacy and effectiveness in managing wounds by enabling faster healing.
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The major factors attributed to the market growth are rapid increase in the incidence of chronic diseases such as changing lifestyle factors, diabetes and attempts to reduce the duration of hospital stays to bound the surgical costs. In addition, the demand for advanced wound care market is driven by favorable reimbursement scenario, increasing healthcare expenditure by the government, and rising inclination towards products that enhance therapeutic outcomes. However, high cost of advanced wound care products coupled with low awareness, especially in underdeveloped countries such as Afghanistan, Nigeria and Bhutan, are expected to restrain the market growth.
The leading revenue-generating region was North America whereas Asia-Pacific is projected to grow at a significant CAGR of 10.4%, due to rising geriatric population, growing demand for advanced wound care products and increasing unmet medical needs.
Major players in the advanced wound care segment have adopted product development and product launch as their key development strategies. Important players operating in the market include, Smith & Nephew plc, Medtronic plc, Acelity L.P. Inc., ConvaTec Healthcare B S.à.r.l., BSN Medical GmbH, Alliqua BioMedical, Inc., Mölnlycke Health Care AB (a subsidiary of INVESTOR AB), Integra LifeSciences Holdings Corporation, 3M Company and Coloplast A/S.
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MARKET DEFINITION AND SCOPE:
The report covers the analysis of world AWC market based on product type, application, end user, and geography. Based on product type, AWC market is segmented into infection management, exudate management, active wound care and therapy devices. Based on application, AWC market is divided into chronic wound care and active wound care. AWC find applications in many clinical areas, namely, burns, pressure ulcers, diabetic ulcers, venous ulcers, diabetic leg ulcers and surgical wounds. Based on end user, the market is segmented into hospitals and community centers. Based on geography, AWC market is studied with respect to the four major regions, namely, North America (including U.S., Canada, and Mexico), Europe (including Germany, France, U.K., Italy, Spain and Rest of Europe), Asia-Pacific (including Japan, China, India, and Rest of Asia-Pacific), and LAMEA (including Latin America, Middle East, and Africa). The report includes market size of these aforementioned AWC segments.
The report includes market size of the products that are extensively used for the treatment of wound care. However, the market size in the report is limited to advanced wound care products only and excludes traditional wound care products as well as advanced wound closure products.
TOP INVESTMENT POCKETS:
The therapy device was the highest revenue-generating segment in 2015 and is expected to grow at a moderate rate of 4.3% during the forecast period. Exudate management was the second highest revenue-generating segment in the current market. Infection management is the third largest segment in terms of revenue in 2015. However, active wound care is the fastest growing segment, growing at a CAGR of 20.6% during 2016-2022.
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