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(MoneyNewsWire.Net, May 04, 2018 ) The global wound care market is expected to reach USD 22.01 Billion by 2022 from USD 18.35 Billion in 2017, at a CAGR of 3.7%. The market growth is primarily driven by the rising incidence of diabetes, growth in geriatric population, technological advancements in wound care products, increasing funding for wound care research, and growing awareness about wound management.
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The global wound care market is segmented by product, wound type, end user and regions. By product type, the wound care market is segmented into advanced wound management products, surgical wound care products, and traditional wound care products. The advanced wound management products segment is estimated to account for the largest market share of the global wound care market in 2017. Factors driving the growth of this segment include the increasing incidence of diabetes and rising demand for innovative & advanced wound management products.
By wound type, the market is classified into chronic wounds and acute wounds. The chronic wounds segment is estimated to account for the largest share of the global wound care market. The large share of this segment can be attributed to the rising incidence of diabetic foot ulcers, pressure ulcers, and other types of chronic wounds.
On the basis of end user, the wound care market is segmented into hospitals and specialty wound care clinics, long-term care facilities, and home healthcare. The hospitals and specialty wound care clinics segment is estimated to account for the largest share of the global wound care market. Increase in the number of chronic wound cases, rising incidence of diabetes, and improving hospital infrastructure in developing countries are some of the major factors driving the growth of this end-user segment.
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The global wound care market is dominated by North America, followed by Europe. North America will continue to dominate the global wound care market in the forecast period. However, Asia Pacific is expected to witness the highest CAGR, with the growth in this market centered at Japan, China, and India. Factors such as the rising focus of major players in emerging Asian countries and government support are driving the growth of the wound care market in this region.
The high cost of advanced wound care products and the risk associated with wound care products may restrain the market’s growth to a certain extent.
Major industry players launched innovative products to maintain and improve their position in the wound care market. : Acelity L.P. Inc. (US), Smith & Nephew plc (UK), Mölnlycke Health Care AB (Sweden), ConvaTec Group Plc (UK), Baxter International Inc. (US), Coloplast A/S (Denmark), Ethicon, Inc. (US), Medtronic plc (Ireland), 3M Company (US), and Derma Sciences, Inc. (US), have been identified as the key players in this market. These companies have a broad product portfolio with comprehensive features and have also launched innovative products. These leaders also have products for all end users in this market, a strong geographical presence, and they focus on continuous product innovations.
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