The growth of the market is driven by the increasing incidences of diabetes and its prevalence, increasing geriatric population and increasing wound ulcer prevalence.
Market Size – USD 10.34 Billion in 2018, Market Growth - CAGR of 4.5%, Market Trends –Rising geriatric population base at high risk of chronic wounds will support demand for advanced wound care products.
NEW YORK, April 25, 2019 (GLOBE NEWSWIRE) -- The Advanced Wound Care Market is forecasted to grow from USD 10.34 Billion in 2018 to USD 14.89 Billion by 2026, at a CAGR of 4.5% during the forecast period. The market is primarily driven by increasing diabetes incidence and prevalence, increasing geriatric population, increasing wound ulcer prevalence, advancing technology in advanced wound care products, increased funding for wound care research, and increasing awareness programs on wound management.
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Rising geriatric population base at high risk of chronic wounds will support the demand for advanced wound care products. The rising pool of patients suffering from chronic injuries causes significant cost burdens on healthcare systems worldwide.
It is predicted that the existing and rising cost burden of these chronic wounds will drive investment in advance wound care technology that will have a significant positive impact on the growth of industry. However, prohibitive costs of advance wound care products, which often undermine affordability of treatment, will in the foreseeable future hinder industry growth.
Impaired or delayed healing of the wound in chronic diseases as well as after surgical procedures poses serious threat to patients and puts them at risk of infection, amputation and death.
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Further key findings from the report suggest
- The Advanced Wound Care Market is forecasted to grow from USD 10.34 Billion in 2018 to USD 14.89 Billion by 2026, at a CAGR of 4.5% during the forecast period. The market is primarily driven by increasing diabetes incidence and prevalence, increasing geriatric population, increasing wound ulcer prevalence, advancing technology in advanced wound care products, increased funding for wound care research, and increasing awareness programs on wound management.
- The market for hospitals and clinics is expected to grow the largest at USD 9.68 Billion in 2026, at a CAGR of 4.7% during the forecast period. Increasing hospital admissions due to chronic wounds (such as pressure ulcer, diabetic foot, and venous leg ulcer) and increased incidence of hospital-acquired pressure ulcer are key market drivers for this end-user segment's growth. Furthermore, extended hospital stays of diabetes patients in this end-user segment further increases demand for advanced wound care products.
- The market for surgical wounds is expected to grow the largest at USD 4.53 Billion in 2026, at a CAGR of 5.1% during the forecast period. The large proportion of this segment can be attributed to the increasing incidence of diabetic foot ulcers & pressure ulcers and post-operative surgical wounds. Surgical wounds extend the stay of the hospital, cause enormous economic burden and significantly impair the quality of life. Increasing number of surgeries due to trauma, accidents and increasing chronic disease prevalence will boost the market over the forecast period.
- The market for moist wound therapy is expected to grow the largest at USD 5.43 Billion in 2026, at a CAGR of 4.7% during the forecast period. Factors that drive this segment's growth include the increasing incidence of diabetes-associated ulcers and increased demand for innovative and advanced wound dressings to treat such wounds.
- The market for North America is expected to grow the largest and reach USD 6.40 Billion in 2026, at a CAGR of 4.9% during the forecast period. The regional demand will be driven by high and rising prevalence of chronic and acute wounds and an increasing number of surgeries. In addition, high awareness and adoption of advanced wound care devices such as Negative-pressure wound therapy (NPWT) in the coming years will increase regional growth.
- The major players in the market are Smith & Nephew (UK), Mölnlycke Health Care (Sweden), B. Braun (Germany), ConvaTec Group (UK), Coloplast (Denmark), Integra LifeSciences (US), 3M (US), Cardinal Health (US), Acelity L.P. (US), Medtronic (Ireland), Paul HARTMANN (Germany), Medline Industries (US), Advanced Medical Solutions Group (UK), BSN medical GmbH (Germany), MiMedx Group, Inc. (UK) and others.
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Segments covered in the report:
This report forecasts volume and revenue growth at a global, regional & country level, and provides an analysis on the industry trends in each of the sub-segments from 2016 to 2026. For the purpose of this study, Reports and Data have segmented the market on the basis of product type, wound type, end user and regional analysis.
Product Type (Revenue, USD Million; 2016-2026)
- Moist Wound Dressings
- Foam
- Hydrocolloid
- Film
- Alginate
- Hydrogel
- Collagen
- Wound Therapy Devices
- Pressure Relief Devices
- Negative Pressure Wound Therapy Systems
- Hyperbaric Oxygen Equipment
- Electrical Stimulation Devices
- Other Wound Therapy Devices
- Active Wound Care
- Artificial Skin and Substitutes
- Autografts
- Allografts & Xenografts
- Other Substitutes
- Topical Agents
Wound Type (Revenue, USD Million; 2016-2026)
- Surgical Wounds
- Ulcers
- Pressure Ulcers
- Diabetic Foot Ulcers
- Venous Ulcers
- Burns
- Traumatic Wounds
- Other Wounds
End User (Revenue, USD Million; 2016-2026)
- Hospitals and Clinics
- Home Care Settings
- Other End Users
Region (Revenue, USD Million; 2016-2026)
- North America
- US
- Europe
- France
- UK
- Asia Pacific
- China
- India
- Japan
- Latin America
- Brazil
- Middle East & Africa
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