NEW YORK, Aug. 10, 2018 (GLOBE NEWSWIRE) -- The global advance wound care market was valued at USD 6,937 million in 2017, and is expected to reach USD 10,161 million by 2024, at a CAGR of 5.6% during 2018-2024. The growth can be primarily attributed to the increase in old age population, growing number of surgeries across the globe, and increasing adoption of advanced wound care products. Moreover, growing number of diabetic patients, and increasing incidences of burn and road accident cases are further boosting the market growth.
Growing number of patients with chronic wounds and rise in incidences of diabetes providing growth opportunities for the advance wound care products
Chronic wounds present a substantial economic burden on healthcare systems, as it causes significant reduction in quality of life and can even cause premature deaths. This is mainly due to the increasing proportion of elderly population and growing prevalence of lifestyle diseases such as diabetes, and obesity. Obesity and diabetes can result in ulcerations such as foot or leg ulcers which require wound treatment over the lifetime. Moreover, there is a growing demand for advanced wound care products in the treatment of diabetic patients due to chronic wound condition such as non-healing diabetic venous legs ulcers, and foot ulcers. Furthermore, technological advancements and new innovations in dressing technology has led to a positive impact on the wound care industry.
Advance Wound Care Market – Regional insight
Geographically, North America held the largest share of the market in 2017. The growth in the region is attributed to the growing number of diabetic patients, rising obesity rates and increasing incidences of burn injuries. Moreover, advancements in wound treatment such as biological skin substitutes, compression therapy, hyperbaric oxygen therapy, and negative pressure wound therapy is also boosting the market growth in the region. Europe held the second largest share of the global advance wound care market in 2017. An estimated 1.0-1.4 million of the European population have diabetic foot ulcers. The demand of advance wound care products will continue to grow during the forecast period due to growing ageing population and growing number of chronic wound diseases. The growth of advance wound care market in Asia-Pacific region is attributed to increasing number of burn injuries and road accidents.
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Key findings from the report:
- On the basis of type, the moist wound dressings segment held the major share of the market in 2017 and is expected to grow at the fastest rate during the forecast period
- On the basis of application, the surgical wounds segment held the major share of the market in 2017
- On the basis of end-user the inpatient facilities held the major share of the global market due to growing number of patients suffering from the chronic wound conditions which require long-term admission in hospitals. Moreover, the inpatient facility provides skilled professionals who are well-versed in utilization of advance wound care products.
- Geographically, North America held the major share of the advance wound care market in 2017
- Some of the key companies operating in the market include Cardinal Health, 3M Company, BSN medical GmbH, DeRoyal Industries, Inc, Vivostat A/S, Lohmann& Rauscher GmbH & Co. KG, Advanced Medical Solutions Group plc, LifeScience PLUS Inc, MiMedx Group, Inc, TRIAGE MEDITECH PVT. LTD., LifeNet Health., among others
This report segments advance wound care market based on type, application, end-user and region.
By Type
- Wound Therapy Device
- Oxygen & Hyperbaric Oxygen Equipment
- Electrical Stimulation Device
- Negative Pressure Wound Therapy (NPWT) Device
- Other
- Active Wound Care Product
- Topical Agents
- Skin Substitutes
- Moist Wound Dressings
- Alginate Dressing
- Hydrogel Dressing
- Collagen Dressing
- Silver Wound Dressings
- Foam Dressing
- Hydrocolloid Dressing
- Film Dressing
By Application
- Arterial Ulcer
- Burns
- Diabetic Foot Ulcer
- Pressure Ulcer
- Surgical Wounds
- Venous Leg Ulcer
- Other
By End-user
- Inpatient Facilities
- Outpatient Facilities
By Region
- North America
- Europe
- Asia-Pacific
- Rest of the World
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