LOS ANGELES, April 07, 2021 (GLOBE NEWSWIRE) -- The Global Wound Management Market is expected to grow at a CAGR of around 4.7% from 2020 to 2027 and reach the market value of over US$ 26.2 Bn by 2027.
North America dominates the wound management market till the forecast period. This is attributed to rising incidences of chronic wounds, favorable reimbursement policies, and a rise in the geriatric population. As per American Podiatric Medical Association (APMA) 2020, diabetes is the leading cause of non-traumatic lower extremity amputations in the United States, and approximately 14-24% of patients with foot ulcers require an amputation. This is one of the prominent factors that bolster the demand for the wound management market.
Apart from that, Asia-Pacific is expected to witness high CAGR in the forthcoming years. India, China, and Japan are the emerging economies responsible for the growth of the wound management market. Surging existence of prominent players in the emerging Asian countries and high government support acts as stimulating factors for growing the wound management market in this region.
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Market Dynamics
Rising incidences of sports related injuries, road accidents, burns, and trauma events are burgeoning the growth of global wound management market. The National Diabetes Statistics Report revealed that in 2017, more than 1 million people in the US were suffering from diabetes or prediabetic conditions. This resulted in the primitive cause of diabetic foot conditions in the patient pool. Such factors are responsible for the growth of the wound management market globally.
Segmental Outlook
Wound management market is segmented based on wound type, treatment, and end-user. Based on wound type, the market is segmented based on diabetic foot ulcers, pressure ulcers, venous leg ulcers, surgical & traumatic wounds, burns, and other wounds. By treatment, the wound management market is segmented based on bioengineered skin substitutes, hyperbaric oxygen therapy, plastic surgical techniques, specialized dressings and therapies, transcutaneous oxygen testing, vascular surgery, negative pressure wound therapy (NPWT), platelet-rich plasma (PRP) treatments, stimulation of fibroblast cells with radiofrequency, and ultrasound for debridement. By end-user, the market is segmented based on hospitals & clinics, long-term care facilities, and home care settings.
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By wound type, diabetic foot ulcers will gain high prominence in the global market for wound management. As per the data revealed by the Centers for Disease Control and Prevention (CDC), foot ulcers and lower extremities (LEAs) are disabling complications of diabetes and lower extremity disease. In the US, approx. 60% of all LEAs occur among persons with diabetes among that LEAs grabbed almost 85% of foot ulcers. Furthermore, by treatment, Bioengineered skin tissue is expected to dominate the global wound management market.
Furthermore, based on end-user, hospitals & clinics segment is expected to drive the global wound management market all time high. Growing patient satisfaction, better quality treatment at hospitals, and rising caregiver efficiency are the contributing factors responsible for the ultimate growth of wound management market globally. The advanced treatment coupled with specific equipment is widely adopted by hospitals and healthcare providers to tackle critical cases. Hospitals equipped with better healthcare infrastructure and staff make hospitals & clinics one of the largest segment for the growth of the wound management market globally.
Competitive Landscape
The major players involved in the Wound Management market involve Johnson & Johnson Services, Inc., ConvaTec Group PLC, Integra Lifesciences Corporation, Mölnlycke Health Care, Smith & Nephew plc, Acelity L.P. Inc., Coloplast A/S, PAUL HARTMANN AG, and among others.
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Some of the key observations regarding the wound management industry include:
- In February 2020, Integra Lifesciences Corporation, announced a new product namely, "AmnioExcel® Plus Placental Allograft Membrane" AmnioExcel Plus is a next generation, thicker, tri-layer, non-side specific allograft consisting of amnion-chorion-amnion layers that aids in creating an environment to help close complex wounds.
- In January 2020, ConvaTec Group PLC, announced a new product namely, "ConvaMax". ConvaMax™ superabsorber wound dressing is used for the management of highly exuding wounds, including leg ulcers, pressure ulcers, diabetic foot ulcers, and dehisced surgical wounds. ConvaMax™ superabsorber manages excess moisture to help protect skin integrity.
- In November 2018, Mölnlycke Health Care, announced the launching of a new product namely, “Mepilex®” Border Flex dressing. The new product is designed specifically for supporting fewer dressing changes, reducing dressing costs and waste, while creating an optimal healing environment.
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