Wound Care Market – Insights
Global wound care market has witnessed various technological advancements and emerged as a standard solution to treat acute and chronic wounds. Conventional measures of wound care management are being rapidly replaced with advanced wound measure products due to the effectiveness of the latter for managing wounds, which enables faster healing. Increasing launches of innovative wound care management products is expected to drive the global wound care market growth. For instance, in 2017, Johnson & Johnson’s Ethicon and DePuy Synthes (a subsidiary company of J&J) launched customized wound closure kits designed for orthopedic surgery in the U.S. The newly-launched kits include Ethicon's Stratafix knotless tissue control devices and the Dermabond Prineo skin closure system.
The global wound care market size was valued at US$ 17,790 million in 2018, and is expected to witness a CAGR of 4.6% over the forecast period (2019–2026).
Global Wound Care Market Share (%) Analysis, By Product Type, 2018
Source: Coherent Market Insights Analysis (2019)
Technological Advancements and Increasing Product Launches for Wound Care Product is Expected to Drive Growth of Global Wound Care Market
The global wound care market is expected to witness significant growth during the forecast period, owing to increasing research and development in wound care. For instance, in April 2019, Binghamton University and State University of New York researchers developed skin-inspired electronics to conform to the skin, allowing for long-term, high-performance, real-time wound monitoring in users
Increasing innovative product launches in wound care management is expected to be another factor aiding in growth of the market over the forecast period. For instance, in February 2019, Axio Biosolutions, an India-based MedTech company, launched MaxioCel, a next generation wound care dressing made of chitosan in New Delhi, India. The product is expected to provide comfort and faster healing to patients suffering from chronic wounds such as pressure ulcers, diabetic foot ulcers, venous leg ulcers, cavity wounds, skin abrasions, donor sites, and post-operative surgical wounds.
Global Wound Care Market - Restraints
Increasing number of product recalls due to product failure, component inconsistency, and packaging problems may hamper growth of the global wound care market. For instance, in May 2018, U.S. Food and Drug Administration (FDA) initiated product recall of Hyalomatrix products from Anika Therapeutics, Inc., due to its susceptibility to degradation as a result of decomposition of PVC in the packaging material during sterilization, which resulted in degradation of the film. Over the long-term, it is possible that product integrity may be compromised. The product was terminated on May 10, 2019.
Global Wound Care Market - Regional Insights
On the basis of region, the global wound care market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. North America is expected to hold a dominant position in the global wound care market during the forecast period, owing to increasing launches of new wound care product in the U.S. For instance, in April 2017, ConvaTec Group Plc. Company launched its Foam Lite ConvaTec dressing in the U.S. for the management of acute and chronic wounds. Moreover, in December 2018, Acelity LP, launched its V.A.C.RX4 Therapy System for multiple traumatic wounds in the U.S.
Asia pacific is expected to witness a rapid growth in the global wound care market. The market in Asia Pacific is expected to gain momentum during the forecast period, owing to increasing incidence of chronic wounds. For instance, according to the National Center for Biotechnology Information, in 2015, the incidence of diabetic foot ulcer (DFU) ranged from 4% to 10% among hospitalized patients in China.
Global Wound Care Market Value (US$ Mn) & Y-o-Y Growth (%), 2016-2026
Source: Coherent Market Insights Analysis (2019)
Key players operating in the global wound care market include Acelity L.P., Inc., 3M Company, Baxter International, Inc., Coloplast A/S, Integra Lifesciences, Johnson & Johnson, Inc., Smith & Nephew Plc., Cardinal Health, ConvaTec Group PLC, and Organogenesis Inc.
Wound healing is a complex process of normal function and structure of skin and underlying soft tissues that is caused by trauma or chronic mechanical stress such as pressure ulcer. The new wound healing technology involves stem cell therapy for faster healing wound. The stem cell therapy for wound healing in still under exploration, however, the approach of regenerative medicine has emerged as an alternative to improve the outcome of healing and has potential in treating wounds more efficiently with skin regeneration technology. Therefore, such novel treatment methods hold immense potential to propel the wound care market growth
Increasing prevalence of diabetes is expected to boost the global wound care market growth during the forecast period. For instance, according to report North West Coast Strategic Clinical Networks of National Health Services of 2017, there were an estimated 4.5 million people with diabetes in the U.K. alone. According to the same source, around 200,000 diabetes patients are living with diabetic foot ulcers in 2017 in U.K. Over 64,000 people with diabetes in England and Wales are thought to have foot ulcers at any given time.
However, high cost associated with wound care management is expected to hinder the global wound care market growth. Moreover, management of chronic wound increases economic burden due to high costs of treatment. For instance, in October 2017, a new study published online in the International Society for Pharmacoeconomics and Outcomes Research’s (ISPOR) ‘Value in Health’ journal demonstrates the economic impact of chronic non-healing wounds in Medicare patients. It states chronic that wounds impact around 15% of Medicare beneficiaries (8.2 million) in the U.S. According to the same source, in 2018 conservative estimates for total Medicare annual expenditure for all wound types is ranged from US$ 28.1 billion to US$ 31.7 billion in the U.S.
Key features of the study:
“*” marked represents similar segmentation in other categories in the respective section.
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