In 2016 Diabetic Ulcers Are Expected to Dominate the Market Spending for "Global Advanced Wound Care Market" a New Report by Data Bridge Market Research.
Global Advanced Wound Care Market, By Product Type (Dressings, Biologics, Therapy Devices), By Wound Type (Surgical Wounds, Diabetic Ulcers, Pressure Ulcers, Venous Ulcers, Burns, Other Traumatic Wounds), By End Users (Hospitals, Wound Care Centers, Ambulatory Surgical Centers, Other Healthcare Providers), By Geography (North America, Europe, Asia Pacific, South America, Rest of the World) - Trends and Forecast to 2022
Dallas, Texas, May 19, 2016 (Newswire.com) - Wound care management is a growing field that has been witnessing a number of technological advancements in recent years. There are various products available in the market which has made treatment of wounds easier. The companies operating in the global advanced wound care market are focusing on incorporating advanced and innovative features in their products to differentiate them from other products available in the market. Companies operating in this market are focusing on acquisitions to strengthen their product portfolio and enhance their market position.
The global advanced wound care market is expected to reach $17.8 billion by 2022 from $10.8 billion in 2015, at a CAGR of 7.3% from 2016 to 2022. Factors, such as introduction of new and advanced wound care products along with tremendous support in the form of funds and grants from various government bodies across the globe are fueling the growth of this market. Technological advancements in wound care management, prevalence of obesity-related diseases such as diabetes, and increasing aging population are also contributing towards the growth of the global advanced wound care market. However, factors such as high costs of active wound care treatment and products may restrain the growth of this market.
In 2014, according to WHO statistics the prevalence for diabetes above the age of 18 years is 8.5% globally. The report contains the statistics for chronic diseases for all covered countries forecasted to 2022. Globally China, India and U.S. leads in the diabetic population, while in 2015 approximately 30% of medicare spending in wound care is due to diabetes, which is about USD 322 billion per year.
The global advanced wound care market is segmented on the basis of product type, application, and end user. Furthermore, the market is classified on the basis of geography into North America, Europe, Asia-Pacific, South America and Rest of the World (RoW). RoW majorly comprises the Middle East, and Africa. By product type, the global advanced wound care market is divided into dressings, therapy devices, and biologics. The dressing segment accounted for the largest share of 46.8% in the global advanced wound care market in 2015.
On the basis of wound type, the market is segmented into surgical wounds, diabetes ulcers, pressure ulcers, venous ulcers, burns and other traumatic wounds. Among wound type, the diabetes ulcers segment accounted for the largest share of 46.5% in the global advanced wound care market in 2015. The biologics segment is further classified into synthetic skin grafts, allografts, xenografts and, growth factors. The biologic growth factors includes technologies such as platelet-derived growth factor (PDGF), platelet rich plasma (PRP), epidermal growth factors (EGF), basic fibroblast growth factor (bFGF), granulocyte-colony stimulating factor (G-CSF), talactoferrin alfa, thrombin peptide (TP508) and, keratinocyte growth factor (KGF). The therapy devices segment includes NPWT devices, Pressure relief devices, hyberbaric oxygen chambers, wound debridement devices and physical therapies. NPWT devices are of three type’s standalone, portable and disposable devices. Disposable NPWT devices are having the highest CAGR with products like Smith & Nephew’s PICO and Spiracur SNAP paving the way. Physical therapies include laser therapy, electrical stimulation, external shock wave therapy (ESWT) and low frequency ultrasound with saline mist therapy.
By end user, the market is further classified into hospitals, wound care centers, ambulatory surgical centers and, other healthcare providers. The hospitals segment accounted for the largest market share of 62.4% in 2015. The increased usage of biologics in wound care, will definitely spur the inpatient healthcare provider growth. The growth of inpatient facilities will be offset by increasing technological advancements and increased usage of home use products.
There are multiple barriers in the increasing usage of advanced therapeutics in wound care. It is been observed that funding are concentrated majorly in randomized control trials (RCT’s) while other kind of wound care research is struggling due to non availability of proper funds. Also there is a significant gap in clinical knowledge of healthcare providers to provide appropriate therapy to the right patient. Also there is a shortage of patient access to advanced therapeutics especially in developing countries, where product and medical professional availability is scarce.
Acelity L.P., Inc. (U.S.) held the largest market share in the global advanced wound care market in 2015 and accounted for a market share of about 25.7%. Diversified product portfolio within advanced wound care and consistent alliances to obtain inorganic growth enabled Acelity L.P., Inc. to generate maximum revenues from the market. Smith & Nephew plc (U.K.) & Mölnlycke Health Care (Sweden) followed Acelity L.P., Inc. Other major players operating in this market include Medline Industries, Inc. (U.S.), Organogenesis Inc. (U.S.), Integra LifeSciences Corporation. (U.S.), MiMedx Group, Inc. (U.S.), and others.
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Source: Data Bridge Market Research
