Chronic Wounds Dominate the Global Wound Care Solutions Market
The global wound care solutions market is expected to witness a CAGR of ~5% to reach revenue of over $26 billion by 2025
Bangalore, India, July 10, 2019: With its recently published study “Global Wound Care Solutions Market – Drivers, Restraints, Opportunities, Trends, and Forecast up to 2025”, Infoholic Research forecasts that the global market for wound care solutions is expected to witness mid-single-digit growth during the forecast period 2019–2025. The market for wound care solutions is highly fragmented due to the presence of numerous players with the best technology and evolving product pipeline. The technical developments in wound care biologics are perhaps the key drivers for the evolution of the market.
Together with other chronic wounds, diabetes is one of the major reasons for wound-causing disease. More than 35% of the elderly population globally are suffering from diabetes, with over 80,000 individuals undergoing lower extremity amputation.
Among the product type, the higher efficacy has made advanced wound care the fastest growing segment in the market. This has developed as a hopeful result for quicker healing of the wound. The market is largely driven by the increasing prevalence of diabetes and wound ulcers, growing elderly population, and rise in the number of awareness programs on better management of the wound. This has shifted the inclination of hospitals from traditional wound care products to advanced wound care, which has resulted in a reduced stay in hospitals and quicker healing of the surgical wound.
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Developing and certain developed countries do not have reimbursement strategies for advanced wound care products; thus, favorable reimbursement policies will support the market growth. North America is leading in the total wound care solutions market, followed by Europe.
“Smith & Nephew Plc and Acelity L.P. Inc were the top two players in the advanced wound care segment in 2018. The high price of recently launched technically advanced product limits their demand. Traditional wound care products are chosen over these expensive dressings in the evolving economies, in spite of their leisure wound healing process. Developing countries' price-sensitive industry thus restricts the development of sophisticated wound care solutions, which in turn, has been connected to market depreciation, thereby lowering the global wound healing market growth. – Rikitha K Murthy, Senior Research Analyst, Infoholic Research
Key Insights of the Report Include:
- Product Type:
- Advanced Wound Care
- Traditional Wound Care
- Wound Type:
- Acute Wound
- Chronic Wound
- Industry outlook: Market trends, drivers, restraints, and opportunities