The global advanced wound care management market is characterized by an extremely consolidated competitive landscape, finds Transparency Market Research (TMR). In 2015, the top four market players, Smith and Nephew plc, Molnlycke Health Care, Acelity L.P. Inc., and Convatec together represented a share of 65% of the global market for advanced wound care management. A number of new, advanced wound care solutions are receiving approvals by regulatory bodies. For instance, MIRRAGEN™ advanced wound matrix, a completely resorbable borate glass matrix, received the approval of the United States Food and Drug Administration (FDA) in April 2017. Developed by ETS Wound Care LLC, the matrix can ensure faster recovery of any person suffering from chronic or acute wounds.
In 2015, the global market for advanced wound care management was pegged at US$6,457.0 mn, according to TMR. The market will grow at a CAGR of 6.3% between 2016 and 2024, reaching US$11,161.6 mn by the end of 2024.
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Rising Volume of Investments in North America Ensures Growth
The advanced wound care dressings segment emerged as the dominant segment in 2015, holding a share of 62.4% in the global market. By geography, North America led the global market for advanced wound care management during the same year. Accounting for a share of 42.6% during 2015, the North America market for advanced wound care management is being driven by the increasing volume of indirect and direct investments from the public and private sectors. The development of advanced wound care diagnostics for the identification of microorganisms and pathogens is another prominent growth driver of the advanced wound care management market in this region.
Asia Pacific is also slated for considerable growth, thanks to the massive patient base, growing geriatric population, and rapid technological advancements in the region. The growing demand for cost-effective wound management solutions has been responsible for the prominence of the advanced wound care dressings segment.
Escalating Geriatric Population to Create Growth Opportunities
An upsurge in disorders caused by faulty lifestyles is creating chronic wounds such as pressure ulcers, diabetic foot ulcers, and venous leg ulcers. The increasing incidence of chronic and acute wounds does not only result in longer recovery period, but also imposes an economic burden. As a result, effective wound management solutions are being needed increasingly. With the geriatric population representing a significant percentage of the overall pollution across the world, the global advanced wound care management market will gain impetus. This is because the aging population is more exposed to the risk of suffering from chronic wounds.
On the other hand, the relatively higher costs of advanced wound dressing products when compared with conventional wound dressing might restrain the growth of the global market for advanced wound care management. This restraint is particularly applicable to cost-conscious emerging nations, where cost-efficient products are preferred. However, increasing efforts of the leading market vendors to offer low-priced advanced wound care management solutions might negate the impact of this market deterrent.
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The information presented in this review is based on a Transparency Market Research report, titled, “Advanced Wound Care Management Market (Product Type – Advanced Wound Dressings (Foam Dressing, Alginate Dressing, Hydrocolloid Dressing, Hydrofiber Dressing, Hydrogel Dressings, Collagen Dressing, Active Wound Care, and Antimicrobial Dressing; Type of Wounds – Diabetic Foot Ulcers, Pressure Ulcer, Venous Leg Ulcer, Arterial Ulcer, Surgical and Traumatic Wounds, and Burns; End User – Hospital Inpatient Settings, Hospital Outpatient Settings, Community Medical Centers, and Home Healthcare) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024.”