Increasing incidence of chronic diseases such as diabetes and cancer will enable growth in the global advanced wound care market. Fortune Business Insights, has published a report, titled “Advanced Wound Care Market Size, Share and Global Trend By Product (Advanced Wound Dressings, Wound Care Devices & Active Wound Care), Indication (Diabetic Foot Ulcers, Pressure Ulcers, Surgical Wounds, Others), End User and Geography Forecast till 2025.”According to the report in 2017, the global advanced wound care market was valued at US$ 9273.3 Mn. The global advanced wound care industry is anticipated to expand at a CAGR of 4.8% and value US$ 13,450 Mn by the end of 2025
The report classifies the global advanced wound care market in terms of various segments such as regions, product, type, end users, and others. As per the report, North America emerged dominant in the global advanced wound care Industry in 2017. The North America market was valued at US$ 3874.4 Mn in 2017. Growth witnessed in the region is attributable to the high demand for advanced treatment for pressure ulcer, diabetic foot ulcer, surgical procedure, and others ailments in the U.S. The region is also expected to dominate the global market through the forecast period 2018-2025.
An Overview of the Impact of COVID-19 on this Market:
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Rising Number of Surgeries Conducted Worldwide to Drive Global Market
Increasing per capita income and increasing cases of chronic diseases such as cancer, diabetes, and others are a few factors anticipated to drive the global advanced wound care market during the forecast period. Additionally, long term hospital stays, backed by rising number of surgical procedures taking place is a factor expected to increase the growth rate in the global market.
Besides this, the increasing geriatric population has been constantly contributing to the global advance wound care industry’s growth. Innovation of new products is generating demand for approvals onproducts such as biological skin equivalents and extracorporeal shock wave therapy devices. This is anticipated to propel growth in the global advanced wound care market.
On the contrary, the factors expected to hamper the growth in the global advanced wound care market are high cost involved in advanced wound care products and services and lack of clinical efficiency for advance wound dressing.
Strong Distribution Network of Leading Organizations to Propel Growth
At present ConvaTec Inc., Smith & Nephew, and KCI Licensing Inc. are leading the global advanced wound care market. The growth witnessed in the market is attributable to these organizations’ diverse product portfolio and strong distribution network. Some of the leading companies operating in the global advanced wound care market are MiMedx, Coloplast Corp, Derma Sciences Inc., Tissue Regenix, Mölnlycke Health Care AB, and Organogenesis Inc.
