Growth in geriatric population, rise in number of incidences regarding obesity, diabetes to deal with complex wounds propel the growth of the market
PORTLAND, OREGON, UNITED STATES, August 10, 2021 /EINPresswire.com/ — Growth in geriatric population, rise in number of incidences regarding obesity, diabetes, and chronic conditions, and technological advancements to deal with complex wounds propel the growth of the advanced wound care market. Nevertheless, high cost of advanced wound care products restrains the market growth. Furthermore, untapped prospects in developing regions are expected to provide new growth opportunities for the market players in the near future.
According to the report published by Allied Market Research, the advanced wound care market size was valued at $9.25 billion in 2019, and is estimated to reach at $15.30 billion by 2027, registering a CAGR of 11.6% from 2020 to 2027.
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The spread of COVID-19 have caused a major disruption in health care services. As a result, the treatment processes has been interfered due to the redeployment of the doctors for treating Covid-19 patients.
The demand for advanced wound care, on the other hand, is anticipated to increase during the pandemic as patients with multiple comorbidities may have an increased risk of getting infected from the corona virus.
The therapy devices segment to dominate the market-
Based on product, the therapy devices segment contributed to the largest share in 2019, accounting for more than one-third of the advanced wound care market, owing to the factors including the availability of innovative portfolio for wound care devices, rise in government spending for advanced wound care devices, surge in awareness toward healthcare, and technological advancements in wound care devices. However, the active wound care segment is estimated to portray the highest CAGR of 16.6% during the forecast period. This is attributed to surge in demand for innovative & advanced wound care products and rise in incidence of burns & trauma injuries across the globe.
The chronic wounds segment to lead the trail through 2027-
Based on application, the chronic wounds segment accounted for the largest share in 2019, holding more than two-thirds of the advanced wound care market, and is expected to maintain the largest share throughout the forecast period. In addition, the segment is expected to register the highest CAGR of 12.1% from 2020 to 2027. This is attributed to surge in demand for advanced wound care products and rise in incidence of as pressure ulcers, diabetic foot ulcers, venous leg ulcers, and arterial ulcers across the globe.
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North America to lead the trail-
Based on region, North America contributed to the highest market share in 2019, accounting for more than one-fourth of the global advanced wound care market. This is attributed to the factors such as development of advanced systems, upsurge in adoption of wound care products for the treatment of chronic & acute wounds, increase in incidence of chronic diseases, and surge in geriatric population. On the other hand, the region across Asia-Pacific is anticipated to manifest the fastest CAGR of 14.0%, owing to presence of large untapped opportunities including expanding healthcare budgets and increase in disposable income. At the same time, rise in demand for advanced wound care products, owing to growth in number of geriatric population fuels the growth yet more.
Leading market players-
3M (Acelity Inc.)
B Braun Melsungen AG
ConvaTec Group plc
Essity AB (BSN Medical GmbH)
Integra Lifesciences (Derma sciences)
Investor AB (Mölnlycke Health Care AB)
Johnson & Johnson
Medline Industries, Inc.
Organogenesis Holdings Inc.
Smith & Nephew Plc.