Wound Care Market Dynamics:
Wound care products are used for the treatment or closure of wounds. The global wound care market is anticipated to generate at a CAGR of 6.2 % during the review period. The ubiquitous applications of wound care coupled with the rising cases of trauma owing to growth in risk factors such as accidents, industrial hazards, sports culture, etc. are the prime drivers of the market. According to the American Burn Association estimates, approximately 486,000 burn injuries were reported in 2015. Advancements in wound care & closure products is resulting in increased substitution of traditional products owing to their effectiveness and efficacy.
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Increased cases of diabetes and growing demand for cosmetic surgeries are other drivers of the market. There has been a strong demand for anti-scar products to treat complex wounds. Advanced materials include hydrogels, alginates, hydrocolloids, etc. which by providing moisture encourages natural cell repair. Hydrocolloid substances such as gelatin and cellulose, are being incorporated in products to absorb fluids, dirt, bacteria, and forming a protective gel mass without sticking to the wound itself.
Dominant players:
Some of the dominant players in the market are Ethicon, Inc. (U.S.), Braun Melsungen AG (Europe), Kinetic Concept, Inc. (U.S.), 3M (U.S.), Baxter (U.S.), Smith & Nephew (U.S.), ConvaTec (Europe), and others.
Restraints:
The high cost of advanced wound care products is the prime constraint on the market. Lack of awareness and low per capita income are other restraints on the market.
Segmentation:
To generate an advanced understanding of the global wound care market, the report is segmented on the basis of product, type, application, and end users.
Based on products, the market is segmented by traditional wound care products, advanced wound management products, wound care products, wound therapy devices, active wound care products, and others. The advanced wound management products segment is sub segmented into foam dressings, advanced wound dressings, collagen dressings, alginate dressings, hydrogel dressings, hydrocell foam dressings, others. The wound therapy devices segment is sub segmented into negative pressure wound therapy device (NPWT), electrical stimulation devices, oxygen and hyperbaric oxygen equipment, cutting edge wound therapy device, and others. The wound care products segment is sub segmented into sutures, surgical staples, wound care strips, haemostats, adhesives and tissue sealants, and others. The active wound care products segment is sub segmented into artificial skin and skin substitutes, topical agents, and others.
Based on the type, the market is categorized into chronic wounds, acute wounds, and others.
Based on the application, the market is segmented surgical wounds, ulcers, trauma wounds, burn, and others.
Based on the end users, the market is segmented into hospitals, clinics, trauma centers, home healthcare, and others.
Based on the regions, the market has been segmented by North America, Europe, Asia Pacific, Middle East and Africa.
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Regional Analysis:
The Americas led by the U.S. dominate the global wound care market owing to a well-developed healthcare sector and high per capita income. The presence of global players like 3M and Baxter along-with the developed economies like the U.S and Canada within the region fuels the market growth.
Europe accounts for the second largest market for wound care. According to the National Health Service, the cost of caring for patients with chronic wounds in U.K. was estimated to be around USD 3.4 to 4.6 billion per year. Europe is led by Germany, France and the U.K.
Asia Pacific is the fastest growing region for the wound care market due to the presence of developing economies like India and China and large unmet needs. Indian healthcare sector is one of the fastest growing at an expected CAGR of 22.87 % during 2015 to 2020 and is anticipated to reach USD 280 billion by 2020. Favorable government policies like the National Health Insurance and growth in healthcare expenditure is expected to boost the market.
The Middle East & Africa is expected to generate a moderate growth due the presence of poor economies. The Gulf economies of Saudi Arabia, UAE, Kuwait, and Qatar dominate the Middle East and Africa region owing to well-developed healthcare sector and large healthcare expenditure.
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