Wound Care refers to a number of specific treatment types for skin ulcer, pressure sores, and other wounds. Wound care holds a two-fold purpose. Wound care products are used for wound management and healing measures of both acute and chronic wound. Advanced wound care products have attained a reputation in the global market due to their unmatched efficiency in treating wounds. The global wound care market is anticipated to grow at a decent pace of 6.20% during the forecast period of 2017-2027. The report published by the Market Research Future (MRFR) further reveals that the market is projected to reach a valuation of USD 29,900 million by the end of 2027.
The report identifies that the rising demand for wound care can be attributed to the rising prevalence of both acute and chronic disorders. A significant percentage of the hospital and clinical supplies comprises of wound care products. The products come in a variety of categories, and with the consistent arrival of new and innovative products, the categories have only expanded over the years.
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The conventional and traditional products in the market are quickly fading out and are being replaced by new variants. Manufacturers are on the lookout for various areas through which they can enhance the efficacy of their products. Also, the market is seeing an influx of more specific wound care products which is allowing physicians to pay attention to delicate or complicated wounds and consequently improve their caregiving services.
Competitive Analysis:
Some of the notable players in the global wound care market are Kinetic Concepts, Inc., Smith & Nephew, Baxter, 3M, B. Braun Melsungen AG, ConvaTec, and Ethicon, Inc.
Feb 5th, 2019, GEMCO Medical proudly announced the launch of GEMCORE360˚, a brand of advanced wound care products. It promises to give healthcare professionals a simple, cost-effective, and clear wound care range with optimal clinical efficiency.
Jan 28th, 2019, Redness Medical revealed in a press release that it has started out with the development of a prototype which was presented back in November 2018. The prototype is based upon its innovative smart wound care technology for optically measuring blood and exudate.
Segmentation:
The global wound care market segmentation is segmented as per type, product, end-user, and application.
By product, the market includes active wound care products, wound therapy devices, advanced wound management products, wound care products, and traditional wound care products. Advanced wound care holds the leading position in terms of market share. However, in developing countries, lack of awareness concerning advanced wound care products have prompted them to rely upon traditional wound care products.
By type, the market divides into chronic and acute wound. Chronic wound held the largest market share in 2016 and is slated to grow further in the forthcoming years.
By application, the market segments into trauma wounds, surgical wound, burn, ulcer, and others. The surgical wounds segment held a majority of the market with 35% of the share to its name back in 2016. The ulcer segment followed up as the second-largest global market with a 22.1% share.
By end-user, the market includes clinics, trauma centers, hospitals, home healthcare, and others. The hospitals’ segment was the market dominator in 2016 with 37.5% of the global share to its name.
Regional Analysis:
The regional segmentation of the global Wound Care market comprises major regions such as North America, Asia-Pacific, Europe, and the Rest of the World.
The presence of a huge population of diabetic patients places North America as the biggest market player in terms of market share. Diabetic patients require a long period of time to heal their wounds, thereby stimulating an additional demand for wound closure products. The US is the major market contributor to the region’s growth.
Europe is positioned as the second-largest regional market for wound care, and the market is projected to exhibit a striking growth percentage during the forecast period. Factors aiding the market growth of Europe are the rising incidences of diabetes, favorable government initiatives and technological advancements therein. The Asia-Pacific region is believed to experience a relatively fast-paced growth phase.
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