Worldwide advanced wound care market is anticipated to surpass US $13.5 billion by the year 2025, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2019-2025.
As the geriatric population is increasing worldwide, instances of chronic diseases are also on a rise, which is leading to a surging number of patients suffering from chronic & acute wounds. This factor along with the cost burden associated with chronic wounds will stimulate the demand for advanced wound care products.
Another factor driving market growth is the inclination of populace towards sedentary lifestyle, in consort with increasing R&D activities being carried out for product innovation. For instance, the recently launched product called Hydroclean Plus claims to quicken healing by autolytic removal of damaged tissue using rinsing-absorption mechanism.
According to the report, the wound therapy device market is predicted to grow at the rate 6.2% over 2019-2025. The negative pressure wound therapy systems segment on the other hand, is expected to witness lucrative growth opportunities over the forecast period, owing to the ability of devices to incite rapid recovery. However, high cost and lack of awareness about the devices will hamper the market growth.
Based on the application spectrum, diabetic wound application held 14.4% of the advanced would care market share in 2018, owing to rising adoption of sedentary lifestyle leading to increased instances of diabetes and obesity. The reported causes for diabetic wounds are feet irritation and nerve damage, which not only worsens the quality of life but also leads to longer hospital stay increasing the cost burden. These factors will further fuel the product demand in the upcoming years.
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Considering the end-use segment, homecare setting is preferred by patients over hospitals owing to the comfort and personalized care offered by the setting. The segment market was worth US $2.7 billion in 2018 and is presumed to grow further over the forecast period, pertaining to the hygienic and infection-free setting.
In terms of regional contribution, Europe advanced wound care market is predicted to grow 5% over 2019-2025, attributed to the increasing geriatric population, more cases of acute & chronic wounds along with awareness regarding the advanced wound care benefits in the region. While the France, UK and Germany markets are reported to have reached equilibrium, countries like Belgium, Netherland, Austria and Spain are anticipated to grow with a significant CAGR through 2025.
The list of prominent companies operating in the advanced wound care market comprise of Smith and Nephew, Integra LifeSciences Corporation, MPM Medical, Medtronic, 3M, Acelity, Derma Sciences, Beiersdorf Global, Organogenesis, HARTMANN International, Medline Industries, and Hollister Incorporated, among others.