Advanced Wound Care Market Overview:
Advanced Wound Care Market (AWC Market) was valued at $7,117 million, and is expected to reach $12,454 million by 2022, supported by a CAGR of 8.3%. Advanced wound care products and traditional wound care products are used to treat acute and chronic wounds. Chronic wounds take considerable time to heal and are expensive to treat. Due to its high cost, advanced wound care has emerged as a standard solution for treating chronic wounds. Advanced wound care products are gradually replacing the traditional wound care products due to their efficacy and effectiveness in managing wounds by enabling faster healing.
The major factors attributed to the advanced wound care market growth are the rapid increase in the incidence of chronic diseases, such as diabetes, due to a change in lifestyle factors and the attempts to reduce the duration of hospital stays to bound the surgical costs. In addition, the demand for the advanced wound care market is driven by favorable reimbursement scenario, increase in healthcare expenditure by the government, and rise in inclination towards products that enhance therapeutic outcomes. However, the high cost of advanced wound care products coupled with low awareness, especially in underdeveloped countries, such as Afghanistan, Nigeria, and Bhutan, are expected to restrain the market growth.
World Advance Wound Care Market Segmentation
The leading revenue-generating region is North America, whereas Asia-Pacific is projected to grow at a significant CAGR of 10.4%, due to rising geriatric population, growing demand for advanced wound care products, and increasing unmet medical needs.
Major players in the advanced wound care market segment have adopted product development and product launch as their key development strategies. Important players operating in the market include, Smith & Nephew plc, Medtronic plc, Acelity L.P. Inc., ConvaTec Healthcare B S.à.r.l., BSN Medical GmbH, Alliqua BioMedical, Inc., Mölnlycke Health Care AB (a subsidiary of INVESTOR AB), Integra LifeSciences Holdings Corporation, 3M Company, and Coloplast A/S.
MARKET DEFINITION AND SCOPE:
The report covers the analysis of global advanced wound care market based on product type, application, end user, and geography. Based on product type, the market is segmented into infection management, exudate management, active wound care, and therapy devices. Based on application, the advanced wound care market is divided into chronic wound care and active wound care. These techniques find their applications in many clinical areas, namely, burns, pressure ulcers, diabetic ulcers, venous ulcers, diabetic leg ulcers, and surgical wounds. Based on end user, the market is segmented into hospitals and community centers. Based on geography, the market is studied with respect to the four major regions, namely, North America (including U.S., Canada, and Mexico), Europe (including Germany, France, U.K., Italy, Spain, and Rest of Europe), Asia-Pacific (including Japan, China, India, and Rest of Asia-Pacific), and LAMEA (including Latin America, Middle East, and Africa). The report includes market size of these segments.
The report includes the respective market size of the products that are extensively used for the treatment of wound care. However, the market size in the report is limited to advanced wound care products only and excludes traditional wound care products as well as advanced wound closure products.
TOP INVESTMENT POCKETS:
The therapy device was the highest revenue-generating segment in 2015 and is expected to grow at a moderate rate of 4.3% during the forecast period. Exudate management was the second-highest revenue-generating segment in the current advanced wound care market. Infection management is the third-largest segment in terms of revenue in 2015. However, active wound care is the fastest growing segment, growing at a CAGR of 20.6% during 2016‐2022.
In 2015, exudate management was the second-highest revenue-generating segment due to its wide application in wounds with minimal to high exudate secretion. The exudate management segment includes hydrocolloids, foam dressings, alginates, and hydrogels. These are used for wounds with minimal exudate leakage as well as for wounds with copious exudates. As they are highly exudate-absorbent and efficient in wound management, these products have most common and preferable use across the industry.
TOP INVESTMENT POCKETS IN GLOBAL ADVANCED WOUND CARE MARKET
Note: The highlighted portion reflects the top two investment segments for stakeholders since they continue to grow and have a higher opportunity in the global advanced wound care market during the forecast period.
ADVANCED WOUND CARE (AWC) MARKET, BY PRODUCT:
Advanced wound care products have emerged as a novel approach in the wound management. These advanced products promote faster wound healing; and hence, are gaining edge over traditional wound care and closure products. Continuous advancement in the advanced wound care and closure product is expected to boost the market during the forecast period. However, unfavorable reimbursement policies and high costs associated with these advanced wound management products restrain the growth of advanced wound care and closure market.
REGIONAL AND COUNTRY OVERVIEW:
Asia-Pacific is the region with growth potential for the market due to a high population base, continuous increase in disposable incomes, and rising patient awareness. Medical tourism and rising prevalence of lifestyle diseases, such as diabetes, has made Asia-Pacific a lucrative market for the offered products. It is the fastest emerging region in the advanced wound care market. At present, penetration of the modern wound care products is slow in the Asia-Pacific region due to cost constraints. Despite low penetration, it has an advantage over traditional wound care products due to lower bed capacity in hospitals, the inclination towards homecare treatment, and the need for early patient discharge from hospitals.
Similarly, Europe has emerged as the second-largest attractive market for advanced wound care products. Smith & Nephew and BSN medical are some of the key market players based in Europe, that further expand the advanced wound care market share in this region. Sales volume has shown a tremendous growth in the European market. The growth of the European market is mainly driven by the factors, such as increased prevalence of chronic diseases due to change in lifestyles, increase in geriatric population, and better insurance policies from several private and government bodies in the field of wound care products.
In Europe, the Spanish wound care market was valued at $100 million in 2015, and is expected to reach $179 million by 2022, registering a CAGR of 8.6% during the forecast period.
SPAIN: AWC MARKET SIZE, 2014-2022 ($MILLION)
Companies have adopted product development and product launch as their key development strategies. Key players operating in the market include 3M Company, Smith & Nephew plc, Coloplast A/S, Medtronic plc, Acelity L.P. Inc., ConvaTec Healthcare B S.à.r.l., Mölnlycke Health Care AB (a subsidiary of INVESTOR AB), BSN Medical GmbH, Alliqua BioMedical, Inc., and Integra LifeSciences Holdings Corporation.
KEY BENEFITS FOR STAKEHOLDERS:
- The report provides an in-depth analysis of the advanced wound care market trends across major regions as well as the total revenue generated during the forecast period.
- Quantitative analysis of the current trends and future estimations from 2016 to 2022 is presented, which assists the manufacturers to analyze the market.
- The report also provides quantitative as well as qualitative market trends to facilitate the stakeholders in understanding the situations prevailing in the market.
- The projections in the report are made by analyzing the current market trends and highlighting the market potential, in terms of value.
- SWOT analysis studies the internal environment of the leading companies for strategy formulation.
- Extensive analysis is conducted by closely following key product positioning and monitoring the top contenders within the market framework.
ADVANCED WOUND CARE MARKET SEGMENTS:
By Product Type
- Infection Management
- Silver Wound Dressings
- Non-Silver Dressings
- Exudate Management
- Foam Dressings
- Active Wound Care
- Skin Substitutes
- Growth Factors
- Therapy Devices
- Negative Pressure Wound Therapy
- Oxygen and Hyperbaric Oxygen Equipment
- Electromagnetic Therapy Devices
- Others (Pressure Relief Devices, Electrical Stimulation Devices, Ultraviolet Devices, Ultrasound Devices, Whirlpool Therapy Devices)
- Chronic Wound Care
- Pressure Ulcers
- Diabetic Foot Ulcers
- Venous Leg Ulcers
- Arterial Ulcers
- Acute Wound Care
- Burns & Trauma
- Surgical Wounds
By End User
- Community Centers
- North America
- Rest of Europe
- Rest of Asia-Pacific
- Saudi Arabia
- Rest of LAMEA