Wound Management Devices Market Expected to Reach $18.8 billion by 2026

According to a new report published by Allied Market Research, titled, “ Wound Management Devices Market by product, application, and end user: Opportunity Analysis and Industry Forecast, 2019–2026,”the global wound management devices market size is expected to reach $18.8 billion by 2026, registering a CAGR of 4.3% from 2019 to 2026, in terms of value.Wounds are one of the most common afflictions that affect billions of people worldwide. Wounds can be classified into acute and chronic based on the severity. Acute wounds are often recovered by natural healing process whereas chronic wounds are hard to heal due to complications from cardiovascular diseases (CVD), obesity, diabetes, and other lifestyle diseases. Wound management is a comprehensive care plan that involves methods, measures, and interventions taken while healing patients with wounds. The basic principle of wound management involves 5 steps, namely, hemostasis, cleaning of the wound, analgesia, skin closure, and dressing, which is followed by precautionary advices from healthcare professionals. Wound management provides optimized conditions and environment to awound to restore and fasten its healing process. This includes maintaining stable temperature, optimal pH, bacterial balance, as well as selection of appropriate wound therapy. Chronic wound management requires intervention of healthcare professionals and appropriate inpatient care. 

Increasing geriatric population across the globe, need for fast acting wound closure devices for prevention of blood loss during surgeries, and rise innumber of people suffering from chronic wounds and ulcers due to various diseases such as diabetes and CVDs primarily drivesthe market growth. In addition, technological advancements in wound healing procedures adopted by hospitals and clinics are further expected to boost the market growth. However, higher cost of treatments involved in wound management techniques is anticipated to restrain the market globally. Moreover, lack of proper reimbursement policies in developing countries also hamper the growth of the wound management devices market. However, introduction of novel therapies for wound healing and growing number of therapy approvals such as negative pressure wound therapies and extracorporeal shock wave therapies,create newer opportunities for the growth of the market.

The wound management devices market is segmented on the basis of product, application, end user and region. On the basis of product, it is classified into therapy devices, wound closure devices, and others. The therapy devices segment was the highest contributor to the market, owing to the increasing usage of these devices in Negative pressure wound therapy (NPWT) systems, hyperbaric oxygen therapy systems, extracorporeal shock wave therapy systems, compression therapy systems, and electrical stimulation wound therapy systems. On the basis of application, the wound management devices market is divided into burns, diabetic foot ulcers, pressure ulcers, surgical wounds and others. The burns segment was the highest contributor to the market, since these injuries are common and are caused by flames, steams, or agents such as chemicals, tar, and electricity.On the basis of, it is segmented into hospitals, clinics, home care settings and others. The hospitals segment dominated the market in 2018 and is anticipated to maintain its dominance throughout the forecast period. This is attributed to the preference among individuals for hospitals compared to clinics and other end users.Region wise, the market is further analyzed across North America, Europe, Asia-Pacific and LAMEA.North America occupied largest share in the wound management devices market in 2018, and is expected to continue its dominance during the forecast period, owing to increase in incidences of chronic wounds amongst the population. Moreover, growing geriatric population along with chronic diseases and rise in awareness regarding wound management devices through medical tourism programs in the region are anticipated to propel the market growth in this region.Asia-Pacific is anticipated to grow at the highest growth rate during the forecast period due to large pool of population with unmet medical needs and changes in lifestyle. The growth is mainly attributed to the attempts of reducing surgical costs by minimizing the duration of hospital stays. Furthermore, developing countries such as China and India are expected to fuel the wound management devicesmarket growth, owing to increasing incidences of diseases such as obesity and diabetes.

Key Findings Of The Study

• North America occupied 44.88%the global wound management devices market sharein 2018.

• By application, diabetic foot ulcers segment is anticipated to grow with the highest CAGR throughout the forecast period.

• The hospitals segment is anticipated to grow at the 4.2% during the analysis period.

Comprehensive competitive analysis and profiles of major market players such as Baxter International Inc., Coloplast A/S, ConvaTec Inc., Derma Sciences Inc., Hollister Inc., Johnson & Johnson, 3M Company, Medtronic Plc., Mölnlycke Health Care, and Smith & Nephew have been provided in this report.