Wound Management Devices Market Overview:
The global wound management devices market size was valued at $13,396.8 million in 2018 and is projected to reach $18,818.4 million by 2026, registering a CAGR of 4.3% from 2019 to 2026. Wounds can occur as a result of accidents, burns, trauma, or natural disasters. They are generally classified into two types, namely, chronic and acute wounds. Chronic wounds may arise due to various lifestyle diseases such as obesity, cardiovascular diseases, and diabetes. Acute wounds, on the other hand, can be surgical or traumatic. These wounds usually heal through a normal wound healing process at a predictable rate. As per data published by the U.S. National Institute of Health, in 2017, wounds or chronic wounds affect approximately 6.5 million of the U.S. population and the number is likely to increase in the coming years.
Factors responsible for the growth of the market include surge in geriatric population across the globe as such population mostly suffer from slower wound healing process, thereby affecting the phases of natural wound healing. According to data published by the National Institute of Health, in 2016, older population worldwide is growing at an unprecedented rate. Approximately, 8.5% of the population worldwide, i.e. 617 million was aged 65 and above. This increase in geriatric population globally coupled with slower wound healing process is expected to propel of wound management devices market growth. Furthermore, the percentage is projected to increase up to 17% by 2050.In addition, increase in diabetic patient pool is likely to boost the growth of the wound management devices market as they are more prone to foot ulcers. Diabetic ulcers (diabetic foot) affect around 19 to 34% of the diabetic population,as perthe data published by the American College of Physicians Organization.
Global Wound Management Devices Market Segmentation
The wound management devices market is segmented on the basis of product, application, end user, and region. On the basis of product, the market is classified into therapy devices, wound closure devices, and others. On the basis ofapplication, it is divided into burns, diabetic foot ulcers, pressure ulcers, surgical wounds, and others. On the basis of end user, it is segmented into hospitals, clinics, and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Segment review
On the basis of product, the market is classified into therapy devices, wound closure devices, and others.The therapy devices segment is expected to dominate the wound management devices market, owing to largenumber of product approvals and their advantages over traditional methods in the promotion ofwound healing by hydration. Furthermore, these devices lower the chances of infection at the wound site, thereby enhancing wound healing procedures. Furthermore, the wound management devices market is anticipated to be driven by pharmaceutical companies willing to invest in affordable wound management technologies, owing to existing cost burden of chronic wounds. The wound closure devices segment is expected to grow at the fastest CAGR during the forecast period. This growth is attributed to the shift in preference of healthcare professionals toward painless wound closure devices and increasing demand for minimally invasive therapies across the globe. In addition, rising use of synthetic absorbable sutures in cosmetic surgeries are expected to drive the market growth in the near future. As per the data published by International Society of Aesthetic Plastic Surgery, approximately 10,607,227 surgical cosmetic procedures were performed worldwide in 2018.
By Product
Therapy Devices segment is projected as one of the most lucrative segment.
On the basis ofapplication, the wound management devices market is divided into diabetic foot ulcers, pressure ulcers, surgical wounds, burns, and others.The burns segment is anticipated to be the most lucrative segment in the market owing to increased frequency of burn injuries. These may arise due to flames, steams or agents such as chemicals, tar and electricity. The diabetic foot ulcerssegment is estimated to increase at a significant CAGR during the forecast period due to increasing diabetic patient pool and them being more prone to foot ulcers. As per data published by the American Podiatric Medical Association, in 2019, around 15% of patients with diabetes developed foot ulcers, of those, approximately 6% are hospitalized due to other ulcer-related complications and infections. Diabetes is one of the leading causes of non-traumatic lower extremity amputations in the U.S. and around 14 to 24% out of them are diabetic patients. Thus, increase in diabetic population across the globe is expected to drive the wound management devices market for the diabetic foot ulcers segment.
By Application
Burns holds a dominant position in 2018 and would continue to maintain the lead over the forecast period.
The report provides an extensive competitive analysis and profiles of the key 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.
Key Benefits For Stakeholders
The wound management devices market size and estimations are based on a comprehensive analysis of key developments in the wound management devices industry.
The development strategies adopted by the key market players are enlisted to understand the competitive scenario of the market.
The study provides an in-depth analysis of the market and current & future trends to elucidate the imminent investment pockets.
The wound management devices market forecast is studied from 2018 to 2025
Information about key drivers, restrains, and opportunities and their impact analysis on the market size is provided.
Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the industry.
The quantitative the global wound management devices market analysis from 2019 to 2026 is provided to determine the market potential.
Wound Management Devices Market Report Highlights
| Aspects | Details |
 By Product |
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 By Application |
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 By End User |
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 By Region |
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 Key Market Players | Johnson & Johnson, Medtronic Plc., 3M Company, DERMA SCIENCES INC., Hollister Inc., Coloplast A/S, ConvaTec Inc., Mölnlycke Health Care, BAXTER INTERNATIONAL INC., Smith & Nephew |
Analyst Review
Wound management devices are mainly used in the treatment of acute and chronic wounds that require significant amount of time to heal and involve expensive treatments. Wound management devices and therapies are slowly replacing traditional approach of wound healing due to faster recovery processes and major complications associated with wounds. Thus, this has fueled the interest of the healthcare industry, owing to rapid healing capabilities of wound management devices, along with fewer issues of drainage and lesser risk of infection. The utilization of wound management devices is expected to witness a significant rise with increasing diagnosis of acute and chronic wound disorders.
The rising incidences of chronic and lifestyle diseases, better reimbursement policies and presence of prominent players are the major factors that drive the growth of wound management devices market. Furthermore, rise in the geriatric population associated with delayed wound healing procedures are anticipated to boost the demand for wound management devices in the near future, thereby propelling the market growth. However, higher costs of the wound management devices & treatments and reluctance towards new wound healing therapies are projected to hamper the growth of the market.
The total market value of wound management devices market is $13,396.8 million in 2018.
The forecast period for wound management devices market is 2019 to 2026
The market value of wound management devices market in 2019 is $14,016.0 million
The base year is 2018 in wound management devices market
Top companies such as, Baxter International Inc., ConvaTec Inc., Derma Sciences Inc., Johnson & Johnson, 3M Company, Medtronic Plc., and Smith & Nephew, held a high market position in 2018.
Therapy Devices segment is the most influencing segment growing in the Wound Management Devices Market
The key trend in the wound management devices market is increase in geriatric population across the globe which drives the growth of the market.
Asia-Pacific has the highest growth rate in the market which is growing due to the contribution of the following emerging countries such as China and India with a CAGR of 5.3% and 5.0% respectively.
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