Increasing Aging Population, and the Rise in Technological Advancements to Drive Wound Care Product Market in North American Region: Ken Research
Wound care relates to specific forms of treatment for skin ulcers, pressure sores and other wounds that breakdown the skin. Wound care products are mainly absorbent dressings, which used in accomplishing wounds and decubitus ulcers. The main objective is to reduce pain & minimize client distress. It is used to protect patients from traumatic ulcers, diabetic ulcers, vein ulcers, and arterial & burns. Protective sleeves, gel dressings, cast, bandages, hydrocolloids, foams, alternative medicinal, antiseptics, alienates, hemostatic agents, saline spray, gauze, blister dressings, and moleskin are some of the key wound care products.
According to study, “North America Wound Care Product Market (2018-2023)” some of the major companies that are currently working in North America wound care product market reality L.P. Inc., Smith & Nephew, Organogenesis, Integra LifeSciences Holdings Corporation, Baxter International Inc., Hollister Incorporated, 3M Company, Molyncke Healthcare AB, Ethicon, Derma Sciences, Inc, Johnson & Johnson Pvt. Ltd.
Based on the product type, the wound care market is segmented into advanced wound care, surgical wound care, and traditional wound care. Based on the application, the market is segmented into acute wound care and chronic wound care. The wound care products are expected to lead the market by new lucrative innovations of progressive wound care products. Based on the end-user, the market is segmented into long term care facilities, hospitals & specialty wound care clinics and home healthcare. Home healthcare treatments are a rapidly growing segment due to cost-effectiveness. Additionally, the long-term care conveniences will also have fixed growth in the market, beyond the hospitals and specialty wound care health center.
The American Professional Wound Care Association (APWAC), the American Board of Wound Management (ABWM) and the Canadian Association of Wound Care (CAWC) are some non-profit government healthcare organizations in North America. These organizations attempt to support superiority in wound care, prominence research, education, and innovative knowledge. The ABWM offers many certifications such as CWCA (certified wound care associate), CWS (certified wound specialist), and CWS-P (certified wound care physician).
Some of the key advantages are include easy to use, flexibility, moist healing environment, waterproof, highly absorbent and comfortable etc. Some of the disadvantages are non-adherent and difficult to remove.
North America wound care is mainly driven by the increasing aging population, increasing technological advancements, the rise in demand for combination dressings, increasing several chronic diseases, huge government investments are accumulative considerably which led to the growth of the market. Apart from advantages, some of the threats are the high cost of materials and the presence of the intense competition.
The U.S. holds the largest market share of wound care product in this region owing to good and improved reimbursement schemes. It is predicted that the U.S is expected to hold more than half of the market. Additionally, Canada is anticipated to show a slow progress rate during the forecast period due to limited product launches and low innovation. It is estimated that North America wound care product market to reach US$ 9.7 billion, at a CAGR of 5.4 %, by 2023. Surgical wound care leads the market due to the increasing number of surgeries, which results in an advanced number of injuries or wounds.
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Ankur Gupta, Head Marketing & Communications