What Driving Advanced Wound Care Market Growth?Derma Sciences Inc, Coloplast Corp and more
The Global Advanced Wound Care Market will gain traction on account of the rising incidence of chronic diseases such as cancer and diabetes. These diseases may push the prevalence of diabetic wounds and ulcers, thus fueling the demand for advanced wound care treatments. Fortune Business Insights in a new study, titled “Advanced Wound Care Market: Global Market Analysis, Insights and Forecast, 2018-2025” finds this as one of the chief factors driving the market. The report forecasts the global advanced wound care market to exhibit a CAGR of 4.8% between 2018 and 2025. The market is estimated to reach a value of US$ 9,273.3 Mn in 2017 and is expected to reach US$ 13,450.0 Mn by the end of 2025.
The current Advanced Wound Care Marketis consolidated as a handful of companies boasts a lion’s share in the overall market. This is due to their widespread distribution network of leading companies. Companies such as Smith & Nephew, KCI Licensing Inc., and ConvaTec, Inc. led the market in 2017. However, lack of strong barriers will pave way for the entry of domestic players in the global advanced wound care market. Fortune Business Insights predicts advanced wound care as a slightly fragmented market by the end of 2025. Presence of innovative and strong product portfolio for wound care dressings is the chief strategy followed by the above mentioned leading companies.
Other players operating in the global advanced wound care market are MiMedx, Derma Sciences Inc., Coloplast Corp, Organogenesis Inc., Tissue Regenix, and Mölnlycke Health Care AB. These companies are likely to shift their focus towards advanced wound dressing devices owing to the highly fragmented nature of wound care market.
Improved Reimbursement Policies on Healthcare Spurs Growth for the Market
The global advanced wound care market is likely to grow significantly owing to certain factors. Favorable introduction of reimbursement healthcare policies is one such factor driving the advanced wound care market. In addition to this, rising healthcare expenditure by governments is expected to create growth spaces for the market during the forecast period. Prolonged hospital stays and old age may result in ulcers, fueling the demand for advanced wound care products and wound care treatments. This will enable the advanced wound care market gain momentum in the coming years.
There is an ever-increasing economic cost burden exercised on national governments regarding the treatment of chronic wounds and ulcers and a bid to reduce the same fuels demand for advanced wound care products in the coming years. Fortune Business Insights foresees the above factors to draw a steep growth trajectory for the advanced wound care market between 2018 and 2025.
As per indication, diabetic foot ulcers segment is likely to remain strong owing to the rising prevalence of diabetes, leading to diabetic foot ulcers across the world. The home care settings segments as per end user is projected to register a relatively higher CAGR during the forecast period. Other segments such as hospitals and clinics will also show considerable growth in the upcoming years. “The use of advanced wound dressings product is expected to increase across the world as market players continue to focus on R&D activities,” says a lead analyst at FBI. “This, coupled with improved reimbursement healthcare policies, will provide better scope of growth regarding the use of advanced wound dressings,” he added.
Rising Prevalence of Diabetic Patients Propels Growth in Asia Pacific
The global advanced wound care market is expected to grow at a comparatively higher rate during the forecast period. Rising prevalence of diabetes, leading to an increasing number of patients suffering from diabetic foot ulcers will drive the advanced wound care market. In addition to this, rising per capita spending on healthcare will fuel demand for advanced wound care products during 2018-2025. Also, rising number of market players entering the advanced wound care market with innovative product offerings will create lucrative growth opportunities for the market in the coming years.