The global advanced wound care products market was valued at around $7 billion in 2016 and is expected to witness a growth over 8% during the forecast period of 2017 to 2024. Wound care products are generally classified into two main segments namely, traditional wound dressings (protecting wounds from external contaminants in a dry environment) and advanced wound care products (provides therapeutic effect for complicated wounds such as chronic and hard to heal wounds). Among these, traditional wound care products are widely preferred by healthcare professionals and consumers over advanced wound care
products, primarily due to two main reasons - lower cost; and satisfactory healing of superficial wounds by dry dressings. Nevertheless, owing to the lower price of traditional wound dressings than advanced products, the advanced wound care products segment has surpassed the traditional products in terms of market value. Advanced wound care is generally used to treat complex wounds such as burns, surgical wounds, infected wounds, and chronic wounds. Typically, acute wound take nearly eight weeks to heal and follows normal stages of wound healing, whereas chronic wounds does not proceed through the normal healing stages.
The global advanced wound care products market is segmented based on the type of application and geography. Based on applications, the market is segmented into moist wound care products (foam dressings, hydrogels, hydrocolloids, alginates, film dressings, antimicrobial dressings, others), biologics (skin substitutes, collagen, therapeutic growth factors) and negative pressure wound therapy (NPWT). Further, based on region, the market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa (MEA). Amongst these regions, North America dominated the market in 2016 and is expected to maintain its dominance throughout the forecast period. This is attributed by the higher adoption of advanced wound care technologies in the region and large number of players operating in this market, which makes easy access of technologies for the patients and healthcare professionals.
This research report is designed to analyze and estimate the performance, market demand, and size of the global advanced wound care products market across the world. This report includes historical data and forecasts and market size, value chain, product sales, their forecasts, and information on the products in pipeline and various other key factors that are boosting or impeding the growth of this market. Some of the major factors driving this market include rising awareness about the advanced wound care products, growing prevalence of chronic wounds due to the aging population, technological innovations, and growing incidence levels of diabetes and obesity. These factors are set to propel the growth of this market and provide immense growth opportunities for companies across the globe. There has been a significant rise in the number of patients suffering with obesity and diabetes in developing countries such as India and China over the recent years. Factors such as rapid urbanization, changing lifestyle habits, and supportive government reimbursement policies are bolstering this growth.
Presently, pricing pressure and government efforts to curb healthcare expenditure is hampering the growth of this market. Although pricing pressure is expected to pose a negative impact on this market, favorable demographics such as aging population and growing number of patients suffering from diabetes will drive the growth of this market.
Some of the key players operating in this market include Smith & Nephew, Molnlycke Health Care, ConvaTec Group Plc, 3M Health Care, Coloplast, Medtronic (Covidien), Paul Hartmann, B.Braun Melsungen AG, Derma Sciences, Hollister Inc., Human Biosciences, Acelity L.P. Inc., and Medline Industries.