Advanced Wound Care Market Overview
The global advanced wound care market was valued at $10,659.6 million in 2015 and is predicted to grow at a CAGR of 7.0% during the forecast period (2016–2022).
The advanced wound care market is growing due to the increasing geriatric population, burn cases across the globe, volume of surgeries, cases of diabetes and obesity, incidence of chronic wounds, and number of road accidents. Furthermore, technological advancements and rising awareness on the same, leading to the heavy use of advanced wound care products, are also leading to the growth of the market.
On the basis of type, the advanced wound care market is classified into wound therapy device, advanced wound dressing, and active wound care product. The major share (53.3%) of the market was occupied by advanced wound dressings in 2015.
When application is taken into consideration, the advanced wound care market is divided into ulcers, burns, and surgical and chronic wounds. In 2015, the surgical and chronic wound category held the largest share of the market and is expected to witness the fastest CAGR, of 7.3%, during the forecast period. This is due to the rising aging population, cases of diabetes and obesity, and incidents of road accidents.
The major end-users in the advanced wound care market are inpatient and outpatient facilities. Of these, the inpatient facility category held the larger share of the market during the historical period (2012–2015), and is predicted to retain its dominance on the market during the forecast period as well. This is attributed to the specialized facilities that are provided to the patients suffering from various types of wounds by a well-trained staff at inpatient hospital settings.
Geographically, North America accounted for the largest share in the advanced wound care market in 2015, and is expected to retain its dominance during the forecast period as well. This is due to the increasing geriatric population, cases of obesity and diabetes, and road accidents. The Asia-Pacific region is predicted to grow at the fastest pace during the forecast period at a CAGR of 7.4%.
Advanced Wound Care Market Dynamics
The key trends in the market are the increasing utilization of nanofiber-based wound dressing and growing demand for combination dressing. Combination dressings, such as silver alginate, collagen hydrochloride, and silver collagen, prevents microbes from infecting the wounded area and assists in healing. It is used for infected wounds and pressure and diabetic ulcers. Due to the high therapeutic efficiency of combination dressing, it is a major trend in the advanced wound care market.
Various factors, including the increasing road accidents, cases of diabetes, obesity, and burns, geriatric population, incidents of chronic wounds, and volume of surgeries are driving the growth of the advanced wound care market. Apart from these, technological advancements and rising awareness on advanced wound care products are also contributing to the market growth.
Advanced wound care products have a higher absorption capacity when compared to traditional wound care products, such as gauze, sponge, plaster, and wadding, which is important to prevent wound seepage. They also allow oxygen exchange and simultaneously block the entry of microbes into the wounds, retain moisture, and help in the formation of new tissue to cover the wound. Due to these factors, major advanced wound care market players are coming forward with innovative products.
Another key factor that is driving the growth of the advanced wound care market is the increasing incidents of road accidents. Advanced wound care products, such as foam, collagen, and combination dressing, are used to treat the wounds formed during accidents, which are exposed to soil, debris, and microbes.
The factors hindering the growth of the advanced wound care market are the high cost of advanced wound care products and presence of alternative treatment options. Alternative wound care products, such as gauze, bandages, and wadding, are well known among healthcare providers and patients; therefore, these are preferred over advanced wound care products.
Advanced Wound Care Market Competitive Landscape
The key players in the advanced wound care market are launching new products to further their growth and give patients better treatment options. For instance, Acelity L.P.Inc., in July 2016, announced the availability of BIOSORB Gelling fiber dressing for a variety of wounds, including surgical wounds which exude fluid, partial thickness burns, oncology wounds, and traumatic wounds, in the U.S.
Some of the other key companies operating in the global advanced wound care market are Coloplast Corporation, 3M Company, Medtronic PLC, Integra Life Sciences Corporation, Smith and Nephew PLC, Mölnlycke Health Care, Organogenesis Inc., Mo-Sci Corporation, DeRoyal Industries Inc., DermaRite Industries LLC., Derma Sciences Inc., and Hollister Incorporated.