The 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 increasing road accidents, geriatric population, burn cases worldwide, and volume of surgeries are responsible for the growth of the market. Furthermore, technological advancements in the field are also leading to the progress of the market.
Insights on market segments
In terms of type, advanced wound dressing occupied the largest share of the advanced wound care market in 2015. The wound therapy device category is further divided into oxygen and hyperbaric oxygen equipment, negative pressure wound therapy (NPWT) devices, and electrical stimulation devices. Out of these, the NPWT device category is expected to witness the fastest growth in the market with a CAGR of 7.3% during the forecast period (2016–2022).
On the basis of application, surgical and chronic wounds are predicted to hold the largest share of the global advanced wound care market and also grow the fastest during the forecast period.
When end-users are taken into consideration, the advanced wound care market is bifurcated into outpatient and inpatient facilities. Of these, inpatient facilities were the larger category during the historical period (2012–2015), and these are expected to retain their position during the forecast period as well. This is attributed to properly trained staff and specialized facilities of inpatient settings.
Asia-Pacific to witness the fastest growth during the forecast period
The Asia-Pacific region is expected to grow at the highest CAGR, of 7.4%, during the forecast period. This is attributed to the increasing geriatric population, road accidents, and cases of diabetes and burns. For example, in 2014, the World Health Organization (WHO) stated that nearly 1 million people suffer from moderate to severe burns in India, yearly. People can suffer from severe wounds due to road accidents, which require advanced wound care products for recovery. These factors are leading to the growth of the advanced wound care market in this region.
Key players are looking at mergers and acquisitions to further the growth of the market
The key players in the advanced wound care market are looking at acquisitions and mergers to augment their profit. For instance, in August 2016, Derma Sciences Inc. acquired BioD LLC, which develops biologic products derived from placental tissue for covering wounds. Similarly, in January 2014, Organogenesis Inc. acquired the Dermagraft assets from Shire PLC. Commonly used for treating non-healing diabetic foot ulcers, Dermagraft is a human fibroblast-derived dermal substitute.
Some of the other key companies operating in the global advanced wound care market include Coloplast Corporation, 3M Company, Medtronic PLC, Smith and Nephew PLC, Mölnlycke Health Care, Mo-Sci Corporation, Acelity L.P. Inc., DeRoyal Industries Inc., DermaRite Industries LLC, Integra Life Sciences Corporation, and Hollister Incorporated.
GLOBAL ADVANCED WOUND CARE MARKET SEGMENTATION