Global Advanced Wound Care Market - Analysis and Forecast (2016-2022) (Focus on Advanced Wound Care Dressings, NPWT Devices, HBOT Devices, Wound Care Biologics, Ultrasonic Devices, and Electromagetic Devices)
LONDON, March 29, 2017 /PRNewswire/ -- The global advanced wound care market is expected to reach $10,940.7 million in 2022
Advanced wound care products are usually used to manage complex wounds, including burns, chronic wounds and complex trauma and surgical wounds. Chronic and complex wounds represent one of the predominant challenges to global healthcare systems because they are hard to heal and therefore, expensive to treat. The advanced wound care market comprises of an array of competing technologies such as advanced wound dressing technologies, Negative Pressure Wound Therapies (NPWT), biologics/bioactive products, and hyperbaric oxygen therapy devices.
Despite the tight competition in the advanced wound care market and the rising demand by the government to reduce spending on healthcare, the prospect growth is expected to be driven by favorable demographic factors such as growing aging population and rising incidences of chronic wounds. Market growth is particularly expected in Brazil, China, India, and other emerging countries where the market penetration of advanced wound care products, and especially biologics, is just a fraction of the market penetration in the U.S.
This study includes an extensive analysis of the advanced wound care market, by product type, wound, and geographical regions, allowing research to develop a comprehensive outlook of the market. The market report presents a detailed and investigative study of the entire market and provides a comprehensive insight into various forms of developments, trends and key participants.
While highlighting the key driving and restraining forces for this dynamic market, the report also provides a comprehensive section on competitive landscape, market share analysis, competitor benchmarking (matrices), and their positioning within the global advanced wound care market.
The answers to the following key questions can be found in the report:
- What are the major market drivers, challenges and opportunities of the Advanced Wound Care Market and their use cases?
- How is the Advanced Wound Care Market evolving?
- What are the driving and restraining factors in the Advanced Wound Care Market?
- What are the market shares of the leading segments and sub-segments of the Advanced Wound Care Market in 2015 and 2022?
- How will each segment of the Advanced Wound Care Market grow over the forecast period and how much revenue will these account for in 2022?
- Who are the market leaders in the Advanced Wound Care Market (2015 & 2016?)
- How will the market share of the leading companies change in 2016 and which country will lead the market in 2016?
- How will the industry evolve during the period between 2016 and 2022?
- What are the key developmental strategies implemented in different applications across all regions?
- How will the key market players leverage on key developments such as mergers & acquisitions, partnerships, and product launches among others?
- Which geographical region will lead the Global Diabetic Care Market by the end of the forecast period?
- What are the market trends and key developments in different geographical regions?
The research study tries to answer various aspects of the advanced wound care market with the help of central factors driving the market, threats that can possibly slow down the overall market growth, and the current growth opportunities that are going to shape the future trajectory of the market expansion. The study takes into account the growth-share matrix model for an in-depth study of the advanced wound care market and makes an assessment of the factors governing the same.
Executive Summary
Wounds propose a substantial health hazard to patients, providers, and the global health economy, affecting millions of patients and costing billions of dollars annually. It has been observed that wounds have anecdotal effects on the life quality of the patients or those affected, their caregivers and families. However, in the past two decades, numerous changes have occurred in the science of wound healing.
There has been pronounced advancements in the development of wound dressings that possess rapid healing properties compared to traditional wound dressing products such as gauze, cotton and bandages. At present, owing to the rigorous research and development activities along with positive outcomes of clinical trials, players operating in the wound market have been successful in developing advanced and cost effective wound products such as foams, hydrocolloids, hydrofiber, alginates, Negative Pressure Wound Therapy (NPWT) devices, and biologics among others that provide better wound healing care and faster recovery.
The advanced wound care market is majorly segmented into four major categories that include advanced wound dressing, NPWT, wound care biologics, and other products. The market for wound dressings is more inclined towards advanced wound dressing products due to the offered fast and safe healing properties. The global advanced wound care market is expected to reach $10,940.7 million in 2022, growing at a CAGR of 5.0% from 2016 to 2022. Advanced wound care dressings accounted for the largest market share of the advanced wound care technology market in 2015. Easy applicability and availability along with clinical competence are some of the major factors that are expected to boost the advanced wound dressing segment market in the future. Antimicrobial dressings were the largest product segment that accounted for a majority of market share in 2015. Moreover, the collagen based bio-active dressings are expected to exhibit the highest growth during the forecast period from 2016 to 2022.
The key modality or device based technology used in advanced wound care is Negative Pressure Wound Therapy (NPWT), introduced by Kinetic Concepts (now Acelity) in the 1990s. The NPWT device uses localized pressurized environment to support wound healing by extracting fluid and infectious materials. Other modality or device based therapies in this segment include electrical and electromagnetic stimulation and ultrasound mist devices.
An evolving segment of the advanced wound care market is the biologic product segment, which includes enzyme based formulations, synthetic skin substitutes, xenografts and cell based biogens to promote wound healing. Wound care biologics are being frequently used to treat complex burn injuries in patients with the inadequate skin for grafting. Since then, wound care biologics have been established and used to treat the prevalent problem of most complex chronic wounds such as diabetic foot ulcer and venous leg ulcers.
In addition, there are several other advanced wound care products available in the market today including, oxygen therapy devices and systems, electric simulation devices, ultrasonic mist, and electromagnetic devices.
Geographically, North America dominated the global advanced wound care market in 2015. Furthermore, North America was the largest geographical market for wound care biologics and NPWT devices due to the large patient base suffering from diabetes associated with foot ulcers, pressure ulcer and geriatric population. In 2015, it has been estimated that more than $13 billion was spent on pressure ulcer management in the U.S. Furthermore, the Centers for Disease Control and Prevention (CDC) and National Institutes of Health (NIH) estimates that as of 2015, there was over 9.4 million pressure ulcers patient in the world. In the U.S. alone, more than 2.5 million pressure ulcers are cured in hospitals and acute care facilities.
Moreover, Asia Pacific is poised to show immense growth in the advanced wound care market during the forecast period. According to the World Health Statistics 2014 report, published by the World Health Organization (WHO), Japan has the longest life expectancy in the world. The organization also reported that, until 2012, Japanese women has the longest life expectancy of around 87 years globally. Thus, the rise in life expectancy of the population in this region along with high demand for superior quality of life would escalate the demand for wound management products during the forecast period. However, as the consumers belonging to this region are highly cost-conscious; hence the future growth of the market would depend on pricing and efficacy of the products.
The top four wound care companies, Acelity, Inc., Smith and Nephew plc, Molnlycke Healthcare and ConvaTec account for over 54% of the advanced wound care market globally, with their principal emphasis around wound dressing, and NPWT devices. These companies are expected to dominate the advanced wound care market during the forecast period as the application of NPWT devices, and wound care biologics is anticipated to grow in near future. However, stringent regulation reimbursement and pricing pressures, and the beginning of competitive bidding models expect to temper growth rate of these companies. However, the growth of episode-based payment models and the quality-of-care payment models will enable the companies to better track and manage chronic wounds across various care settings, thus providing sustained growth in the long-term perspective.
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