ALBANY, New York, March 14, 2018 /PRNewswire/ --
The global Wound Healing market was valued at approximately US$ 23.3 Bn in 2016 is projected to register cumulative annual growth rate (CAGR) of over 4.8% from 2017 to 2025, according to a new report published by Transparency Market Research titled "Wound Healing Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2017-2025". The report suggests that increasing patient pool for chronic wounds is likely to spur the demand of wound healing products in the coming years (2017 to 2025). As key players introduce technologically advanced wound healing solutions in developed markets such a North America and Europe, these regions are likely to account for dominating share of the global wound healing market. Established presence & wide distribution networks of major players and growing market penetration of emerging players are likely to boost growth of Asia Pacific wound healing market at a CAGR of around 5.3% from 2017 to 2025.
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Chronic Wounds to Be the Most Promising Wound Type to Invest In
Among wound types, chronic wounds segment is projected to hold dominant share of global wound healing market during the forecast period and is likely to expand at CAGR of around 5.0% from 2017 to 2025. From chronic wounds, ulcers sub-segment is expected to lead the global wound healing market in terms of CAGR by 2025. As per the Agency for Healthcare Research & Quality (AHRQ), in U.S. US$ 9.0 Bn to US$ 11.0 Bn are spent on pressure ulcers by health care systems annually. Significant patient population, and availability of favorable reimbursement policies which are driving manufacturers' focus on business expansion in advanced wound care products are projected to fuel this expansion. Significant economic burden of surgical site infections (SSI), and higher treatment costs associated with it is expected to propel the expansion of chronic wound segment during 2017-2025.
Women are to Capture Relatively Significant Market Share during the Forecast Period
In case of women, especially in low and middle income countries, there is significant gap between reported and actual cases of diabetes and chronic wounds, which is anticipated to improve during forecast period. In terms of gender, women segment held 52.9% of global wound healing market share in terms of revenue. Initiatives such as Wound Awareness Week and other outreach programs are projected to increase the awareness in significant patient population.
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Asia Pacific to Register Exponential Growth Rate and Offer Huge Incremental Opportunity
In terms of value, North America was leading contributor in global wound healing market in 2016. As per the data published by 'Wound Care Awareness Week-2017', the annual cost (including direct as well as indirect costs) of treatment of all types of wounds incurred to health care systems in the U.S. is US$ 50.0 Bn, while the annual cost of amputations exceeds US$ 8.0 Bn. High prevalence of chronic wound in this region is imposing significant economic burden and is increasing demand for affordable care in the U.S., which in turn is driving the growth of wound healing market in North America. Healthcare spending in emerging markets such as China and India are rising, which is fueling the expansion of Asia Pacific wound healing market. Geographical expansion of international players to this region through distribution and licensing agreements with local distributors in the region are anticipated to propel the growth of Asia Pacific in global wound healing market at CAGR of 5.3% from 2017 to 2025. Regaining economic growth in Latin America countries such as Brazil is augmenting healthcare expenditure through rise in private health insurance, entry of international wound healing products manufacturers & health care providers in this region. It is one of the major factor for the estimated growth of Latin America during 2017-2025.
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High Cost of Advanced Wound Care Products to Restrain Global Market Expansion
According to the Centers of Disease Control (CDC) statistics, an estimated 450,000 - 500,000 patients suffer from burn injuries each year in the U.S. The direct costs of treatment of burn injuries in the U.S., was estimated to be around US$ 10.4 Bn. Wounds impose underappreciated burden on the population across the globe and they account for the majority of injuries related to skin. Rise in the prevalence of diabetes and obesity, and increasing adoption rate for wound care therapy devices in developed and emerging markets are likely to fuel the uptake of wound healing products by 2025. However, high price of newly launched and technologically advanced wound care products restricts their demand. Conventional wound healing products are preferred over technologically advanced costly dressings in the emerging economies, despite their slow healing process. The price sensitive market of developing nations thus restricts the growth of advanced wound management technologies, which in turn has attributed for devaluation of the market, thereby restraining growth of global wound healing market.
Wound Closure Agents to Lose Market Share
The report offers detailed segmentation of global Wound Healing market based on product, wound type, and gender. Among the product types studied, wound closure agents segment is poised to account for leading share of the global market during the forecast period from 2017 to 2025. Topical agents segment which comprises hemostatic agents, antimicrobials, wound cleansers, and others are likely to get boost from their ongoing R&D activities, in turn estimating highest number of new product launches in the near future. The wound closure agents segment is anticipated to lose its market share during the forecast period, and is expected to hold a share of 24.0% by 2025 from 28.1% in 2016. Availability of other advanced wound healing products with reduced risk of infection are factors likely to hamper the market share of this segment.
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Key Players such as Acelity L.P., Inc., Smith & Nephew plc, and Mölnlycke Health Care AB are Likely to Continue to Lead the Global Wound Healing Market
The report also provide profiles of leading players operating in global wound healing market include Smith & Nephew plc, Integra LifeSciences Corporation, B. Braun Melsungen AG, Mölnlycke Health Care AB, 3M Healthcare, Ethicon, Inc. (Johnson & Johnson), Hill-Rom Holdings, Inc., Cardinal Health, Acelity L.P., Inc., ConvaTec Inc., BSN medical (Svenska Cellulosa Aktiebolaget SCA), Coloplast Group, Medline Industries, Inc., Organogenesis Inc., and Hollister Incorporated. Expansion of wound healing portfolio by acquiring the wound healing platform of emerging players is a key strategy adopted by many key players.
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