Wound Management Market - Growth, Trends, and Forecast (2019 - 2024)
NEW YORK, Sept. 11, 2019 /PRNewswire/ --
Market Overview
The key factors propelling the wound care management device market includes the growing demand for faster recovery of wounds, rising incidences of chronic wound, increase in the number of surgeries, and the increasing incidence of diabetes, that is expected in the growth of the overall market.
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Diabetes is found to be the major wound causing disease along with other chronic diseases. In adults who are aged over 65 years, the population suffering from diabetes is more than 25%. The incidence of chronic wounds, especially foot ulcers is increasing among the diabetic population. While more than 80,000 adults are expected to undergo a lower extremity amputation, it is also estimated that patients with diabetes are 10 times more likely to undergo amputation at some point in their life.
Therefore, the number of diabetic patients is expected to increase with the increasing geriatric population, which, in turn, will drive the growth of the wound care management devices over the forecast period.
Scope of the Report
As per the scope of the report, wound care management products are majorly used to treat complex wounds. Wounds and injuries are common afflictions that affect billions of people worldwide. The products are highly resistant to environmental inhibitors and foreign particles and are used by a nurse under the physician's orders and supervision, for many reasons. Therefore, the rising rates of risk factors and the need for cost-efficient treatments are driving the need for better wound care products.
Key Market Trends
Hospital and Specialty Wound Clinic is the Largest Segment Under End User That will Continue to Grow Fastest During the Forecast Period
The hospital and specialty wound care clinic segment is estimated to account for the largest share of the global wound care market due to the increase in the number of chronic wound cases, rising incidence of diabetes, and improving hospital infrastructure in the developing countries. Thus, these are some of the major factors driving the growth of the end-user segment.
North America is the Largest Growing Segment under Geography that is Expected to Follow the Same Trend Over the Forecast Period
North America dominates the advanced wound care management market due to the increasing incidence of chronic wounds, favorable reimbursement policies, and rise in the aging population.
However, Asia-Pacific is expected to witness the highest CAGR, with the growth in this market centered on Japan, China, and India. Additionally, there are factors, such as the rising focus of the major players in the emerging Asian countries and government support that is driving the growth of the wound care management device market in this region.
Competitive Landscape
The market players are committed to developing innovative healing solutions for customers and patients across the care continuum, generating proven clinical outcomes. The companies are also showing continuous growth and are developing new and differentiated products and services, which address the evolving healthcare needs among patients, providers, and consumers.
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