Wound care market size is projected to cross revenue of $38 billion by 2024.
CHICAGO, ILLINOIS, UNITED STATES, May 29, 2020 /EINPresswire.com/ — The global wound care market size is growing at a CAGR of over 5.5% during the forecast period 2019–2024.
Several factors will continue to influence the growth of the global wound care market. Firstly, Arizton predicts that both surgeons and patients will continue to seek new and innovative wound care products & devices that will allow faster, safer wound healing, and promote better clinical outcomes. Secondly, with the availability of positive clinical evidence demonstrating the superiority of newly launched advanced wound care products & devices over traditional wound care products, end-users will become increasingly aware of the clinical benefits of these latest generation products and more rapidly adopt them as an alternative to traditional wound care.
Arizton’s recent market research report considers the present scenario of the wound care market and its market dynamics for the period 2018−2024. It covers a detailed overview of several market growth enablers, restraints, and trends. The study covers both the demand and supply aspect of the market. The report profiles and examines leading companies and other prominent companies operating in the wound care market.
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Wound Care Market – Dynamics
Here are the list of trends and drivers that are impacting the revenues and profitability in the wound care market:
• Increasing Prevalence of Acute & Chronic Wounds
• New Product Approvals/Launches
• Increasing Number of Surgical Procedures
• Focus on Development & Commercialization of Wound Biologics
• High Demand for Anti-microbial Wound Dressing Products
• Growing Popularity of Natural Surgical Sealants
• Emergence of Stem Cell Therapy for Wound Healing
Wound Care Market – Segmentation
This industry analysis report includes detailed segmentation by products, wound type, end-users, and geography.
• The surgical wound care market share is likely to increase during the forecast period. The growing burden of ulcers, which include diabetic foot ulcers, venous leg, and pressure ulcers is contributing to the market growth. In 2018, the surgical sealants category accounted for a share of 39% of the overall hemostats & surgical sealants segment. Surgical procedures are generally accompanied by several risks, including infection, excessive bleeding, or tissue damage.
• In 2018, the hospital & specialty clinic segment accounted for more than half of the global wound care market share. The segment is growing mainly due to the increasing number of surgical procedures and surgical wound. Vendors such as Acelity and ConvaTec are also increasingly focusing on strengthening their relationships with hospitals.
• The acute wound segment accounts for more than half of the global market share. Surgical and traumatic injuries, superficial burns, and abrasions are generally considered as acute injuries. The segment is growing mainly due to the growing number of surgical procedures and the increasing incidence of several diseases.
Market Segmentation by Products
• Advanced Wound Care Products
• Sutures and Stapling Devices
• Traditional Wound Care
• Hemostats and Surgical Sealants
Market Segmentation by Wound Type
• Acute Wounds
• Chronic Wounds
Market Segmentation by End-users
• Hospitals and SpecialtyWound Care Clinics
• Long-term Care Facilities
• Others (ASCs, solo practitioners, and other acute care settings)
• Home Healthcare
Wound Care Market – Geography
North America was the largest market for wound care products, accounting for a share of 38%. The US is the largest market compared to other countries worldwide. The growing population suffering from several acute and chronic injuries is the primary factor for its high market share. Also, the growing geriatric population is another key factor driving the growth of the region.
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• North America
o South Korea
• Latin America
o Saudi Arabia
o South Africa
Wound Care Market – Vendor Landscape
The global market is highly competitive and dynamic. It is characterized by the presence of several global, regional, and local vendors. The major players operating in the market offer a diverse range of products and devices for treating various acute and chronic injuries. Approximately more than 400 vendors are providing a wide array of products worldwide. All the companies that primarily derive revenue from wound care products are growing at a significant rate over the past years. Multiple product launches, strategic acquisitions, and differentiated products fueled their growth in recent years. Going forward, new product launches and strategic acquisitions, collaborations, will be crucial for companies to maintain revenue growth in the coming years.
• Cardinal Health
• Mölnlycke Health Care
• PAUL HARTMANN
• Smith & Nephew
• Adhesys Medical
• Advanced Medical Solutions Group
• Advancis Medical
• AMERX Health Care
• B. Braun Melsungen
• BSN Medical
• BTI Biotechnology Institute
• Carilex Medical
• Cohera Medical
• Cork Medical
• Covalon Technologies
• DeRoyal Industries
• Integra LifeSciences
• Intuitive Surgical
• LOHMANN & RAUSCHER (L&R)
• Medline Industries
• MPM Medical
• MTF Biologics
• Ocular Therapeutix
• Osiris Therapeutics
• Péters Surgical
• Purple Surgical
• Reach surgical
• Sonoma Pharmaceuticals
• Sutures India
• Synovis MCA
• Talley Group
• TRIAGE MEDITECH
• Tricol Biomedical
• URGO Group
• Waston Medical Appliance
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Source: EIN Presswire