Wound Care Product Market Analysis -Worldwide Opportunities, Volume, Production, Demand and Geographical Forecast To 2024
Global Wound Care Product market report provides analysis for the period 2013 – 2024, in the forecast period from 2018-2024. The market study reveals that the global wound care product market is projected to grow with a CAGR of over 6.24% in terms of value during the anticipated timeframe. The market growth is influenced by numerous reasons like the growing aged population, an increasing volume of surgeries, an increase in road accidents. Furthermore, the increase in burn cases across the globe and increasing incidence of chronic wounds is also driving the growth of the market globally.
The market overview section of the report demonstrates market dynamics such as drivers, restraints, and opportunities that talks about the current nature and future scenario of the said market, key market indicators, end-user adoption analysis. Further, key market indicators included in the report provide the significant factors which are capable to define the market position of global wound care product.
Global wound care Product Market: Scope of the Report
On the basis of the type of products, the global wound care market is segmented into advanced wound care products, wound closure products and traditional wound care products. Based on the type of wound, the global wound care market is further segmented into the acute wound and chronic wound. Based on application, the global wound care market is further segmented into surgical wound, ulcer, and burn. Based on the end user, the global wound care market is further segmented into inpatient and outpatient facilities. Inpatient facilities had a significant share among the end users and it also accounts for faster growth. Finally, the report covers the analysis of these segments across based North America, Europe, Asia-Pacific and Rest of the World along with the qualitative analysis for market estimates that boosts the growth of the global skincare product market during the forecast period. Among different regions, the largest market is North America, while the fastest growing market for wound care is Asia-Pacific.
The report also highlights the competitive landscape of the global wound care product market that includes the company overview, the products & offerings, strategic decisions taken by the company, launch of new products and financial highlights.
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Global wound care Product Market: Key Findings of the Report
According to BlueWeave Consulting, the key findings of the report “Global Wound Care Market Size, Share, Development, Growth and Demand Forecast to 2024” are:
- North America led the global wound care market in 2017 and it is expected to grow with a CAGR over 6.33% during the anticipated period
- The U.S. held the largest share in the North American wound care market in 2017 and it is expected to grow with a CAGR over 7% during the period 2018–2024
- Based on type of product, advanced wound care product generated the largest revenue in the global wound care market in 2017 and it is expected to exhibit the fastest growth during the estimated period
- Chronic wound accounted for the major share in the global wound care market in 2017 and it is expected to grow with a CAGR of 6.8% during the period 2018 – 2024
- Surgical wound segment was the largest application area of wound care in 2017 and it is expected to exhibit the fastest growth during the forecast period
- Based on end user, inpatient facilities generated largest revenue in the global wound care market in 2017 and it is expected to exhibit the fastest growth during the period 2018–2024
Global Wound Care Product Market: Research Methodology
Extensive secondary research was conducted using paid data sources including Bloomberg, Factiva, Capital IQ, OneSource, and Hoovers. Additionally, several publicly-available data sources were used including journals, statistics articles, and industry associations. These data sources were used to gather relevant information to develop an understanding on the global wound care product market. The research was conducted covering the desk research and primary research. Data sources used for primary research included online forums and blogs, CATI/CAWI, CAPI interviews, and video conferences. Additionally, interviews were conducted through connecting with various industry respondents including C-level executives, directors, divisional heads, regional heads, expert consultants, and independent consultants. The primary research was conducted to gain market insights from industry respondents and validate the gathered information through desk research.
Global wound care Product Market: Research Summary
The global wound care market is growing at a significant rate owing to increased utilization of wound care products for the treatment of chronic wounds, surgical wounds, burns, and ulcers. These products accelerate the wound healing process and alleviate the patient’s condition. Various wound care products available in the market include advanced wound care, traditional wound care, and wound closure products. The utilization of wound care products are increasing due to the growing geriatric population, increasing cases of diabetes and obesity, along with an increase in the volume of surgeries. In addition to that, the increase in the number of road accidents and burn cases are also leading to their amplified utilization. However, the high cost of wound care products and the requirement of high technical assistance act as restraints in the growth of the wound care market.
U.S. was the largest country for the global wound care market which holds over 34.1% share in 2017 and is expected to continue being the largest market during the forecast period. Presence of many end users including patients, hospitals, clinics, and medical stores supports the growth of the global wound care market in the country.
During the estimated timeframe, the demand for advanced wound care products is expected to grow at a faster rate, as these products are comfortable to wear, are flexible and prevent hindrance to body movements. The frequency of change of advanced wound care products is less as compared to traditional wound care products and thus, promotes epithelialization that accelerates the wound healing process.
Amongst different advanced wound care products, the consumption of advanced wound dressings was significant in 2017 and it is also expected to witness fastest growth with a CAGR over 6.67% during the forecast period. In addition to that, the sales of bandages contributed the major share among traditional wound care products and are expected to grow with a CAGR over 6.33% during 2018 – 2024.
Among the different wound therapy devices, the consumption of NPWT was highest in 2017 and it is also expected to witness the fastest growth with a CAGR over 6.77% during the forecast period. High prevalence of chronic wounds and increase in the number of surgeries across the globe are the key drivers for this market. The global wound care market for the chronic wound is expected to witness the highest growth with a CAGR over 6.28% during the forecast period owing to the increasing prevalence of obesity, ulcer, diabetes and growing geriatric population across the globe.
Global wound care Product Market: Competitive Dynamics
The global wound care product market is dominated by a number of players in the market, amongst them the prominent players are Medtronic plc., Smith and Nephew plc., Molnlycke Health Care, Johnson & Johnson, DeRoyal Industries Inc., DermaRite Industries LLC, ConvaTec, Coloplast A/S, Integra Life Sciences Holdings Corporation, Mo-Sci Corp., Organogenesis Inc., Acelity L.P. Inc., 3M Company, Medtronic plc., Smith and Nephew plc., Molnlycke Health Care, Hollister Incorporated, Derma Sciences Inc. , etc.
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