ID: MRFR/HC/0421-CRR | September, 2018 | Region: Global | 90 pages | Cooked Research Reports
Global wound care market research report, Product (Wound Therapy Devices, Traditional and Active Wound Care Products), Type (Chronic, Acute), Application (Ulcers, Burn, Trauma Wounds), End Users (Hospitals, Clinics, Trauma Center) - forecast till 2027
The global market for wound care is projected to advance at a desirable pace over the next couple of years. By the year 2027, the market is expected to surpass a valuation of USD 29,900 Mn up from USD 15,456.2 Mn in 2016. The inflation in demand for wound care is partly owing to the increased occurrence of chronic and acute disorders. Wound care products form a significant portion of the overall hospital and clinical supplies. Over the years, wound care product categories have continued to expand with the continuous arrival of new and advanced products. As most traditional products fade out, they are being quickly replaced by new variants of wound care products. Manufacturers are looking into various areas for improving their product efficiency. In addition, more specific types of wound care products are now available. These new products allow physicians a greater capacity to attend to complicate external cuts, consequently improving caregiving.
This MRFR report offers a ten-year (2017-2027) revenue forecast of the global wound care market. It covers all the important parameters that are likely to govern the growth trends of the market during the forecast period. Key drivers, opportunities and risk factors have been thoroughly discussed in the report. The scope of the discussion also covers different types of wound care products such as advanced wound management products, wound therapy devices, traditional wound care products wound care products and active wound care products. Revenue analysis for global sales of wound care products intended for chronic wound and acute wound is also available in the report. The application areas mentioned in the report include surgical wound, ulcer, burn and trauma wounds. Primary end users of wound care identified include hospitals, clinics, home healthcare and trauma centers.
Historical market trends, market dynamics, forecast, market value by region as well as by segmentation, country-level analysis for each market segment, key player’s market share analysis and market factor analysis which covers supply chain and Porter's five forces analysis of the market.
B.Braun Melsungen AG, 3M, Baxter, Ethican, Inc., Smith & Nephew, CanvaTec, Kinetic Concepts, Inc.
Market Research Future (MRFR) employs fail-safe algorithms to analyze market trends and draw actionable insights. The in-house expertise is leveraged for making a comparative assessment of the key market divergences including historical trends, consumer market landscape, key developments, etc. The qualitative and quantitative information delivered is supported by data collected through extensive primary research which include interviews with stakeholders across the value chain, surveys, and questionnaires among others. Secondary data is sourced through SEC filings, annual reports, whitepaper references, paid database services, etc. for verifying primary data and authenticating the predicted market shifts. Cutting-edge data science tools are employed for an in-depth analysis of the data for offering reliable foresight. Top-down and Bottom-up approaches validate the accuracy of the market size and revenue estimation. A multi-layer verification process reaffirms the credibility of the research findings available in our reports.
For the scope of the research, MRFR’s report offers a comprehensive segmental analysis of the global market for wound care
By End User
The global wound care market is on a steady upswing and is expected to expand at a compound annual growth rate of 6.20% over the forecast period 2017-2027, asserts Market Research Future (MRFR) in a detailed research report. The global wound care market is being pegged at USD 29,955.2 Million by the end of 2027, up from USD 15,465.2 Million in 2016.
Wound care products are standard in wound management of acute and chronic wound. Advanced wound care products have garnered many accolades since the last decade due to their efficacy in the treatment of wounds. The growth of the global wound care market is sustained by increasing prevalence of acute and chronic wound in patients, the rise in global geriatric population and favorable reimbursement scenario. Other macroeconomic factors such as increase in healthcare spend on a worldwide scale has also made an affirming impetus on the growth of the market.
The expansion of the global wound care market is the result of soaring rise in prevalence of chronic and acute wound due to increasing number of surgeries and high incidences of severe burns, and rise in a number of road accident injuries which is inducing high demand for wound closure products.
Increase in global geriatric population is another reason substantiating the growth of the global wound care market. Geriatric population is likely to encourage the market for wound care products as elderly patients have a higher risk of surgical complications.
Favorable reimbursement scenario in developed countries has been a plus for the market growth as reimbursement facilities for wound closure in hospitals have increased the affordability quotient of wound care products which induces high demand for wound care products.
Even though the outlook of the global wound care products market looks promising, the growth of the market might be met by few restraining factors, high costs associated with wound care products being one of them. Approximately USD 1,700 per application goes into the treatment of chronic wound such as venous and diabetic foot, and it is estimated that the cost of additional treatment might cross the expense of actual treatment. Such high costs are not affordable for consumers in developing countries which is likely to impede the growth of the market over the forecast period.
Advanced wound care products have emerged as super effective in the treatment of acute and chronic wounds and have garnered laurels from all quarters. The demand for advanced wound care products has also increased due to their potential benefits and the existence of therapeutic substances that help in faster and scar-free healing. Consumers are more inclined towards these advanced products which offer ample opportunity for market expansion.
The global wound care market has been segmented based on product, type, application, and end user. By product, the market has been segmented into advanced wound management products, wound therapy devices, traditional wound care products, wound care products, and active wound care products. Product-wise, the advanced wound care segment is the leading segment and accounted for approximately 31% of the market share in 2016. Advanced wound care products are experiencing inflated demand due to they allow faster healing and have less infection chance. Moreover, developed dressing and topical products offer absorption up to 500% of their own weight which adds to their popularity. However, the traditional wound care products segment owns a huge market share due to its easy availability and cost-effectiveness. In the developing countries, consumers are unaware of advanced wound management products and rely upon traditional wound care products for wound care.
By type, the global wound care market has been segmented into chronic wound and acute wound. The chronic wound segment accounted for the largest market share of 60.3% in 2016.
By application, the global wound care market has been segmented into surgical wound, ulcer, burn, trauma wounds, and others. Application-wise, the surgical wounds segment is the largest segment as wound care products mostly find application in the treatment of surgical wounds. The surgical wound segment accounted for the maximum market share of 35% in 2016. The ulcer segment is the second largest segment which accounted for 22.1% share of the global market in 2016.
By end user, the market has been segmented into hospitals, clinics, home healthcare, trauma centers, and others. The hospitals segment was the largest end-user segment in 2016 and accounted for 37.5% share of the global market while the clinics segment accounted for the second largest share of 26% in 2016.
The global wound care market spans across the regions of North America, Europe, Asia Pacific, and the Rest of the World. North America captures the maximum share of the global wound care market due to the presence of a considerable diabetic patient population. Patients who have diabetes need prolonged time for wound healing which generates additional demand for wound closure products. In addition, due to high healthcare spending in the region, hospitals and healthcare organizations invest a substantial sum in advanced wound care products to provide improved healthcare services. The US is the major contributor to North America wound care market.
Europe is the second largest market for wound care and is expected to exhibit significant growth over the forecast period. The rise in incidences of diabetes, technological advancements, and favorable government initiatives support the growth of the market in Europe. In Europe, various non-profit and government organizations such as the European Wound Management Association (EWMA) also aim to promote industry best practices in wound management which spur the growth of the market. The U.K. and Germany are the key contributors to the Europe market.
Asia Pacific is a worthwhile market and is expected to grow at a relatively faster rate of approximately more than 6% over the forecast period. The rise in the geriatric population, increasing occurrence of chronic wounds, and incidences of other devastating diseases in the region create a lucrative environment for the growth of the wound care market in Asia Pacific.
The eminent players operating in the global wound care market include B. Braun Melsungen AG, 3M, Baxter, Ethicon, Inc., Smith & Nephew, ConvaTec, and Kinetic Concepts, Inc.
Global Wound Care market: Competitive Landscape
A number of industries are working in the development and production of wound care products. Through extensive research, it is found out that the market players have adopted the strategy of development of better and cost-effective products, and acquisition. Some key players operating in this market: B. Braun Melsungen AG, 3M, Smith & Nephew and ConvaTec. Many leading players are concentrated in the Americas owing to well-established market and high healthcare expenditures; these players have expanded their market in other region as well. Furthermore, the companies such as B. Braun Melsungen AG, 3M, and Smith & Nephew are well-established in European market. The major 4 players namely B. Braun Melsungen AG, 3M, Smith & Nephew and ConvaTec account for more than 16% share of the global wound care market. Furthermore, rest 84% of the market is accounted by other manufacturers for the global wound care market.
Smith & Nephew is one of the leading players in the market with a huge global presence and over 15,000 employees. The company has a significant presence in the Americas, UK, and Asia Pacific and its research and manufacturing units are present in over one dozen countries. The global wound care market is led by Smith & Nephew with 8.00% of the global market share owing to well-developed market and worldwide presence, which is expected to witness a rise during the assessment period. In May 2014, the company acquired ArthroCare, an innovative medical device company. Thus, strengthening its product portfolio and enhancing its revenue growth.
Founded in 1978, ConvaTec is headquartered in Deeside, United Kingdom. The company is focused on developing products for the treatment of chronic conditions, advanced wound care, ostomy care, continence and critical care, and infusion devices. The company accounts for 3.5% market share in the global wound care market. In July 2018, the company announced the U.S. Food and Drug Administration (FDA) 510(k) clearance for its AQUACEL Ag Advantage dressing for wound management. Thus, enhancing its product portfolio for treatment of the chronic non-healing wounds.
Braun Melsungen AG, headquartered in Melsungen, Germany is medical and pharmaceutical device company. The company accounts for 3.1% market share in the global wound care market. The company has its presence in more than 60 countries and employs approximately 56,000 employees. In November 2016, the company launched Wound Gel X used for maintaining a clean and moist wound environment that is conducive to healing. Thus, enhancing patient care.
Founded in 1902, 3M is an American multinational conglomerate corporation operating in the fields of industry, health care, and consumer goods. The company accounts for 2.1% market share in the global wound care market. 3M employs 90,000 people worldwide and has operations in more than 70 countries. In February 2015 the company acquired Ivera Medical Corp, a manufacturer of health care products that disinfect and protect devices used for access into a patient’s bloodstream. This acquisition is likely to broaden 3M’s vascular access product offerings along with its medical tapes, skin care products, bandages and wraps, and skin closures.
Each of them is committed to providing high-quality products to enhance patient care. These players established themselves as major companies across the globe. They are investing in research, awareness, marketing and technology advancement. The also focus on acquisitions, partnerships, collaborations, expansion and new product launches to obtain maximum market share.