Wound care products are used for the treatment of the injured, burned or surgical area of the body. It promotes healing, assists early recovery and reduces complications and risks related to healing process. The global wound care market is growing at significant rate due to increasing prevalence of chronic and acute wound, technological improvement in products and rapid growth in geriatric population. Different types of products contributed to the wound care market size. The market has witnessed high demand for advance wound management products over the last few years, due to the increasing demand for innovation and advance wound management products.
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The rapid increase in aging population, increasing prevalence of diabetes, increase in number of trauma injuries, road accidents and surgeries, and increasing healthcare expenditure are the primary growth drivers for wound care market. Healthcare expenditure has witnessed high growth globally which has led to increase in adoption of wound care products in hospitals and clinics. Mounting awareness programs for treatment and management of wound are also fueling the growth of the market.
Development of technologically advanced wound care products is also one of the key growth driver for the wound care market. As conventional methods of wound management are being rapidly replaced by technologically advanced products for effective and faster healing.
Geographically, North America is the largest wound care market as the region is home to large number of industry players Some of the other factors leading to the growth of the North American market are growing research activities, and the highest healthcare expenditure globally, and increasing prevalence of diabetes. For instance, according to Centers for Disease Control and Prevention (CDC), in 2015 approximately 23.1 million people in the U.S. had diabetes. Moreover, the implementation of the Patient Protection and Affordable Care Act has also boosted the growth of the North American wound care market.
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Asia-Pacific is observed to witness fastest growth in the market. As the region comprises of largest population and the awareness for wound management is increasing rapidly among them. In addition, government support for wound management is also creating a positive impact on the wound care market growth in the region.
Key players in the wound care industry are investing in the development of innovative and advance products, which is strengthening their position in the market. Smith & Nephew plc, Johnson & Johnson and 3M Company majorly dominated the wound care market. Acelity L.P. Inc., Smith & Nephew plc, Johnson & Johnson, Medtronic plc, Coloplast Corporation ConvaTec, Organogenesis Inc., Integra Life Sciences Holdings Corporation, and 3M Company are some of the key players offering wound management products.