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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On the basis of product, the wound care market is segmented into advance wound management products, surgical wound care products and traditional wound care products. Growing incidence of diabetes and boosting demand for advanced and innovative wound management products are some of the factors contributing to the growth of the advanced wound care management market.
The global wound care market has also been segmented by application into ulcers, surgical wounds and burns. The surgical wound segment is estimated to account largest share in the market due to increasing number of surgeries and growing incidence of diabetes.
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.
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.
Source: VynZ Research