Traditional wound care and advanced wound care products are used to treat acute and chronic wounds. Chronic wounds take substantial time to heal and are expensive to treat. Advanced wound care has emerged as a standard solution for treating chronic wounds. Traditional wound care products are being substituted by advanced wound care products due to their efficacy and effectiveness in managing wounds by enabling faster healing.
The world advanced wound care market was valued at $7,117 million in 2015 and is expected to reach $12,454 million, growing at a CAGR of 8.3% during 2016-2022. Market growth is attributed to the rapid increase in the incidence of chronic diseases such as diabetes, changing lifestyle factors, and attempts to reduce the duration of hospital stays to limit the surgical costs. In addition, the demand for advanced wound care market is driven by favorable reimbursement scenario, increasing healthcare expenditure by the government, and rising inclination towards products that enhance therapeutic outcomes. However, high cost of advanced wound care products coupled with low awareness, especially in underdeveloped countries such as Nigeria, Afghanistan, and Bhutan, are expected to restrain the market growth.
The world advanced wound care market is segmented on the basis of product type, application, end user, and geography. By product type, it is segmented into infection management, exudate management, active wound care, and therapy devices. Infection management is the leading segment, which is further divided into silver dressings, non-silver dressings, and collagens. Based on application, it is bifurcated into chronic wound care and acute wound care. On the basis of end user, it is divided into hospitals and community centers. In terms of geography, the market is segmented into North America, Europe, Asia-Pacific, and LAMEA.
North America was the leading revenue-generating region, whereas Asia-Pacific is projected to grow at the highest CAGR of 10.4%, owing to growing demand for advanced wound care products, rising geriatric population, and increasing unmet medical needs.
Companies included in this report are:
KEY BENEFITS FOR STAKEHOLDERS:
ADVANCED WOUND CARE MARKET SEGMENTS:
By Product Type
By End User
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