Global Advanced Wound Care Market is expected to reach USD 24,054.5 billion by 2025 and is projected to register a CAGR of healthy rate in the forecast period 2018 to 2025. The new market report contains data for historic years 2016, the base year of calculation is 2017 and the forecast period is 2018 to 2025.
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Segmentation: Global Advanced Wound Care Market
Global Advanced Wound Care Market By Type (Dressing, Biologics, Therapy Devices), By Wound Type (Surgical Wound, Diabetic Ulcers, Pressure Ulcers, Venous Ulcers, Burns, Others), By End-User (Hospitals, Wound Care Centers, Ambulatory Centers, Home Healthcare, Clinics, Community Healthcare), By Distribution Channel (Direct Tenders, Retail), By Geography (North America, Europe, Asia Pacific, South America, Middle East and Africa) – Industry Trends and Forecast to 2025
Drivers: Global Advanced Wound Care Market
The major factors contributing to the growth of the market includes factors such as rising ageing and geriatric population, technological advancement and government support in advanced wound care.
RISING AGEING AND GERIATRIC POPULATION
With our aging population, diseases that compromise skin integrity such as diabetes, skin breakdown with ulcer and chronic wound formation is a frequent consequence. Type of wounds includes pressure ulcers, surgical wounds, venous ulcers, traumatic wounds, arterial wounds, diabetic ulcers and chronic ulcers. There is a strong correlation between age and the incidence of diseases requiring wound products. Special dressings have been developed to cure these disease, they include films, hydrocolloids, hydro gel dressings, foams, hydrofibers and alginate dressings. Advance wound care is highly used in case of pressure ulcers, diabetic ulcers and chronic ulcers.
According to World Bank, in 2015, Asia and Pacific population is aging faster as compare to any other region. In 2015, 315.1 million aged population lives in Asia Pacific and this number is expected to increase in the future. Also, in Japan aging population is rising due to which spending by the Japanese government healthcare is increasing. According to United Nations Population Fund Asia & the Pacific (UNPFA), the number of older population in the Asia-Pacific is expected to triple and it will reach 1.3 billion by 2050. On the other hand, in 2015, aged population of Europe, Middle East and Africa, South America and North America is 145.3, 51.2, 50.6 and 53.6 million and is expected to increase to 236, 213, 186, and 125 million in 2050.
According to World Population Prospects, 962 million people aged above 60 which comprises of 13.0% of total population and is expected to reach 425 million by 2050. Europe contributes maximum in the aged population which is is around 25.0% of total aged population.
According to United Nations Population Fund, estimated population of India would be 25.1 million by 2050.
According to Population Reference Bureau Average life expectancy is increased from 68 years in 1950 to 79 years in 2013 because the mortality rate has been reduced. In elderly patients the wound healing process is very slow due to low collagen replacement, low elasticity of skin, ageing related disease like cardiovascular process diabetes and others, To overcome all these factors new wound care products are required to accelerate the wound healing process in elder populations considering the ageing related factors..
TECHNOLOGICAL ADVANCEMENT
Wounds are unique in as far as no disease other than wounds would have existed from the beginning of mankind. Over the years, the management of wounds, especially that of chronic wounds, have enormous social and economic implications worldwide. The increasing prevalence of chronic wounds is driving demand for products which better enhance quality of life and limit the risk of more serious health problems. As a result treatment and management is moving from traditional wound care products to more advanced offerings which provide an optimal healing environment. These advanced technologies include foam, alginates, gelling fibrous dressings and anti-infective substances such as silver. Continuous advances made in the study of the wound, an ever-broadening understanding of the path physiology of wounds, and advanced technology in monitoring the response of healing has led to continuous developments in the treatment of different wounds. Current research focuses on human skin substitutes and growth factors that will provide promising results. Technological advancement in wound care allows nurses and care workers to provide better treatment for patients. New technological advancement has led to a shift from dressings to more advanced devices and products that incorporate pharmaceutically active ingredients.
GOVERNMENT SUPPORT
Wound healing is an inherent ability of an organism to protect itself against injuries. Government of every region support in the form of funding for advance wound care development, innovations and helps in increasing trend towards preventive healthcare. For instance, Willingsford a small British company is to receive government grant to develop its innovative wound treatment. In 2012, Canada spends USD 3.9 billion annually on wound care. WCA Canada recommends the federal government to invest in supporting WCA Canada to develop an innovative wound collaborative to drive partnerships for providing pan-Canadian leadership on management and wound prevention involving national health organizations, clinician, academia, and industry (medical devices, pharmaceuticals, biotechnologies and IT). The European Wound Management Association (EWMA), aims to advocate for the rights of people with wounds and to promote best practice in wound management, to receive the best possible care in a timely manner that meet the needs of the individual and the health service. The document Home Care-Wound Care (HCWC) was developed by a group of experts within The European Wound Management Association and supported by representatives of organisations in Germany and UK, to provide a set of recommendations on wound care at the European level.
The government support and fund for the research and development to develop new technologically advancements produces new products in the market. Government plays a major role in the launch of new and cost effective products by regulating there policies for new product launch. By these government supports advanced wound care market can be hastens.
Major Players: Global Advanced Wound Care Market
Some of the major players operating in this market are 3M, Smith and Nephew, Medtronic, Acelity L.P. Inc., Molnlycke Healthcare AB, Convatec Inc, Baxter, Coloplast, Ethicon. Inc, Hollister Inc, Integra Life Sciences Corporation, Derma Sciences Inc, Spiracur Inc, Medline Industries, Mimedx Group, Organogenesis Inc, Talley Group, BSN Medical, Devon Medical Products, Human Biosciences Inc, B.Braun Melsungen AG, Cardinal Health, Paul Hartmann Limited, DeRoyal Industries Inc, DermaRite Industries LLC, MPM Medical Inc, Kinetic Concepts, Advancis Medical among others.
