According to a report, “Advanced Wound Care Market Size, Share & Trends Analysis Report By Product (Moist, Antimicrobial, Active), By Application (Chronic, Acute), By End Use, By Region, And Segment Forecasts, 2020 – 2027”, published by Grand View Research, Inc. The global advanced wound care market size is expected to reach USD 9.3 billion by 2027, expanding at a CAGR of 5.2% over the forecast period, according to a new report by Grand View Research, Inc. Rising surgical procedures and increasing number of ambulatory surgical centers (ASCs) are some of the key factors driving the market for advanced wound care.
Advanced wound dressings which are manufactured with products such as foam, hydrocolloid, film, and collagen dressings are extremely beneficial for victims. Growing awareness about the benefits of these products in keeping the injury hydrated, allowing them to heal rapidly, is fueling the demands in the advanced wound care market. Also, the rising number of road accidents and usage of skin-substitutes and biomaterials for the treatment of 2nd and 3rd degree burns are causing the growth rate to get bolstered further.
According to the Association for Safe International Road Travel (ASIRT), approximately 20-50 million people suffer from injuries and disability from road crashes globally. It also reported that road accidents are the ninth leading cause of death globally.
Factors responsible for road accidents include speeding, alcohol and psychoactive substance influence, unsafe road infrastructure and vehicles, non-use of helmets and seat belts, distracted driving, inadequate post-crash care, and inadequate law enforcement. According to the WHO, 93% of the world’s road fatalities occur in low and middle-income countries due to the aforementioned factors. In scenarios like this, advanced wound care products become one of the most important products playing a crucial role in saving a great number of lives.
Further key findings from the study suggest:
Mergers & Acquisitions form a major part of a company’s strategy for expansion. For instance, in January 2019, Mölnlycke acquired M&J Airlaid Products A/S to further strengthen its wound care capabilities.
Recently, in April 2019, Smith & Nephew plc, the global medical technology business, announced completion of the acquisition of Osiris Therapeutics, Inc., for $19.00 per share in cash, representing a total equity value of approximately $660 million.
New technology usage and adoption by major market players is one of the most important factors of market growth. For instance, in 2020, Smith+Nephew, the global medical technology business, welcomed the announcement that its campaign to develop and promote the T.I.M.E. clinical decision support tool (CDST)1 was awarded Most Innovative in the category Excellence in Reputation & Thought Leadership at the 2020 Gartner Communications Award Ceremony.
By product, the moist segment held the largest market share in 2019 as it is used in providing first-aid to the patients
Based on application, the chronic segment is anticipated to witness the fastest growth over the forecast period owing to rising cases of diabetes among all age groups
On the basis of end use, home healthcare is expected to witness the fastest growth over the forecast period due to increasing demand for reduced hospital stay and growing geriatric population
On the basis of region, Asia Pacific is expected to witness the fastest growth over the forecast period owing to rising number of surgical procedures and increasing cases of sports injuries
Key players operating in the advanced wound care market include Smith & Nephew PLC; Molnlycke Health Care AB; Acelity (KCI Licensing, Inc.); ConvaTec Group PLC; Baxter; Coloplast Corp.; Medtronic; 3M; Derma Sciences Inc. (Integra Lifesciences); and Medline Industries, Inc.
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Grand View Research has segmented the global advanced wound care market on the basis of product, application, end use, and region:
Advanced Wound Care Product Outlook (Revenue, USD Million, 2016 – 2027)
Other Advanced Dressings
Advanced Wound Care Application Outlook (Revenue, USD Million, 2016 – 2027)
Diabetic Foot Ulcers
Venous Leg Ulcers
Surgical & Traumatic Wounds
Advanced Wound Care End-use Outlook (Revenue, USD Million, 2016 – 2027)
Advanced Wound Care Regional Outlook (Revenue, USD Million, 2016 – 2027)
List of Key Players of Advanced Wound Care Market
• Smith & Nephew PLC
• Molnlycke Health Care AB
• Acelity (KCI Licensing, Inc.)
• ConvaTec Group PLC
• Coloplast Corp.
• Derma Sciences Inc. (Integra Lifesciences)
• Medline Industries, Inc
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Browse Related Report @
Wound Closure And Advanced Wound Care Market – https://www.grandviewresearch.com/industry-analysis/wound-closure-advanced-wound-care-market
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