The global wound care devices market is expected to rise at a healthy CAGR of 5.1% between 2017 and 2025 as per a new report by Fortune Business Insights. Fortune Business Insights in a report, titled “Wound Care Devices Market: Global Market Analysis, Insights and Forecast, 2018-2025” provides insights on factors enabling growth in the market. As per the report, the market was valued at US$ 1994.8 Mn in 2017 and is projected to reach a valuation of US$ 2949.2 Mn by 2025.
As a result of innovations witnessed across diverse sectors, the wound care management in the healthcare industry is likely to witness remarkable growth in the coming years.
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New Product launches by Smith & Nephew Intended to Strengthen its Position
The global wound care devices market is highly consolidated in nature owing to robust networking distribution of leading players. The rising demand for high-quality and branded products encourages companies to operate in the market. Companies are planning to focus on mergers and acquisitions (M&A) and new product launches to survive the competition. Some of the major players present in the market include Smith & Nephew, Cardinal Health, KCI Licensing, Inc., ConvaTec, Inc., Devon Medical Products, BSN medical, Medela AG, and Talley Group Ltd. Smith & Nephew launched a wound care device called PICO 7Y in October 2018. This device is one of the first portable single-use negative pressure device in the world and can treat two wounds at the same time. The FDA approved a new negative pressure wound therapy device called Platform Wound Dressing (PWD). This device was launched by Applied Tissue Technologies LLC in January 2019 with an aim to eradicate the use of gauze or foam dressings.
Hyperbaric Oxygen Therapy to Witness Considerably High Demand
In terms of product, hyperbaric oxygen therapy offers several clinical benefits for the treatment of necrotizing and hard-to-heal tissue wounds. Considering this factor, the segment is expected to witness high demand among wound care dressings and devices. Moreover, it covered a share of 7% in the global market in the year 2017.
Easy Accessibility of Products to Help Market Grow in North America
The wound care devices market in North America was valued at US$ 796.4 Mn in the year 2017 and is expected to grow at a higher percentage during the forecast years. Growing geriatric pollution and rising awareness about wound care treatment are key factors driving the market in this region. Furthermore, rising prevalence of different types of ulcers in the U.S. is expected to facilitate growth of the market, stirring demand for wound care dressings. As per a study conducted by the CDC, the U.S., registers 2.5 million patients suffering from pressure ulcers each year. Besides North America, Asia Pacific is projected to show attractive growth owing to large population bases especially in China and India. Also, growing prevalence of diabetes in this region is expected to drive the market Asia Pacific.
Increase in Governments Spending to Fuel Demand for Wound Care Devices
The rising prevalence of chronic diseases such as diabetic foot ulcers among the geriatric population and obesity is enabling growth in the market. This will further fuel the demand for wound care therapies and wound care medical devices. As diabetic foot ulcers take time to heal, wound care products help to reduce the healing time and improve the patient’s quality of life. In addition to this, the rising awareness about hygienic conditions among patients is escalating demand for wound care devices. The growth of the market is boosting on account of rising per capita expenditure on healthcare and disposable income especially in developing countries. Growing demand for anti-infective wound dressings such as iodine-based and plant-based to treat chronic wounds is trending. This is expected to drive the global market during the forecast period. The wound care devices market is likely to witness growth opportunities as a result of increased healthcare spending by governments across regions. In addition to this, the launch of novel wound care therapies such as nanotechnology, electromagnetic therapy, and electrical stimulation is likely to increase adoption of wound care devices in the years to come.
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