The global advanced wound care management market is expected to register a CAGR of 6.25% during the forecast period 2018 to 2023. With more than 35% of the market share, North America is expected to dominate the market during the forecast period, due to increasing incidences of chronic wounds, along with favorable reimbursement policies in the region.
According to NCBI, more than 9.3% of the US population, which is estimated around 29.1 million people, is affected by diabetes. In adults, aged over 65 years, the percent of population suffering from diabetes is more than 25%. The incidence of chronic wounds, especially foot ulcers, increases among the diabetic population. While more than 80,000 adults are expected to undergo a lower extremity amputation, It is also estimated that patient with diabetes are 10 times more likely to undergo amputation at some point in their life. The number of diabetes patients are expected to increase with increasing geriatric population, which, in turn, will drive the market for wound care management during the forecast period.
In addition, increase in surgical procedures worldwide, along with increasing aging population, is also fuelling the growth of the advanced wound care management market.
Wound care management is associated with high costs, due to which it has a low adoption rate. According to a breakdown of wound costs provided by Smith & Nephew, 15-20% are material costs, 30-35% are nurse costs, and more than 50% are hospitalization costs. Considering that hospitalization is necessary until the wound has dried, the high hospitalization costs are hindering the advanced wound care management market, globally.
Additionally, lack of reimbursement policies all over the world is also responsible for hindering the growth of the market.
The advanced wound care management market is segmented by product type, wound type, and geography. By geography, it is segmented into North America, Europe, Asia-Pacific, Middle East & Africa, and South America.
North America dominates the advanced wound care management market, due to increasing incidences of chronic wounds, favorable reimbursement policies, and rise in geriatric population. Europe is also expected to boost the growth of the advanced wound care management market, due to increasing awareness of wound care management among geriatric population. Factors, such as increasing accessibility to healthcare facilities in the region, rising medical tourism, and increasing prevalence of chronic diseases are also expected to contribute to the growth of the market in this region.
Major Players: Convatec Group PLC, Acelity, Smith & Nephew, Molnlycke Health Care AB, 3M Company, Coloplast, Derma Sciences Inc., Baxter International, and Integra Lifesciences, among others.
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