Advanced Wound Care Management Market
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.
Increasing Number of Chronic Wounds, Ulcers, and Diabetic Ulcers
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 the 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 is 10 times more likely to undergo amputation at some point in their life. The number of diabetes patients is 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 an increasing aging population, is also fuelling the growth of the advanced wound care management market.
High Treatment Costs
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.
North America to Dominate the Advanced Wound Care 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.
Key Developments Advanced Wound Care Management Market
- December 2017: Smith & Nephew announced European launch of MolecuLight i:X, which is a handheld imaging device that can be used to instantly measure wound surface area and visualize the presence of potentially harmful bacteria in it.
Advanced Wound Care Management Market Major Players:
- Convatec Group PLC.
- Smith & Nephew.
- Molnlycke Health Care AB.
- 3M Company.
- Derma Sciences Inc.
- Baxter International.
- Integra Lifesciences.
Reasons to Purchase Advanced Wound Care Market Report
- Market analysis of the global advanced wound care management market, with region-specific assessments and competition analysis on a global and regional scale
- Analyze various perspectives of the industry with the help of Porter’s five forces analysis
- The treatment type that is expected to dominate the market
- Regions that are expected to witness fastest growth during the forecast period
- Identify the latest developments, market shares, and strategies employed by the major market players
- 3 months analyst support, along with the Market Estimate sheet (in excel)
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1.1 MARKET DEFINITION
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. KEY INFERENCES
5. ADVANCED WOUND CARE MANAGEMENT MARKET OVERVIEW
5.1 CURRENT MARKET SCENARIO
5.2 PORTER'S FIVE FORCES ANALYSIS
5.2.1 BARGAINING POWER OF SUPPLIERS
5.2.2 BARGAINING POWER OF CONSUMERS
5.2.3 THREATS OF NEW ENTRANTS
5.2.4 THREAT OF SUBSTITUTE PRODUCT AND SERVICES
5.2.5 COMPETITIVE RIVALRY WITHIN THE INDUSTRY
6. DRIVERS, RESTRAINTS, OPPORTUNITIES AND CHALLENGES ANALYSIS (DROC)
6.1 ADVANCED WOUND CARE MANAGEMENT MARKET DRIVERS
6.1.1 INCREASING INCIDENCES OF CHRONIC WOUNDS, ULCERS AND DIABETIC ULCERS
6.1.2 INCREASE IN VOLUME OF SURGICAL PROCEDURES WORLDWIDE
6.1.3 INCREASE IN AGING POPULATION
6.2 ADVANCED WOUND CARE MANAGEMENT MARKET RESTRAINTS
6.2.1 LACK OF REIMBURSEMENTS POLICIES
6.2.2 HIGH TREATMENT COSTS
6.3 ADVANCED WOUND CARE MANAGEMENT MARKET OPPORTUNITIES
6.4 ADVANCED WOUND CARE MANAGEMENT MARKET KEY CHALLENGES
7. MARKET SEGMENTATION
7.1 ADVANCED WOUND CARE MANAGEMENT MARKET BY PRODUCT
7.1.1 MOIST WOUND DRESSINGS
22.214.171.124 FILM DRESSINGS
126.96.36.199 FOAMS DRESSINGS
188.8.131.52 HYDROCOLLOID DRESSINGS
184.108.40.206 HYDROGEL DRESSINGS
220.127.116.11 COLLAGEN DRESSINGS
18.104.22.168 ALGINATE DRESSINGS
22.214.171.124 SILVER WOUND DRESSINGS
7.1.2 ACTIVE WOUND CARE
126.96.36.199 SKIN SUBSTITUTES
188.8.131.52 GROWTH FACTORS
7.1.3 THERAPY DEVICES
184.108.40.206 NEGATIVE PRESSURE WOUND THERAPY
220.127.116.11 PRESSURE RELIEF DEVICES
7.2 ADVANCED WOUND CARE MANAGEMENT MARKET BY WOUND TYPE
7.2.1 DIABETIC FOOT ULCER
7.2.2 PRESSURE ULCER
7.2.3 VENOUS LEG ULCER
7.2.4 ARTERIAL ULCER
7.2.5 SURGICAL WOUNDS
7.3 ADVANCED WOUND CARE MANAGEMENT MARKET BY GEOGRAPHY
7.3.1 NORTH AMERICA
18.104.22.168 UNITED STATES
22.214.171.124 UNITED KINGDOM
126.96.36.199 REST OF EUROPE
188.8.131.52 AUSTRALIA & NEW ZEALAND
184.108.40.206 SOUTH KOREA
220.127.116.11 REST OF ASIA-PACIFIC
7.3.4 MIDDLE EAST & AFRICA
18.104.22.168 SOUTH AFRICA
22.214.171.124 REST OF MIDDLE EAST & AFRICA
7.3.5 SOUTH AMERICA
126.96.36.199 REST OF SOUTH AMERICA
8. ADVANCED WOUND CARE MANAGEMENT MARKET COMPETITIVE LANDSCAPE
8.1 MERGERS & ACQUISITION ANALYSIS
8.2 AGREEMENTS, COLLABORATIONS, AND PARTNERSHIPS
8.3 NEW PRODUCTS LAUNCHES
9. ADVANCED WOUND CARE MANAGEMENT MARKET KEY PLAYERS
9.1 CONVATEC GROUP PLC
9.3 SMITH & NEPHEW
9.4 MOLNLYCKE HEALTH CARE AB
9.5 3M COMPANY
9.7 DERMA SCIENCES INC.
9.8 BAXTER INTERNATIONAL
9.9 INTEGRA LIFESCIENCES
10. ADVANCED WOUND CARE MANAGEMENT MARKET FUTURE OUTLOOK