The global advanced wound care management market is prognosticated to push its growth as chronic diseases show high prevalence in different parts of the world.
The global advanced wound care management market is prognosticated to push its growth as chronic diseases show high prevalence in different parts of the world. Demand for advanced wound care management could gain support from the need to care for wounds before they grow into serious infections or other medical complications.
- Demand for products offered in the market is expected to increase on the back of rising prevalence of diabetes mellitus type 1 and type 2 which raise the risk of diabetic ulcers.
- Rising number of geriatrics sensitive to injuries and falls that could convert into chronic wounds is envisaged to increase demand for advanced wound care management.
- This trend could be observed in both developing as well as developed economies.
Transparency Market Research (TMR) envisions the global advanced wound care management market to grow at a 6.3% CAGR for the forecast tenure 2017-2024. By the end of 2024, the market could be valued at an US$11.1 bn. Currently, it stands at a US$7.2 bn valuation. Introduction of new products in the market could translate into strong growth opportunities in the coming years. In July 2018, RedDress’ innovative wound care product, RD1 received the green signal from the FDA in the form of 510(k) clearance.
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Speedy Recovery Helps Active Wound Care to Exhibit High Market Growth Rate
Players operating in the global advanced wound care management market may face the challenge posed by bottlenecks created because of limited reimbursement scenarios and extortionate cost of products. However, rising awareness about the significance and advantages of early wound treatment is anticipated to up the demand in the market.
- Among key products, antimicrobial dressing, active wound care, and advanced wound dressing could be at the forefront of growth. However, advanced wound dressing is prophesied to attain a king’s share of the market.
- On the basis of growth rate, active wound care could make a mark in the market owing to increased application of skin substitutes and artificial skin.
- Other factors that could augment demand for active wound care are speedy recovery and high acceptance.
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Advanced wound care management could find increased application in diabetic foot ulcer treatment due to improved availability of therapeutics and increasing prevalence of the disease. However, chronic wound treatment may still remain as a leading application considering increasing incidence of chronic wounds.
Regionally, North America is foreseen to generate a leading amount of revenue for the global advanced wound care management market. By the end of the final forecast year, the regional market could be worth a US$4.4 bn. Supporting the growth of the region in the market could be factors such as early adoption of new technologies. On the other hand, new investment opportunities could make Asia Pacific an attractive market.
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Key players operating in the global advanced wound care management market include Smith & Nephew plc, Acelity L.P., Inc., Mölnlycke Health Care AB, ConvaTec Inc., B. Braun Melsungen AG, Coloplast A/S, 3M Healthcare, Integra LifeSciences Corporation, Cardinal Health, PAUL HARTMANN AG, BSN Medical, Hollister Incorporated, Organogenesis Inc., and Medline Industries, Inc.
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