According to a new market report published by BlueWeave Consulting, The Global Wound Care Product Market was valued over USD 25,817 Million in 2017 and is expected to expand with a CAGR over 6.26 % from 2018 to 2024, reaching USD 40,980 Million by the end of the forecast period. According to the report, North America was the largest contributor in terms of revenue to the global wound care product market in 2017. However, Asia-Pacific is the fastest growing market at a CAGR of 7.4%.
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Rise in aged population as well as increase of road accidents are substantially driving the global Wound Care product market
The rise in aged population is expected to increase the need for wound care products as they have low wound healing capacity. This factor is expected to have a positive impact on the growth of the market in the long-term globally. The increase in volume of surgeries is expected to have major impact in long-term as wound care products are used in almost every types of surgical process. This leads to their effective impact in the long term basis. In addition to that, increase in road accidents is expected to have high impact in the long term as injuries require proper treatment to prevent worsening of wounds.
Furthermore, rise in number of burn cases is expected to maintain high impact in the long term because of the ability of wound care products to help in early wound recovery and high comfort levels. The growing incidence of chronic wounds is expected to have high impact in long-term as the wound care products help in achieving wound healing in lesser time. The key drivers for the global wound care product market are factors like growing aged population, growing volume of surgeries, and increase in road accidents. In addition to that, increase in burn cases across the globe and growing incidence of chronic wounds is also driving the growth of the market globally.
Global Wound Care Product Market: Scope of the Report
The global wound care product market is segmented on the basis of type of product, type of wound, type of application, based on end user and also geographically. On the basis of type of product, the market is segmented into advanced wound care products, wound closure products and traditional wound care products. In 2017, the advanced wound care segment accounted for the largest market share, in terms of revenue of the global wound care product market.
Furthermore, demand for advanced wound care product is expected to increase during the forecast period. On the basis of type of wound, the global wound care product market is further bisected into acute wound & chronic wound. Based on the application, the market is categorized into surgical wound, ulcer and burn. Based on end user type, the market is further segmented into Inpatient & Outpatient facilities.
Geographically, the global wound care product market is bifurcated into North America, Asia Pacific, Europe and Rest of the world The U.S. was the largest country for global wound care market which holds over 34.1% share in 2017 and is expected to continue being the largest market during the forecast period. Presence of many end users including patients, hospitals, clinics, and medical stores supports the growth of the global wound care market in the country. However, presence of several emerging economies such as China, India, and South Korea are expected to drive the Asia Pacific market.
Global Wound Care Product Market: Competitive Dynamics
Major industry players in skincare product market are adopting different expansion & innovation strategies to remain sustain themselves in the highly competitive market. For instance, In November 2016, Coloplast acquired a privately held company, Comfort Medical, for USD160 million. Comfort Medical is a U.S. dealer of catheters and ostomy supplies. The acquisition has been made to expand Coloplast’s product portfolio across the U.S. market. Likewise In July 2016, Acelity L.P. Inc. announced the availability of BIOSORB Gelling Fibre Dressing in the U.S. The dressing is used for a variety of wounds including exuding surgical wounds that exude fluid, traumatic wounds, partial thickness burns and oncology wounds.
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