The global Wound Healing market was valued at approximately US$ 23.3
Bn in 2016 is projected to register cumulative annual growth rate
(CAGR) of over 4.8% from 2017 to 2025, according to a new report
published by Transparency Market Research (TMR) titled “Wound
Healing Market – Global Industry Analysis, Size, Share, Growth,
Trends, and Forecast, 2017–2025”. The report suggests that
increasing patient pool for chronic wounds is likely to spur the
demand of wound healing products in the coming years (2017 to 2025).
As key players introduce technologically advanced wound healing
solutions in developed markets such a North America and Europe, these
regions are likely to account for dominating share of the global
wound healing market. Established presence & wide distribution
networks of major players and growing market penetration of emerging
players are likely to boost growth of Asia Pacific wound healing
market at a CAGR of around 5.3% from 2017 to 2025.
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According to the Centers of Disease Control (CDC) statistics, an
estimated 450,000 – 500,000 patients suffer from burn injuries each
year in the U.S. The direct costs of treatment of burn injuries in
the U.S., was estimated to be around US$ 10.4 Bn. Wounds impose
underappreciated burden on the population across the globe and they
account for the majority of injuries related to skin. Rise in the
prevalence of diabetes and obesity, and increasing adoption rate for
wound care therapy devices in developed and emerging markets are
likely to fuel the uptake of wound healing products by 2025. However,
high price of newly launched and technologically advanced wound care
products restricts their demand. Conventional wound healing products
are preferred over technologically advanced costly dressings in the
emerging economies, despite their slow healing process. The price
sensitive market of developing nations thus restricts the growth of
advanced wound management technologies, which in turn has attributed
for devaluation of the market, thereby restraining growth of global
wound healing market.
The report offers detailed segmentation of global Wound Healing
market based on product, wound type, and gender. Among the product
types studied, wound closure agents segment is poised to account for
leading share of the global market during the forecast period from
2017 to 2025. Topical agents segment which comprises hemostatic
agents, antimicrobials, wound cleansers, and others are likely to get
boost from their ongoing R&D activities, in turn estimating
highest number of new product launches in the near future. The wound
closure agents segment is anticipated to lose its market share during
the forecast period, and is expected to hold a share of 24.0% by 2025
from 28.1% in 2016. Availability of other advanced wound healing
products with reduced risk of infection are factors likely to hamper
the market share of this segment.
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Among wound types, chronic wounds segment is projected to hold
dominant share of global wound healing market during the forecast
period and is likely to expand at CAGR of around 5.0% from 2017 to
2025. From chronic wounds, ulcers sub-segment is expected to lead the
global wound healing market in terms of CAGR by 2025. As per the
Agency for Healthcare Research & Quality (AHRQ), in U.S. US$ 9.0
Bn to US$ 11.0 Bn are spent on pressure ulcers by health care systems
annually. Significant patient population, and availability of
favorable reimbursement policies which are driving manufacturers’
focus on business expansion in advanced wound care products are
projected to fuel this expansion. Significant economic burden of
surgical site infections (SSI), and higher treatment costs associated
with it is expected to propel the expansion of chronic wound segment
during 2017-2025.
In case of women, especially in low and middle income countries,
there is significant gap between reported and actual cases of
diabetes and chronic wounds, which is anticipated to improve during
forecast period. In terms of gender, women segment held 52.9% of
global wound healing market share in terms of revenue. Initiatives
such as Wound Awareness Week and other outreach programs are
projected to increase the awareness in significant patient
population.
In terms of value, North America was leading contributor in global
wound healing market in 2016. As per the data published by ‘Wound
Care Awareness Week–2017’, the annual cost (including direct as
well as indirect costs) of treatment of all types of wounds incurred
to health care systems in the U.S. is US$ 50.0 Bn, while the annual
cost of amputations exceeds US$ 8.0 Bn. High prevalence of chronic
wound in this region is imposing significant economic burden and is
increasing demand for affordable care in the U.S., which in turn is
driving the growth of wound healing market in North America.
Healthcare spending in emerging markets such as China and India are
rising, which is fueling the expansion of Asia Pacific wound healing
market. Geographical expansion of international players to this
region through distribution and licensing agreements with local
distributors in the region are anticipated to propel the growth of
Asia Pacific in global wound healing market at CAGR of 5.3% from 2017
to 2025. Regaining economic growth in Latin America countries such as
Brazil is augmenting healthcare expenditure through rise in private
health insurance, entry of international wound healing products
manufacturers & health care providers in this region. It is one
of the major factor for the estimated growth of Latin America during
2017-2025.
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The report also provide profiles of leading players operating in
global wound healing market include Smith & Nephew plc, Integra
LifeSciences Corporation, B. Braun Melsungen AG, Mölnlycke Health
Care AB, 3M Healthcare, Ethicon, Inc. (Johnson & Johnson),
Hill-Rom Holdings, Inc., Cardinal Health, Acelity L.P., Inc.,
ConvaTec Inc., BSN medical (Svenska Cellulosa Aktiebolaget SCA),
Coloplast Group, Medline Industries, Inc., Organogenesis Inc., and
Hollister Incorporated. Expansion of wound healing portfolio by
acquiring the wound healing platform of emerging players is a key
strategy adopted by many key players.
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