Increasing incidence of chronic diseases such as diabetes and cancer will enable growth in the global market. Fortune Business Insights, has published a report, titled “Advanced Wound Care Market Size, Share and Global Trend By Product (Advanced Wound Dressings, Wound Care Devices & Active Wound Care), Indication (Diabetic Foot Ulcers, Pressure Ulcers, Surgical Wounds, Others), End User and Geography Forecast till 2025.” According to the report in 2017, the global advanced wound care market was valued at US$ 9273.3 Mn. The global advanced wound care market is anticipated to expand at a CAGR of 4.8% and value US$ 13,450 Mn by the end of 2025.
The report classifies the global advanced wound care market in terms of various segments such as regions, product, type, end users, and others. As per the report, North America emerged dominant in the global advanced wound care market in 2017. The North America market was valued at US$ 3874.4 Mn in 2017.
Some of the leading companies in the global Market are
- Derma Sciences Inc.
- Coloplast Corp
- ConvaTec Inc.
- Tissue Regenix
- Mölnlycke Health Care AB
- Smith & Nephew
- Organogenesis Inc.
- KCI Licensing, Inc
- Other Prominent Players
The Global Advanced Wound Care Market derives growth from a number of factors such as increasing focus on research and development (R&D), increasing investment from leading companies towards R&D. Besides this, increasing regulatory approvals from organizations such as the Food and Drug Administration (FDA) have contributed significantly to the global Advanced Wound Care Market.
Furthermore, newer drug discoveries as a result of emphasis on R&D have favored the growth of the global Market and are likely to boost the market in the coming years. Backed by contributions from government as well as private organizations, the global Market is likely to gain traction in the coming years.
The expansion witnessed in North America is attributable to appropriate availability of reimbursement policies in the region. However, the market in Asia Pacific is anticipated to expand at relatively higher CAGR. High prevalence of diabetes in the region is the major factor contributing to the market growth. Additionally, new players are entering the Asia Pacific market and further introducing advanced wound care products, which is expected to impel growth in the coming years. This is likely fuel the demand for advanced wound care products and services.
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