As per P&S Intelligence, the advanced wound care market is set to grow from $10,659.6 million in 2015 at a 7.0% CAGR during 2016–2022 (forecast period). Such products are majorly utilized for the management of chronic wounds, which last longer than acute wounds and require more-extensive treatment. The following are the key growth drivers for the industry:
- Rising population of the elderly
- Increasing burn cases
- Surging prevalence of obesity and diabetes
- Booming volume of surgeries
- Escalating incidence of road accidents
The advanced wound care market is categorized into wound therapy devices, advanced wound dressings, and active wound care products. Among all these, the industry was dominated by the advanced wound dressings category, which held a 53.3% share, in 2015. Further, negative pressure wound therapy (NPWT) devices, oxygen and hyperbaric oxygen equipment, and electrical stimulation devices are the divisions within the wound therapy device category. Among these, the NPWT devices division will witness the fastest growth, at a CAGR of 7.3%, during the forecast period.
Burns, ulcers, and surgical and chronic wounds are the various classifications under the application segment. During the forecast period, the highest CAGR, of 7.3%, in the advanced wound care market is expected to be seen in the surgical and chronic wounds classification, which also held the largest share in 2015. Due to the increasing prevalence of diabetes, the cases of diabetic foot ulcers, which are classified as a chronic wound, is rising, thereby resulting in the increasing demand for therapeutic products.
Yet another factor helping in the prosperity of the advanced wound care market is the rising number of road accidents. The World Health Organization (WHO) says that every year, 1.35 million are killed in road accidents, whereas another 20–50 million suffer from non-fatal injuries. Accidents are responsible for some of the most serious and deepest wounds, which are exposed to debris, dust, and other contaminants. This makes the usage of advanced wound care products essential for the proper management and healing of the wounds.
Based on region, North America was the largest advanced wound care market till 2015, as a result of its rising geriatric population, increasing number of road accidents, and growing prevalence of diabetes. In addition, the region, especially the U.S., also has a government-funded healthcare reimbursement system, under the Medicaid and Medicare programs. During the forecast period, Asia-Pacific (APAC) will advance the most rapidly in the industry, with a CAGR of 7.4%. This is ascribed to the rising cases of burns, especially in developing countries such as India.
Hence, as the awareness about the advanced methods of wound treatment rises around the world, the demand for associated products will also increase.
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