(PharmaNewsWire.Com, April 18, 2019 ) The wound care market is expected to reach USD 22.81 billion by 2022 from USD 18.99 billion in 2018 at a CAGR of 3.7%. The base year for this study is 2017 and the forecast period includes 2018-2023.
Advanced wound care products are designed to cure and treat complex wounds, such as diabetic foot ulcers, venous ulcers, and pressure ulcers. Advanced wound management is based on the principle of moisture therapy. In advanced wound management, moisture is provided to the wound site to allow cells to heal and repair naturally. The rising incidence of hard-to-heal wounds and their growing adoption (due to their high efficacy) are driving the growth of this product segment. The base year considered for the study is 2017, and the forecast has been provided for the period between 2018 and 2023.
Drivers -Growing prevalence of diabetes -Rapid growth in the geriatric population -Developments and innovations in wound care products -Increasing funding for wound care research -Awareness programs for wound care treatment and management
Restraints -High cost of advanced wound care products -Risk associated with wound care products
Opportunities -Emerging economies -Increasing research in the field of advanced wound care -Potential application of stem cell therapy in wound care -Growing popularity of active wound care products
Major players in the wound care market include Smith & Nephew plc. (UK); Acelity L.P. Inc. (US); ConvaTec Group Plc. (UK); 3M Company (US); Ethicon (US); Mölnlycke Health Care AB (Sweden); Covidien plc (Ireland); Coloplast A/S (Ireland); Baxter International Inc. (US); Derma Sciences, Inc. (US); and Hollister Incorporated (US).
Major Market Developments
-In July 2018, Acelity launched ABTHERA ADVANCE, an open abdomen dressing in US. -In March 201, Acelity Launched the V.A.C. VERAFLO CLEANSE CHOICE large Dressing designed for use with the V.A.C. VERAFLO therapy -Smith & Nephew in 2018, launched PICO 7 in Europe in order to strengthen its position in European wound care market.
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