(PharmaNewsWire.Com, March 23, 2020 ) Market Overview The Global Advanced, Wound Care market, is estimated to reach a market value of USD 12,745.24 million by 2026 from an initial market value of USD 8,588.78 million in 2018. The market is forecasted to grow at a CAGR of 5.24% in the period 2019-2026.
Market Drivers • Advancements in technologies, increasing aging population, rising prevalence of diabetics, and improving patient awareness and raising patient healthcare expenditure are some of the key factors driving the growth of the market. • The advancement in technologies in wound care products has significantly influenced the advancement of advanced products over traditional ones by clinicians and patients. • Advanced wound care technology – including V.A.C. technology by Kinetic Concepts that develops and promotes NPWT products, and hydro fiber and hydrocolloid technologies by ConvaTec – include some of the portable and user-friendly products introduced in the market.
Market Restraints • Advanced wound care products are expensive compared to traditional wound dressing techniques. Therefore, many patients opt for traditional dressings despite its slow healing process. • This is one of the major challenges for the growth of the advanced wound dressings market globally. • The cost of treating chronic wounds in the U.S. is extremely high, with the charge per case ranging from 2,000 to 10,000 depending upon the condition and nursing costs. The cost of managing a pressure ulcer is estimated to be between 7,000 and 55,000 in the U.S., while the annual cost of all treatment is valued in billions. Unfavorable reimbursement policies are also restraining the growth of the market.
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