(PharmaNewsWire.Com, July 21, 2020 ) The global advanced wound care market is expected to reach USD 13.07 Billion by 2022 from USD 10.43 Billion in 2017, at a CAGR of 4.6%. The market growth is primarily driven by the increasing prevalence of acute and chronic wounds, growth in geriatric population, and technological advancements in wound care products, increasing awareness programs about wound care management, and funding for wound care research.
The advanced wound care market is consolidated in nature due to the presence of a large number of players. The key players in the advanced wound care market are Smith & Nephew (UK), Mölnlycke Health Care (Sweden), B. Braun (Germany), ConvaTec Group (US), Coloplast (Denmark), Integra LifeSciences (US), 3M Company (US), Cardinal Health (US), Acelity L.P. (US), Medtronic (US), MPM Medical(US), PAUL HARTMANN (Germany), Medline Industries (US), Lohmann & Rauscher (Germany), Advanced Medical Solutions Group (UK), BSN medical GmbH (Germany), Wound Care Technologies (US), Vivostat A/S (Denmark), Organogenesis (US), Hematris Wound Care (Germany), Alliqua BioMedical (UK), MiMedX Group (US), Triage Meditech (India), DeRoyal Industries (US), and Laboratoires URGO (UK).
The key strategy followed by most companies in the wound care market is product launches. This strategy accounted for the largest share of the overall growth strategies mapped from 2015 to 2017.
Smith & Nephew accounted for the largest share of the advanced wound care market in 2016. The company provides a comprehensive range of advanced wound care dressing and therapy devices, which includes RENASYS and the single-use portfolio of PICO and KALYPTO products. Smith & Nephew focuses on improving its existing NPWT product line to enhance its market share. The company also focuses R&D activities in the field of wound care research. For instance, in May 2017, Smith & Nephew established new state-of-the-art research & development center in Hull (UK).
Mölnlycke Health Care accounted for the second-largest share of the advanced wound care market in 2016. The company has a wide product portfolio of advanced wound dressings. The leading position of Mölnlycke in this market is majorly attributed to the wide adoption of its Mepilex foam dressings. The company adopted agreements as its growth strategy. For instance, in 2015, the company agreed with Apria (US) to manufacture and market its avance flex negative wound pressure therapy (NPWT) systems in the US.
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