(PharmaNewsWire.Com, July 15, 2021 ) The global advanced wound care market is expected to reach USD 16.5 billion by 2025 from USD 10.3 billion in 2020, at a CAGR of 9.8%. Growth in this market is largely driven by the rapidly growing geriatric population, rising incidence of diabetes, technological advancements in wound care products, funding for wound care research, and growing awareness of wound management.
North America is the largest regional market for advanced wound care market
The global advanced wound care market is segmented into North America, Europe, the Asia Pacific, and the Latin America and Middle East and Africa. The North American market is expected to account for the highest market share in 2019. The large share of this regional segment can be attributed to the growing prevalence of chronic conditions resulting in chronic, surgical, and traumatic wounds; the increasing incidence of burn injuries; increasing spending on surgical and chronic wounds; and technological advancements in this region.
The advanced wound care market is consolidated in nature. The major players operating in this market are Smith & Nephew Plc. (UK), Mölnlycke Health Care AB (Sweden), B. Braun Melsungen AG (Germany), ConvaTec Group (UK), Coloplast A/S (Denmark), Integra LifeSciences Holdings Corporation (US), 3M Group (US), Cardinal Health Inc. (US), Paul HARTMANN (Germany), Medline Industries (US), Lohmann & Rauscher (Germany), Advancis Medical LLC (UK), Organogenesis (US), MiMedx Group (US), DeRoyal Industries Inc. (US), Winner Medical Co. Ltd. (China), Kerecis (Iceland), Hollister Inc. (US), Shield Line (US), Welcare Industries SPA (Italy), Misonix (US), MilLaboratories Pvt. Ltd. (India), ACell (US), Zimmer Biomet (US), and DermaRite Industries LLC (US).
3M Group (US) is the largest player in the advanced wound care market. The company focuses on the development of dressings, devices, consumables and accessories required to delover advanced wound care for different types of wounds. The company recently acquired Acelity to strenghten its advanced wound care and wound care portfolios.
Smith & Nephew Plc. (UK) is a pioneer in the advanced wound care market. As a result, it has a strong foothold in the advanced woudncare market. The company manufactures and distributes advanced wound care dressings, devices, accessories, topical agents and other consumables. The comapny focusses on both organic and inorganic growth strategies.
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