Global Advanced Wound Care Management Market: Snapshot
The global market for advanced wound care management is likely to witness a progressive growth throughout the forecast period. The rising focus of prominent players on research and development activities and innovations is estimated to encourage the growth of the overall market in the coming few years. Nevertheless, the high cost of products in comparison with the traditional methods is anticipated to restrict the growth of the global market in the coming years.
According to the research study, in 2015, the global market for advanced wound care management was worth US$6,457.0 mn. The market is anticipated to reach a value of US$11,161.6 mn by the end of 2024, registering a healthy 6.30% CAGR between 2016 and 2024.
Development of New Systems to Bolster Global Advanced Wound Care Management Market
The growing prevalence of several lifestyle disorders leading to chronic wounds such as diabetic foot ulcer, venous leg ulcer, and pressure ulcer is one of the key factors estimated to encourage the growth of the global advanced wound care management market in the coming years. In addition, the growing geriatric population across the globe and the development of new therapeutics, systems, and devices are some of the other major factors anticipated to accelerate the growth of the overall market in the forecast period. Furthermore, the increasing opportunities in the untapped markets in developing economies is expected to augment global advanced wound care management market in the near future.
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Among the key product segments, the advanced wound care dressings segment is estimated to lead the global advanced wound care management market in the forecast period. The growing need for cost-effective treatments is expected to fuel the growth of this segment in the next few years. On the basis of end use, the global advanced wound care management market has been classified into community medical centers, hospital outpatient settings, hospital inpatient settings, home healthcare, and others. The growing awareness among patients and healthcare providers is anticipated to encourage the growth of the overall market throughout the forecast period. The demand from diverse end users in order to offer effective and enhanced facilities is likely to boost the demand for advanced wound care management in the next few years.
Emergence of New Products to Bolster North America Market
According to the research study, North America is anticipated to lead the global advanced wound care management market in the coming few years. The rapid growth of this region can be attributed to the introduction of the wound care diagnostics in order to identify pathogens and microorganisms. In addition, the increasing focus of players on the development of new products and technological advancements is likely to accelerate the growth of the North America in the next few years.
Furthermore, Europe is anticipated to witness significant growth in the near future. The increasing number of pool of patients with vascular diseases and diabetes is one of the major factors predicted to propel advanced wound care management market in the coming years. Furthermore, the favorable government initiatives and policies, a significant rise in the geriatric population, and the approval of advanced and effective products are expected to encourage the growth of the Europe advanced wound care management market in the next few years.
Some of the prominent players operating in the advanced wound care management market across the globe are Coloplast A/S, Medline Industries, Inc., Medtronic, Smith & Nephew plc., ConvaTec Inc., Organogenesis, Inc., B. Braun Melsungen AG, Acelity L.P. Inc., 3M, BSN medical GmbH, and Molnlycke Health Care.
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