The global advanced wound care management market has been analyzed to feature an exceedingly consolidated competitive landscape, with the leading four vendors accounting for a nearly 65% of the market in 2015, observes a recent report by Transparency Market Research. These companies, namely Acelity L.P. Inc., Smith and Nephew plc, Convatec, and Molnlycke Health compete on the basis of product pricing and the introduction of innovative products.
Competition is intense in emerging economies where domestic players account for a sizeable share of the regional market owing to low-cost products distributed across extensive distribution channels. Nevertheless, mergers, acquisitions, and collaborations with such local vendors has proven to give promising returns, owing to which, many leading vendors are directing their expansion strategies towards regions such as Asia Pacific.
Transparency Market Research states that the global advanced wound care management market will exhibit a healthy 6.3% CAGR over the period between 2016 and 2024, rising to a valuation of US$11,161.6 mn by 2024 from US$6,457.0 mn in 2015.
North America Market for Advanced Wound Care Management to Continue to Dominate
Of the key product varieties used for the management of advanced wounds, the segment of advanced wound dressings dominated, surpassing products such as artificial skin and skin substitutes, growth factors, and antimicrobial dressing, by a sizeable margin in 2015. The segment accounted for a massive 62.4% of the global market in the said year.
From a geographic perspective, the market for advanced wound care management in North America emerged as the clear winner, with a nearly 43% of the global market in 2015. The rising prevalence of chronic diseases, high level of awareness among patients, and the rising base of geriatric population are contributing to the increased demand for advanced wound care management products in the region. Over the report’s forecast period as well, the North America wound care management market in North America is expected to register steady growth.
Rising Prevalence of Chronic Diseases to Remain Key to Market Growth
The demand for advanced wound care management products and practices is chiefly surging owing to the vast rise in the prevalence of a number of chronic diseases and the resultant increase in the prevalence of chronic wounds. Owing to the rising number of patients with pressure ulcers, diabetic foot ulcer, venous leg ulcer, and a variety of other chronic wounds, the healthcare industry is compelled to develop effective wound care products and methods.
Moreover, the rapidly rising geriatric population base of the globe is also a key factor driving the increased demand for effective advanced wound care management products and practices. The easy availability of highly advanced and effective wound care products such as skin substitutes are also driving the market.
However, the market’s growth is somewhat restricted to affluent patient classes and developed economies owing to high costs of advanced wound care management products as compared to conventional wound care products. Lack of a favorable reimbursement scenario is also exerting negative impact on the overall development of the global advanced wound care management market across several regional markets.
This review of the market is based on a recent market research report published by Transparency Market Research presenting a detailed analytical overview of the global advanced wound care management market. The report is titled “Advanced Wound Care Management Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024.”
For the study, the market has been segmented as follows:
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