Wounds are of different types, such as accidental injuries, surgical wounds, diabetic wounds, ulcers and intentional injuries. Owing to wide number of diseases and threats affiliated with wounds and injuries, the critical care of injuries has become an important aspect in the healthcare industry.
 
The global wound care market can be segmented on the basis of types of wound care products such as dressings, absorbents, sealants, compression therapy kits, medical devices and others. 
 
Dressings segment can be further divided into collagen dressings, absorbent dressings, alginate dressings, film dressings, antimicrobial tape dressings, hydrocolloid dressings and foam dressings. Absorbents segment can be further split into paraffin gauze, foam absorbents, alginate absorbent and others. Medical devices segment can be segmented into negative pressure wound therapy (NPWT) devices, hyperbaric oxygen therapy (HBOT) devices, pressure relief devices, electrical simulation devices and other devices. Other products include tissue engineering products, odor absorbing products, wound fillers and hydrogel sheet products. Moreover, the market can also be segmented on the basis of geography such as North America, Europe, Asia-Pacific and Rest of the World (RoW). North America is considered as the largest market for the wound care products due to high awareness amongst the population for advanced wound care products and large usage of advanced wound care products across the region. On the other hand, Asia-Pacific is expected to be the fastest growing wound care products market during the forecast period from 2014 to 2020. Large population suffering from chronic diseases, rapidly growing medical infrastructure and increasing awareness amongst the population are some of the key factors propelling the growth of the region in the near future.
 
The global wound care products market is expected to witness a substantial growth during the forecast period from 2014 to 2020. Rising prevalence of diabetes and thereby diabetic wounds, increase in terrorist activities, high number of accidental injuries and market entry of advanced products for wound care are some of the major drivers of this market. According to the International Diabetes Federation (IDF), approximately 387 million people were suffering from diabetes globally, as of 2014 and the number is expected to reach 592 million by the end of 2035. This rapidly growing diabetic population is more prone to chronic injuries. Hence, rising prevalence of diabetes is an important driver of the market. Moreover, according to the World Health Organization (WHO), more than one million burn injuries occur in India, every year. This large number of burn injuries (accidental injuries) is another major factor that expected to accelerate market growth. Similarly, according to statistics presented by the National Consortium for the Study of Terrorism and Responses to Terrorism, 6,771 terrorist attacks occurred globally in 2012, in which, more than 11,000 people were killed and more than 21,600 were injured. Such frequent terrorism incidences across the world (particularly in Asia Pacific and RoW) increases the number of injured people and thereby accentuating the demand of wound care products. Moreover, owing to increasing R&D, various advanced wound care products (alginates, collagen, cynoacrylate-based tissue adhesives and polyethylene glycol) are being commercialized in the global market. This entry of new products would propel the growth of the global wound care products market during the forecast period from 2014 to 2020. On the other hand, high cost of devices and advanced wound care products are some of the key factors expected to hamper market growth. 
 
Major players operating in this market include Covidien plc, Coloplast A/S, 3M Health Care, Smith & Nephew plc, Baxter International, Inc., Ethicon, Inc., Medline Industries, Inc. and ConvaTec, Inc. amongst others.

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Wound Care Products Market

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