Market Research Future (MRFR) collected data on several factors including implications of COVID 19 Impact on Advanced Wound Therapy Devices Market and demographic challenges, showed how it could move forward in the coming years.
Advanced Wound Therapy Devices Market Analysis
Advanced wound care is a developing sector in the healthcare industry, which offers devices and solutions for the management of acute and chronic wounds. Advanced wound therapy devices are designed to treat injuries and wounds culminated from diabetes, pressure ulcers, venous disease, and others, and are a significant aid to the geriatric population that suffers from a slow healing rate owing to low immunity levels as a result of aging. The advanced wound therapy products consist of colloids, hydrogels, and film dressings, among others, which can accelerate healing.
According to Market Research Future (MRFR), the advanced wound therapy devices market size is expected to reach a valuation of USD 2,804.53 million by 2023, growing at notable CAGR of 6.70% over the forecast period of 2018 to 2023, driven by the increased prevalence of chronic wounds and burns, along with rising medical cases of diabetes. Other factors that are expected to drive the advanced wound therapy devices market and create opportunities for growth over the forecast period are the rising geriatric population, prevalence of the peripheral vascular disease, constant growth in innovations by key market players, and device manufacturers.
Advanced Wound Therapy Devices Market Segmental Analysis
The global advanced wound therapy devices market has been segmented on the basis of type, end-user, and region.
Based on types of therapy devices, the market has been segmented into electric stimulation devices, hyperbaric oxygen equipment, pressure relief devices, negative pressure wound therapy systems, and others. Others segment has been sub-segmented into ozone-oxygen therapy, electromagnetic therapy, and intermittent pneumatic compression.
Negative pressure wound therapy systems segment is assessed to account for the largest market share over the forecast period owing to its efficient treatment of acute and chronic wounds. In addition, the higher rate of burn injuries is expected to drive the segment growth over the forecast period. On the other hand, pressure relief devices are estimated to witness massive growth owing to rising medical cases of diabetes over the forecast period. Additionally, the government initiatives to reduce the health risk of diabetics can contribute to the growth of the segment over the forecast period.
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Based on end-users, the advanced wound therapy devices market has been segmented into home care settings, hospitals & clinics, and others. Hospitals & clinics segment is expected to rise at a substantial growth rate owing to the rise in the number of hospital chains providing high-quality treatments. In addition, the prevalence of chronic diseases is estimated to create growth for the segment over the forecast period.
Advanced Wound Therapy Devices Market Regional Analysis
Based on the region, the market has been segmented into the Americas, Europe, Asia Pacific, and the Middle East & Africa.
The Americas region is expected to sustain its dominant position in the market over the forecast period, owing to the increased prevalence of chronic wounds and diabetes, and the increasing awareness and demand for advanced wound care devices and products.
Europe is expected to create a substantial market share over the forecast period, owing to the presence of significant market players, and the technological advancement of advanced wound therapy products. Furthermore, government initiatives to minimize the healthcare costs for ensuring affordability and prevalence of chronic wounds in this region are factors driving the growth of the market.
The APAC region is expected to show massive growth over the forecast period, owing to growing cases of wounds and injuries, awareness regarding the availability of advanced wound care treatments, and technological advancements in the market, especially in emerging economies with a focus on healthcare sector such as India, and China. Additionally, the advanced wound therapy devices market is expected to be driven by the increasing investment of global market players in the promising healthcare markets of India and China.
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Advanced Wound Therapy Devices Market Key Players
The key players of the global advanced wound therapy devices market Cardinal Health (U.S.), DeRoyal Industries, Inc. (U.S.), KCI Licensing, Inc. (U.S.), Perry Baromedical (U.S.), Sechrist (U.S.), ConvaTec Inc. (U.K.), Smith & Nephew plc (U.K.), B. Braun Melsungen AG (Germany), Lohmann & Rauscher GmbH & Co. KG (Germany), Medela AG (Switzerland), Mölnlycke Health Care AB (Sweden), and Triage Meditech Pvt. Ltd. (India).