The global wound care market involves various products that help in healing and preventing infection. This market is driven by several factors which include the rising incidences of hospital-acquired infections and the increasing awareness about the latest technologies in the market. Government initiatives in the forms of grants and funds and technological advancements due to which new and innovative products are being launched are other major factors driving the growth of this market.
The relatively untapped Asian market and bio-active wound healing products have opened an array of opportunities for the growth of the market. However, factors such as high costs of advanced wound healing products may restrain the growth of this market.
The global wound care market is expected to reach $18.3 billion by 2019 from $15.6 billion in 2014, growing at a CAGR of 3.2% from 2014 to 2019.
On the basis of product, the market is segmented into traditional, basic, advanced, bio-active wound care, and therapy devices. The bio-active segment is slated to grow at the highest CAGR, owing to the increasing number of advanced products being launched in the market.
The traditional wound care market can be further subdivided into wound-closure products; tissue adhesives, sealants, and glues; and anti-infective dressings. The anti-infective dressings market is poised to witness a high growth due to the increasing rate of hospital=acquired infections. To prevent such infections, anti-infective dressings are widely used. The tissue adhesives, sealants, and glues segment can be further classified as fibrin-based sealants, collagen-based sealants, and synthetic adhesives/glues.
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The basic wound healing segment is further segmented into tapes, dry dressings, and cleansing’ while the advanced wound care segment is divided into films, foam dressings, collagen, alginates, hydrocolloids, hydrogels, and super absorbers. The alginates segment is slated to witness a high growth in the advanced wound care market due to the introduction of various new alginate-based products. The active wound healing segment includes artificial skin and skin substitutes. These products are very efficient in treating burnt wounds and diabetic ulcers.
The therapy devices segment is further divided into negative pressure wound therapy devices, pressure relief devices, electrical stimulation devices, ultra-violet devices, oxygen and hyperbaric oxygen equipment, whirlpool therapy devices, electromagnetic therapy devices, and ultrasound devices. The negative pressure wound therapy devices market is slated to witness a high growth due to the favorable reimbursement scenario for such devices prevailing in the market.
The global wound care market is dominated by North America, followed by Europe, Asia, and the Rest of the World (RoW). North America will continue to lead the global market in the forecast period, followed by Europe. Over the next five years, the growth of the global market in the Asian region is likely to be centered on China, Japan, Malaysia, and India.
The prominent players in the market are 3M Company (U.S.), Baxter International, Inc. (U.S.), Coloplast A/S (Denmark.), Convatec Healthcare B.S.A.R.L (U.S.), Covidien PLC (Ireland), Derma Sciences, Inc. (U.S.), Ethicon, Inc. (U.S.), Hollister, Inc. (U.S.), Kinetic Concept, Inc. (U.S.), Mölnlycke Health Care (Sweden), and Smith & Nephew (U.K.).
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