Advanced Wound Care – What does it actually mean
Advanced wound care is concerned with therapies as interventions when the standard wound care therapies fail or are unable to give respite to the patient suffering from certain types of wounds. Advanced wound care therapies of different compositions and indications have been developed for their efficacy, comparative effectiveness on reducing or removing the impact of hard to heal wounds. Some of the wounds that require advanced wound care treatment include the below-mentioned wounds
- Diabetic Wounds
• Pressure Ulcers
• Venous stasis
• Non-healing surgical wounds
• Complex soft tissue wounds
• Infected wounds
• Arterial ulcers
• Traumatic wounds
• Chronic wounds that require palliative care
Advanced Wound Care Market Analysis – An Introspection
Advanced wound care market segment is a niche market for many healthcare companies specializing in addressing to serious wounds as there are an estimated 50 million reported cases globally of patients suffering from hard-to-close wounds that include 15% of diabetic foot ulcers in the United States alone requiring amputations. The global Advanced Wound care Market has been estimated at USD $9.04 billion in 2018 and is projected to reach USD $11.25 billion by 2023, at a CAGR of 4.48% during the forecast period from 2018 to 2023.
The increase in lifestyle diseases such as diabetes has heightened the focus on faster wound healing products. An increase in the use of advanced wound care and wound closure therapies are seen in the wound care market segment. Chronic wounds take considerable time to heal and are expensive to treat and therefore advanced wound care products have emerged as a standard solution for treating chronic wounds. The advanced wound care industry statistics reveal that over the next five years, the industry growth is expected to remain strong with increased private health coverage and an ageing population especially in the developing countries that would precipitate the demand for the advanced wound care market.
Advanced Wound Care Market Segmentation – Categorization profile
As per the advanced wound care, market research report of reputed research firms, the globally advanced wound care market is segmented based on
• Type (Dressing, Biologics, Therapy Devices)
• Wound Type (Surgical Wounds, Diabetic Ulcers, Pressure Ulcers, Burns, and others
• End-user (Hospitals, Wound Care Centers, Clinics),
• Distribution Channels (Direct Tender, Public, Private, and Retail) and
• Geography (North America, Europe, Asia – Pacific, South America, Middle East and Africa)
For ease of understanding, the segmentation is shown in graphic representation through a bar chart as seen below
Figure.1—Segmentation of Advanced Wound Care Market
The dressing segment accounts or occupies the largest portion of advanced wound care market size with the companies operating in the global advanced wound care market focusing on incorporating advanced and innovative techniques and features to their products to differentiate them from their competitors. Companies operating in this market are focusing on acquisitions, mergers to strengthen their product portfolio and to enhance their market share.
The availability of better reimbursements especially in the developed economies is encouraging companies in the adoption of wound care solutions even though, several developing economies do not offer reimbursements for advanced wound care products and on modern wound care closure devices. The current wound care market trends pertain to funding in wound care development by both private and public sector participants, a rising geriatric population and impetus growth of disorders leading to an increased volume of surgeries across the globe is providing an impetus for further investment opportunities.
Geographical trends advanced wound care market – Region-wise Trends
North America leads the pack in the advanced wound care market due to technological advancements as well as the demand from people for more efficient solutions for their illnesses. Europe is the second largest market for advanced wound care products as the majority of key players in advanced wound care product manufacturers and suppliers are based from this continent.
Asia-Pacific region shows growth potential for the market due to high population base, increase in disposable incomes and rising patient awareness. The wound closure market in Asia-Pacific region earned revenues worth the US $419.5 million in 2012 with an expected growth rate at a CAGR of 7.5% through 2017 as per Advanced Wound Care Market Analysis from Frost & Sullivan (www.medtch.frost.com). The key players or companies dominating this market for their advanced wound care products and services include
- ConvaTec Inc. (United States)
• Medtronic(United States)
• Coloplast Corp (Denmark)
• Smith & Nephew Plc. (United Kingdom)
• Hollister Inc. (United States)
The future of advanced wound care market is quite optimistic with new technological and product innovations that offer a huge potential for creating abundant growth opportunities.