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Transparency Market Research (TMR) has published a new report titled “Advanced Wound Care Management Market: Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2018-2026”. According to the report, the global market for advanced wound care was valued at US $ 8.5 billion in 2016 and is projected to expand at a CAGR of 5.8% between 2018 and 2026. The growth is projected to increase. increased incidence of chronic wounds and trauma cases. the demand for advanced wound management during the prognostic period. North America and Europe are anticipated to dominate the global advanced wound care market due to a higher rate of adoption and awareness of wound care. Asia Pacific, Latin America and the Middle East and Africa are potential markets for advanced wound management. The market in Asia Pacific is expected to expand at a CAGR of 6.3% from 2018 to 2026.
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Cost-effective advanced wound care management to treat complex wounds to drive the global market
The increase in injury and accident cases worldwide is driving the market for advanced wound care management. According to the World Health Organization (WHO), traffic accidents are responsible for around 1.25 million deaths worldwide each year. Furthermore, the number of patients with chronic wounds is increasing rapidly around the world. This is likely to increase the number of surgical procedures; consequently, driving the global market for advanced wound care.
Chronic wounds will be a very lucrative segment
Chronic wounds are an emerging segment of the advanced wound care market. In the segment of chronic wounds, the subsegment of ulcers occupies a prominent place. Venous leg ulcers account for 80% of all leg ulcers. Furthermore, the chronic wounds segment is likely to play a significant role due to the high cost of therapy worldwide. According to an article published by NCBI (National Center for Biotechnology Information), in May 2014, the annual burden of venous leg ulcers in the US is almost US $ 14.9 billion, which also includes indirect costs (loss productivity). The diabetic foot ulcer subsegment of the advanced wound care market is expanding at a significant CAGR.
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Hospitals and clinics will be a remarkably promising segment
In terms of the end user, the global market for advanced wound management has been segmented into hospitals and clinics, ambulatory surgical centers (ASCs), home health care and others. The Hospitals and Clinics segment held a significant share of the global market in 2017. The expansion of the segment can be attributed to the availability of multiple service and device options and links with healthcare companies to enhance care product and service offerings medical. Also, hospitals are the preferred option due to the availability of advanced technology and better healthcare services. The home health care segment is expanding at a high growth rate, especially in developed economies, due to the increase in the geriatric population and increased health care infrastructure and support. Additionally, increased demand for advanced wound care in home care settings for geriatric patients is expected to drive the segment.
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North America is expected to dominate the global market
In terms of region, the global advanced wound care market has been segmented into five main regions: North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America dominated the global market for advanced wound care in 2017. The North American market was valued at US $ 3.2 billion in 2017 due to a highly developed healthcare sector, increased awareness among healthcare providers about advanced wound care management and ongoing evolution of wound care management. The advanced wound care market offers significant growth potential in the region. The Asia Pacific Advanced Wound Care market is projected to expand at a CAGR of 6.3% during the forecast period due to increased awareness of advanced wound care products and expansion of the healthcare sector in countries such as China, Japan and India. . Furthermore, technological advancements and the increase in the adoption rate of advanced wound care products are expected to drive the market in the region during the forecast period.
Smith & Nephew plc, Acelity LP, Inc. and Mölnlycke Health Care AB are anticipated to lead the global market
The global advanced wound care market is highly fragmented in terms of the number of players offering different products. Key players in the global advanced wound care market include Smith & Nephew plc, Acelity LP, Inc., Mölnlycke Health Care AB, ConvaTec Inc., B. Braun Melsungen AG, Coloplast A / S, 3M Healthcare, Integra LifeSciences Corporation , Cardinal Health, PAUL HARTMANN AG, BSN Medical, Hollister Incorporated, Organogenesis Inc. and Medline Industries, Inc. Expanding the product portfolio through mergers and acquisitions is a key strategy pursued by several global players. In December 2015, Acelity LP, Inc. announced the acquisition of Spiracur, Inc., expanding its offering in disposable, portable and mechanical NPWT (Negative Pressure Wound Therapy) technology, and enabling sales and service channels to drive SNaP expansion. therapy system for patients and their care teams around the world who need access to NPWT devices.
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