Advanced wound care market is a consolidated market with top players holding major market share during the fiscal term and emerges at a compound annual growth rate (CAGR) of 5.41% of through 2026, notes Og Analysis.
A comprehensive market growth analysis estimates high market value with revenue of $10 billion in 2021in line with the top ten companies occupying more than 75% of the market share in the recent past. Accordingly, growing strategic alliances with focus on innovative products and expansion into new geographies by major key companies are amidst key market trends.
Based on epidemiology analysis, burden on healthcare system with growth in aging population as well as prevalence of chronic wounds such as diabetic ulcers drive the market growth during forecast period. Cumulative incidents of road accidents and trauma is the other crucial factor contributing to the market growth.
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With benefits of low healthcare expenditure and faster healing time, the increasing adoption of evidence-based treatment in chronic wound treatment is set to entice advanced wound care market value and size
Further, shortage of sufficient surgeons and medical staff drives the market growth and pushes professional credentials to focus on advanced wound care modalities. Accordingly, in 2019, The National Alliance of Wound Care and Ostomy® (NAWCO) launched Advanced Wound Care Certified™ (AWCC™) credential, a first professional diploma in advanced wound care.
Although there are many prospects in this market, challenges such as cumulative pricing pressures, and high cost of treatment compared to traditional methods remain hindrance to the market growth.
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Advanced wound care market growth trends, by segmentation during the estimated period
The potential of advanced wound dressing to maintain stable temperature around the wound, ease oxygen flow, and removal of dead tissue to prevent scarring as well as allow new cells to emerge drives the consumption of Advanced Wound Care products.
The surgical wounds and ulcers to hold the major portion of wound type segment in advanced wound care. Advanced Wound Care products proficient to rising incidence of diabetic foot ulcers & pressure ulcers are penetrating market growth. For instance, BSN’s product Cutimed HydroControl treats chronic and secondary healing wounds such as leg ulcers, pressure ulcers, and diabetic foot ulcers.
The growing incidence of hospital-acquired pressure ulcers with lengthy hospital stays a demand for advanced wound care products in hospitals and clinics which in turn drives the market growth.
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American advanced wound care market emerges as a highly consolidated market during the forecast period 2020-2026
With the top 5 key players dominating more than 60% of the market value and the presence of significant manufacturing and distribution capabilities drives the advanced wound care market growth during the fiscal term. Furthermore, higher cost of care for treating diabetic foot ulcers, surgical injuries and pressure ulcers has forced companies to focus on niche wound care products.
Additionally, initiation of new technologies, focus on innovation and product elevations with increasing focus of strategic consolidations to further drive the North American market competitiveness.
Relatively, presence of large unmet medical needs, growing prevalence of chronic diseases, and increasing patient awareness drive the market growth higher across Asia Pacific. Many key firms to expand their sales procedures with innovative product offerings across emerging countries such as India, China, Russia, and Malaysia are observed during the forecast period.
Technology trends, innovative product portfolio, and acquisitions to strengthen the markets’ business and customer base during forecast
R&D programs are in focus by key OEMs to complement the advanced wound care products with technology and imaging systems. For example, MolecuLight Inc introduced handheld fluorescence imaging device approved by the American Medical Association (AMA) for chronic wound imaging. Moreover, in 2018, ARANZ Medical Limited launched SilhouetteLite+ and SilhouetteLite, two new smart-phone based wound imaging products.
With conditions of competition, key players are gaining edge with product differentiation, correspondingly, 2019 product launches include CE approved wound care product FibDex by UPM, GEMCO Medical added a new advanced wound care product to its portfolio by launching GEMCORE360? as well as AxioBiosolutions launched MaxioCel a next-generation wound care dressing made of chitosan.
Furthermore, market players are observed to invest in acquisitions in the recent past. The acquisition of Blue Belt Holdings for $275 million by Smith & Nephew is an example of investments in focus by key players to grow their business.
Key market players contributing macro market share include Acelity, Smith & Nephew, Mölnlycke Health Care, ConvaTec, Integra Lifesciences, 3M Healthcare, Cardinal Health, BSN Medical, P Hartmann, Organogenesis Inc., and Coloplast Inc.
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