Pune, India, Jan. 21, 2021 (GLOBE NEWSWIRE) -- The global chronic wound care market size is projected to reach USD 16.36 billion by the end of 2027. The increasing investment in the technological integration will open up a huge potential for the growth of the overall market. According to a report published by Fortune Business Insights, the market was worth USD 10.12 billion in 2019 and will exhibit a CAGR of 6.2% during the forecast period, 2020-2027. As of 2019, the market in North America was worth 3.87 billion and this value is projected to increase at a considerable pace in the coming years.
Chronic wounds are diseases that haven’t been successfully treated during the process of treatment of repair. The costs associated with chronic wounds are much higher than normal disease treatment. According to data published by the US National Library of Medicine, in 2018, around 5.7 million people in the United States suffered from chronic wound diseases. The high prevalence of the disease will create several growth opportunities for the companies operating in the market.
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KEY INDUSTRY DEVELOPMENTS:
- April 2019 – Smith & Nephew acquired Osiris Therapeutics Inc., in order to diversify its products offerings and strengthen its position in the chronic wound care segment
- May 2018 – Coloplast Corp announced the launch of Biatain Silicone with 3Dfit technology in order to offer wide range of product portfolio in foam dressing segment
Decrease in Hospital Visits During Covid-19 Pandemic will have an Adverse Effect on Market Growth
The recent coronavirus outbreak has instilled a sense of panic and confusion among people across the globe. The rapid spread of the disease has compelled people to stay indoors. Moreover, governments of several countries across the world have taken several efforts to curb the spread of the disease; lockdown and social distancing being the most effective measures. As a result, the number of hospital visits during the pandemic has gone down significantly. This factor will negatively affect the chronic wound care market in the immediate future.
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Constant Product Innovations will Provide Impetus to Market Growth
The report encompasses several factors that have contributed to the growth of the overall market in recent years. Accounting to the rising prevalence of chronic diseases across the world, several large scale companies are looking to invest more in product innovations with a bid to acquiring a wider consumer base.
The increasing investments in product innovations will bode well for the growth of the overall market in the coming years. In February 2019, Axio Biosolutions Pvt. Ltd. announced the launch of a new advanced dressing made from an advanced product.
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North America Likely to Emerge Dominant; Presence of Several Health Reimbursement Policies will Bode Well for Market Growth
The report analyses the latest market trends across five major regions, including North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among all regions, the market in North America is projected to emerge dominant in the coming years. The high prevalence of chronic diseases, especially in the Unites States, will create several growth opportunities for the companies operating in this region.
Moreover, the presence of adequate health reimbursement policies will lead to a wider adoption of chronic wound care in this region. As of 2019, the market in North America was worth 3.87 billion and this value is projected to increase at a considerable pace in the coming years. The market in Asia Pacific is projected to register a high CAGR in the coming years, driven by the presence of several large scale companies in countries such as India and China.
List of companies profiled in the report:
- Smith & Nephew (London, U.K.)
- Cardinal Health (Dublin, Ohio)
- Coloplast Corp (Humlebaek, Denmark)
- ConvaTec Inc. (England, U.K.)
- Mölnlycke Health Care AB (Gothenburg, Sweden)
- Integra LifeSciences Corporation (New Jersey, U.S.)
- 3M (Minnesota, U.S)
- B. Braun Melsungen AG (Melsungen, Germany)
- Tissue Regenix (West Yorkshire, U.S)
- Other Players
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• Diabetic Ulcers
• Pressure Ulcers
• Venous Ulcers
• Arterial Ulcers
• Advanced Wound Dressings
• Wound Care Devices
• Active Therapy
By End User
• Hospitals & Wound Care Centers
• Homecare Settings & Others
• North America (U.S. and Canada)
• Europe (U.K., Germany, France, Italy, Spain, Scandinavia, and Rest of Europe)
• Asia-Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia- Pacific)
• Latin America (Brazil, Mexico, and Rest of Latin America)
• The Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)
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SECONDARY RESEARCH IS CONDUCTED TO DERIVE THE FOLLOWING INFORMATION:
- Details such as revenues, market share, strategies, growth rate, product & their pricing by region/country for all major companies
- Details in relation to prevalence, incidence, patient numbers, distribution of patients, average price of treatment, etc.
- Number of end user facilities by region/country and average annual spending or procurement of devices by type of end user facility
- Number of procedures and average price of procedures
- Replacement rate and pricing of capital equipment
- Market dynamics in relation to the market under focus – Drivers, restraints, trends, and opportunities
- Market & technological trends, new product developments, product pipeline.
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