Advanced Wound Care Market Poised for Steady Growth till 2022
As per P&S Intelligence, the advanced wound care market is set to grow from $10,659.6 million in 2015 at a 7.0% CAGR during 2016–2022 (forecast period). Such products are majorly utilized for the management of chronic wounds, which last longer than acute wounds and require more-extensive treatment. The following are the key growth drivers for the industry:
- Rising population of the elderly
- Increasing burn cases
- Surging prevalence of obesity and diabetes
- Booming volume of surgeries
- Escalating incidence of road accidents
The advanced wound care market is categorized into wound therapy devices, advanced wound dressings, and active wound care products. Among all these, the industry was dominated by the advanced wound dressings category, which held a 53.3% share, in 2015. Further, negative pressure wound therapy (NPWT) devices, oxygen and hyperbaric oxygen equipment, and electrical stimulation devices are the divisions within the wound therapy device category. Among these, the NPWT devices division will witness the fastest growth, at a CAGR of 7.3%, during the forecast period.
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On the basis of end user, the advanced wound care market is bifurcated into inpatient and outpatient facilities, of which inpatient facilities contributed higher revenue to the industry in 2015. As inpatient settings generally have doctors with better training as well as high-end medical devices and facilities, the footfall at such healthcare centers is higher than outpatient settings. This is the reason the inpatient bifurcation would continue making the more-significant contribution to the advance of the industry during the forecast period.
Yet another factor helping in the prosperity of the advanced wound care market is the rising number of road accidents. The World Health Organization (WHO) says that every year, 1.35 million are killed in road accidents, whereas another 20–50 million suffer from non-fatal injuries. Accidents are responsible for some of the most serious and deepest wounds, which are exposed to debris, dust, and other contaminants. This makes the usage of advanced wound care products essential for the proper management and healing of the wounds.