Wound Care Market Overview, Size, Growth Drivers, Segmentation and Forecast by 2022
The wound care market is growing due to increasing geriatric population, increase in volume of sugeries and increasing awareness about wound care products. Increasing cases of diabetes leading to pressure ulcer formation is further generating an increased demand for wound care products.
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Among the types of wound care products, advanced wound care products segment is expected to witness the fastest growth during the forecast period. Among the various applications, surgical wounds segment accounted for the largest share in the global market in 2015, and it is expected to witness 7.1% CAGR during 2016 – 2022. In 2015, North America held the largest share in the global wound care market whereas, Asia-Pacific market is expected to witness fastest growth, with a CAGR of 7.2% during the period 2016– 2022.
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Wound closure products are used in various internal surgical procedures, such as bariatric surgery, neurosurgical procedures, cardio surgery, obstetrics and plastic surgery. In addition, they are used to decrease the dead space and reduce incidence rates of hematoma and seroma resulting in better wound closure.
However, the high cost associated with wound treatments involving the usage of advance wound dressings as well as high technical assistance required for the utilization of wound closure products are the key restraint in the growth of the wound care market worldwide. The high cost of advanced wound care products, such as foams, hydrocolloids, film, alginate, hydrogel, and collagen, limits the affordability of the users. This hampers the growth of global wound care market.
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Some of the key companies operating in the global wound care market include 3M Company, Coloplast Corporation, Medtronic plc, Smith and Nephew plc, ConvaTec, Johnson and Johnson, Integra Life Sciences Holdings Corporation, Molyncke Health Care, Mo-Sci Corporation, Organogenesis Inc., Acelity L.P. Inc., DermaRite Industries LLC., Derma Sciences Inc., Hollister Incorporated and DeRoyal Industries Inc.
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