“Final Report will add the analysis of the impact of COVID-19 on industry.”
A comprehensive market research report has recently analyzed the worldwide “Asia-Pacific Advanced Wound Dressings Market” industry, employing segmentation based on Geographical Regions, Country, Company, Types, and Applications. Within the Beauty and Personal Care Packaging sector, numerous prominent Key Players[3M Co., B. Braun Melsungen AG, Bostik (An Arkema Company), Cardinal Health and Coloplast, ConvaTec Group, Goldwin Medicare Ltd., Integra Lifesciences, JK Medirise, Johnson & Johnson, Services, Inc., Kawamoto Corp., KMS GROUP, Libatape Pharmaceutical Co., Ltd., Medipack, Medtronic, Mimedx Group, Mlnlycke Health Care, Nitto Denko Corp., PerSys Medical, Smith & Nephew PLC, Smith & Nephew, Symbio, Inc., Triage Meditech Pvt. Ltd, Yoniner Group Co., Ltd], have emerged as leaders by implementing diverse strategies aimed at extending their market presence and strengthening their industry position. This report furnishes valuable insights to stakeholders and participants operating in the global market, equipping them with a competitive edge and offering a robust resource to fulfill their business needs effectively.
The healthcare sector is vital to both national economies and people all across the world. One of the industries with the fastest growth rates is this one. There is a correlation between income levels and healthcare spending across nations because healthcare spending accounts for more than 10% of the GDP of the majority of developed countries. According to the Centers for Medicare and Medicaid Services, US healthcare spending increased by 4.6% in 2019 to reach US$ 3.8 trillion, or US$ 11,582 per person and represented 17.7% of GDP. Additionally, households paid for 28.4% of all health expenditures, followed by the federal government for 29.0%. 16.1% of all healthcare costs were paid for by state and municipal governments, while 7.5% came from other private sources.
Asia Pacific Advanced Wound Dressings Market to Surpass USD 1.77 Billion by 2028
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Asia-Pacific advanced wound dressings market is growing at a high CAGR because of increasing incidences of chronic and acute wounds which driving the Asia-Pacific Advanced wound dressings market. Rising investments in improving healthcare infrastructure, rapidly growing geriatric population, prevalence of skin ulcers, tissue necrosis, and diabetic foot ulcers are some of the factors propelling the Asia-Pacific advanced wound dressing market. As a result, wound care has become more important following surgery, injury, or sickness.
A recent study conducted by the strategic consulting and market research firm,Report Ocean, revealed that the Asia-Pacific Advanced Wound Dressings Market was worth USD 1,153.6 million in the year 2021. The market is projected to grow at a CAGR of 6.4%, earning revenues of around USD 1,774.5 million by the end of 2028. The Asia-Pacific advanced wound dressings market is booming because of the prevalence of diabetes, along with an increase in the number of people diagnosed with diabetes. Also rapidly growing geriatric population, the prevalence of skin ulcers, tissue necrosis, and diabetic foot ulcers are some of the factors propelling the Asia-Pacific advanced wound dressing market. The high cost of advanced wound care with an inadequate reimbursement is a huge restraining factor for the market growth.
Increasing Incidence of Diabetic Foot Ulcers in Asia to Accelerate Demand
A diabetic foot ulcer is one of the most well-known types of chronic wounds. The increased prevalence of diabetes associated with increased foot ulcers among these patients is expected to drive demand for these dressings in the Asia Pacific region. A diabetic foot ulcer is one of the major complications associated with diabetes. Various clinical studies have shown that people with diabetes are much more likely to have diabetic foot ulcers than people with non-diabetes. According to an article published by the International Diabetes Federation (IDF) in 2020, an estimated 7.3 million adults in Japan have diabetes, with an estimated prevalence of adult diabetes in Japan of 7.9%. Such statistics and new product launches are expected to further escalate the market growth in the Asia-Pacific region.
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Venous Legs Ulcers Segment Accounted for the Largest Market Share in 2021 -by Application
The Asia-Pacific advanced wound dressings market is segmented on application into Chronic Wounds and Acute Wounds. Chronic Wounds are sub-segmented into Diabetic Foot Ulcers, Pressure Ulcers, Venous Leg Ulcers, and Other Chronic Wounds. In contrast, Acute wounds segment bifurcated into Surgical & Traumatic Wounds and Burns. The venous leg ulcers segment held the largest market share in 2021. Venous skin ulcers are long-term lower extremity wounds that take 4-6 weeks to heal and require advanced wound treatment that positively affects segmental dilation. Traditionally, dressing and surgery have been the most preferred treatments for venous leg ulcers and will increase the demand for advanced wound care.
Regional Insights
On the national side, markets are analyzed in Singapore, Malaysia, Japan, China, India, South Korea, Australia, and other Asia Pacific regions. China will have the largest market share in the advanced wound care market in the Asia Pacific region in 2021 and is expected to maintain its dominance throughout the forecast period. Increased discretionary income and increased knowledge of Advantage’s sophisticated wound care dressing providers are driving market growth in the region. In addition, the elderly population takes longer to recover, especially for the elderly, which is driving the growth of the region. The moderate onset of diabetes, which is the key to foot ulcers in Japan, helps to maintain the market growth.
Market Segment:
By Product(Foam Dressings, Hydrocolloid Dressings, Film Dressings, Alginate Dressings, Hydrogel Dressings, Collagen Dressings And Other Advanced Dressings)
By Application (Chronic Wounds (Diabetic Foot Ulcers, Pressure Ulcers, Venous Leg Ulcers And Other Chronic Wounds) And Acute Wounds (Surgical & Traumatic Wounds And Burns))
By End-Use(Hospitals, Specialty Clinics, Home Healthcare And Others)
Impact of COVID-19 on Asia-Pacific Advanced Wound Dressings Market
Governments in several Asian countries have imposed widespread restrictions, such as national blockades, to limit the spread of the COVID-19 infection that negatively impacted the healthcare market in both developed and developing countries. This has led to a sharp reduction in outpatient visits for non-essential medical procedures. But the increasing use of this type of Advanced Wound dressing in-home care has minimized its impact on the Asian market. In addition, with a robust supply chain and limited assistance required for use, COVID-19 has a moderate impact on adoption and a limited negative impact on the Asia-Pacific market.
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