The global wound management devices market was valued at $13,396.8 million in 2018 and is projected to reach $18,818.4 million by 2026, registering a CAGR of 4.3% from 2019 to 2026. As per data published by the U.S. National Institute of Health, in 2017, wounds or chronic wounds affect approximately 6.5 million of the U.S. population and the number is likely to increase in the coming years. In addition, major pharmaceutical companies are introducing advanced wound care management devices for faster recovery of patients from acute and chronic wounds. For instance, in 2017, Smith & Nephew launched a handheld imaging device “MolecuLight i:X” in Europe that is specifically used in measuring wound surface area and detect harmful bacteria within it. Wounds are one of the most common afflictions that affect billions of people worldwide.
Wounds can be classified into acute and chronic based on the severity. Acute wounds are often recovered by natural healing process whereas chronic wounds are hard-to-heal due to complications from cardiovascular diseases (CVD), obesity, diabetes, and other lifestyle diseases. Thus, addressing these wounds require efficient and cost-effective wound management devices and practices, thereby, increasing the need for better wound healing products.
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Factors such as increasing geriatric population across the globe, need for fast acting wound closure devices for prevention of blood loss during surgeries, and rise in number of people suffering from chronic wounds and ulcers due to various diseases such as diabetes and CVDs primarily drives the market growth. In addition, technological advancements in wound healing procedures adopted by hospitals and clinics are further expected to boost the market growth. However, higher cost of treatments involved in wound management techniques is anticipated to restrain the market globally. Moreover, lack of proper reimbursement policies in developing countries also hamper the growth of the wound management devices market. However, introduction of novel therapies for wound healing and growing number of therapy approvals such as negative pressure wound therapies and extracorporeal shock wave therapies, create newer opportunities for the growth of the market.
The wound management devices market is segmented on the basis of product, application, end user and region. Based on the product, the market is classified into therapy devices, wound closure devices and others. Based on the application, the wound management devices market is divided into burns, diabetic foot ulcers, pressure ulcers, surgical wounds and others. Based on end user, the market is segmented into hospitals, clinics, home care settings and others. Region wise, the market is further analysed across North America, Europe, Asia-Pacific and LAMEA.
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.
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Due to advancements spurred by AI/ML, the impact of digital health technology will grow. Data from the Department for Promotion of Industry and Internal Trade show that FDI in the medicines and medication sector totaled US$19.12 billion (DPIIT).
KEY BENEFITS FOR STAKEHOLDERS
? The study provides an in-depth analysis of the market along with the current trends and future estimations to elucidate the imminent investment pockets.
? It offers a quantitative analysis from 2018 to 2026, which is expected to enable the stakeholders to capitalize on prevailing market opportunities.
? Comprehensive analysis of all geographical regions is provided to determine the prevailing opportunities.
? Key players are profiled, and their strategies are analyzed thoroughly to understand the competitive outlook of the global market.
LIST OF KEY PLAYERS PROFILED IN THE REPORT
– Baxter International Inc.
– Coloplast A/S
– ConvaTec Inc.
– Derma Sciences Inc.
– Hollister Inc.
– Johnson & Johnson
– 3M Company
– Medtronic Plc.
– Molnlycke Health Care
– Smith & Nephew
KEY MARKET SEGMENTS
By Product
– Therapy Devices
– Wound closure Devices
– Others
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By Application
– Burns
– Diabetic Foot Ulcers
– Pressure ulcers
– Surgical wounds
– Others
By End User
– Hospitals
– Clinics
– Others
By Region
– North America
o U.S.
o Canada
o Mexico
– Europe
o Germany
o France
o Spain
o Italy
o UK
o Rest of Europe
– Asia-Pacific
o Japan
o India
o China
o Australia
o Rest of Asia-Pacific
– LAMEA
o Brazil
o Saudi Arabia
o South Africa
o Rest of LAMEA
Table of Content:
- Report Overview
- Global Growth Trends
- Competition Landscape by Key Players
- Data Segments
- North America Market Analysis
- Europe Market Analysis
- Asia-Pacific Market Analysis
- Latin America Market Analysis
- Middle East & Africa Market Analysis
- Key Players Profiles Market Analysis
- Analysts Viewpoints/Conclusions
- Appendix
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- And so forth of the fundamental players, which assists the peruses with distinguishing the indispensable contenders and profoundly know the opposition instance of the market.
- This record will help companions with greedy the global enterprise popularity and patterns of Telemedicine Administration Frameworks and offers them statistics on key market drivers, restrictions, difficulties, and open doors.
- This document will aid companions with grasp contenders higher and collect experiences to reinforce their scenario in their organizations. The serious scene region contains the piece of the pie and rank (in extent and worth), contender environment, new object improvement, development, and obtaining.
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