Given the debilitating impact of COVID-19 (Coronavirus) on Advanced Wound Therapy Devices Market, companies are on the lookout for starting production lines. Get an inside look at the market prospects and its future decisions in light of the pandemic and other such unforeseen circumstances.
Advanced Wound Therapy Devices Market Dynamics
Market Research Future (MRFR) predicts that the global advanced wound therapy devices market to touch the valuation of USD 2,804.53 million by 2023. It could demonstrate a CAGR of 6.70% CAGR during the forecast period (2018-2023).
Notable players within the worldwide advanced wound therapy devices market include Smith & Nephew plc (U.K.), Lohmann & Rauscher GmbH & Co. KG (Germany), Cardinal Health (U.S.), Sechrist (U.S.), Mölnlycke Health Care AB (Sweden), DeRoyal Industries, Inc. (U.S.), Triage Meditech Pvt. Ltd. (India), Medela AG (Switzerland), Perry Baromedical (U.S.), B. Braun Melsungen AG (Germany), KCI Licensing, Inc. (U.S.), ConvaTec Inc. (U.K.), to name a few.
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Advanced Wound Therapy Devices Market Drivers and Top Barriers
Advanced wound care sector is emerging rapidly, as it provides devices as well as solutions that help manage acute and chronic wounds. Advanced wound therapy devices are used for treating wounds that take place due to pressure venous disease, ulcers, diabetes, and others.
Rising cases of diabetes is one the most important growth-inducing factors in the market. Those with diabetes heal at a slow rate and have poor blood circulation that negatively affects the immunity system. The Centers for Disease Control & Prevention (CDC) reveals that close to 30.3 million in the United States (U.S.) have diabetes. Trade pundits predict that the worldwide advanced wound therapy devices market could capitalize on this trend by offering precise solutions, thereby expanding in the subsequent years.
The burgeoning geriatric population is benefitting the market to a great extent. This factor is supported by facts presented by the World Health Organization (WHO), that says the elderly populace could reach around 1.2 billion by 2025. Moreover, emergence of novel products along with rapid approval by regulatory bodies benefits the advanced wound therapy devices market. To illustrate, ConvaTec was approved by FDA for its negative pressure wound therapy (NPWT) system in 2018.
Advanced Wound Therapy Devices Market Segmentation
The worldwide advanced wound therapy devices market has been considered for type and end-user.
Types of therapy devices mentioned in the report are hyperbaric oxygen equipment, electric stimulation devices, negative pressure wound therapy systems, pressure relief devices, and others. The negative pressure wound therapy systems controlled close to 42.9% share in 2017, with pressure relief devices coming second with a 28.2% share. Hyperbaric oxygen equipment accounted for 15.2%, electric stimulation devices for 7.9%, and others came to 5.8% of the total market. Negative pressure wound therapy systems could expect to reach the valuation of USD 1,217.41 million by 2023, surging at a rate of 6.91% during the forecast period. On the other hand, pressure relief devices are expected to achieve the highest CAGR of 7.03% in the next few years, with it predicted to touch around USD 805.35 million by 2023.
End-users enlisted in the report cover home care settings, hospitals & clinics, and others. Hospitals & clinics was at the top with a 73.7% share in 2017, with home care settings at the second position with a 14.5% share and others accounting to 11.8%. Hospitals & clinics can obtain a CAGR of 6.95% during the forecast period, to arrive at the valuation of USD 2,095.66 million by 2023. Furthermore, the home care settings segment could exhibit a CAGR of 6.78% to expand at USD 408.50 million by the end of the appraisal period.
Advanced Wound Therapy Devices Market Regional Analysis:
Region-wise, the advanced wound therapy devices market is segmented into Europe, Asia Pacific (APAC), Americas, and the Middle East & Africa (MEA).
The Americas are anticipated to reign as the leading region of the market owing to a mix of attractive reimbursement schemes, numerous treatment options, and prevalence of diabetes and chronic wounds. The region can accumulate close to USD 993.07 million by 2023 at 6.11% CAGR over the forecast period.
The European region is touted to register a notable growth rate owing to awareness of chronic wounds, rise in government initiatives, and awareness among healthcare providers. Presence of reputed companies such as Lohmann & Rauscher and technological advances of products can drive the regional advanced wound therapy devices market growth. The region can accrue close to USD 924.85 million by 2023 at 7.02% CAGR over the forecast period.
The APAC region is expected to be extremely lucrative for the advanced wound therapy devices market. This can be credited to high number of burn injury cases and awareness of NPWT devices. It can attain a size of USD 676.27 million by 2023 at 7.16% CAGR over the assessment period.
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