The global WoundClosure Market by product type (wound dressings and surgical wound closureproducts), by application (ulcer, surgical wounds, burn injuries, and otherapplications), by end user (hospitals, long-term care settings, and home caresettings) and by region (North America, Latin America, Europe, Asia Pacific,Middle East, and Africa) was valued at US$ 2.3 billion in 2017 and is projectedto expand at a CAGR of 7.1% during the forecast period (2017 - 2025).
Increasing number of geriatricpopulation, rise in the prevalence of chronic wounds, venous ulcers, diabetesulcers, and pressure ulcers, owing to the increased cases of lifestyle disease,accidents, and casualties are expected to be major driving factor for the woundclosure market growth during the forecast period. The skin breakdown withulcers and chronic wound formation is one of the common clinical problem, asthe geriatric population are more prone to the wound and ulcers. Rising numberof surgical procedures among aged population are expected to have increasedpotential for wound complications. According to the data published in theNational Center for Biotechnology Information (NCBI) in November 2016, in U.S.chronic wounds are reported to affect 6.5 million patients with approximatelyUS$ 25 billion expenditure annually by healthcare system on wound relatedcomplications.
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According to the data publishedin the January 2016 by the Population Reference Bureau report, prevalence ofobesity rate among the older adults have been increasing from 31.6% to 41.5%among the men aged 65 to 74 while the prevalence among the men aged 75 andolder has increased from 17.7% to 26.5%. Moreover this trend is expected to significantlyincrease health burden including high risk of diabetes, cardiovascular disease,osteoarthritis, stroke, and cancer, which adversely impact the wound healing ingeriatric population.
Wound is circumscribed injurycaused by an external force, which involves injury to any tissue or organ. Onthe basis of severity of injury, wounds are classified into acute and chronicwounds. Wounds imposes significant impact on the health of patients, whichleads to pain, loss of function and mobility, depression, anxiety, and stress.According to the National Health Services (NHS), England, annual cost ofmaintaining wounds and associated disease conditions is US$ 6.60 billion in theU.K. In 2016, around 2.2 million population accounted to have wound and about30% wounds lacked the diagnosis treatment in the U.K. by General Physician (GP)report. Pressure ulcer account for around US$ 1.7 million to US$ 2.6 millionannually in the U.K., which is same as 4% of total NHS expenditure in 2016.
Browse 55 Market Data Tables and35 Figures spread through 145 Pages and in-depth TOC on wound closure market byproduct type (wound dressings, and surgical wound care), by application(ulcers, surgical wounds, burn injuries, and other applications), by end user(hospitals, long-term care settings, and home care settings) and by region(North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) -Global Forecast to 2025.
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Key Takeaways of the woundclosure market:
The global wound closure marketis expected to expand at a CAGR 7.1% during the forecast period (2017 – 2025),due to the rising prevalence of chronic wounds and emergence of technicallyadvanced wound closure products.
Among product type, wounddressings segment hold a dominant position in the global wound closure market,owing to features such as optimized and cost-effective treatment, reduced thenumber of dressing changes, and accelerated wound healing time.
Surgical wounds is the majorapplication area of the global wound closure market. Increasing number ofsurgeries resulting into wound indications post-surgery is fueling the growthof wound closure market in near future.
Hospitals is the major end usersegment in the global wound closure market due to the increased hospitaladministration, owing to the growing cases of accidents, casualties, and risingadministration of geriatric population suffered with lifestyle diseaseconditions.
Some of the key players operatingin global wound closure market are Acelity L.P.Inc., Smith & Nephew plc,Johnson & Johnson, B. Braun Melsungen AG, ConvaTec Group plc, BaxterInternational Inc., Integra LifeSciences Corporation, Medtronic plc, MolnlyckeHealth Care AB, and Cardinal Health, Inc.
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