Advanced Wound Care Market Analysis by Size, Share, Growth, Application, Segmentation and Forecast to 2023
Advanced Wound Therapy Devices Market Research Report: by Type (Negative Pressure Wound Therapy Systems, Electric Stimulation Devices, Hyperbaric Oxygen Equipment, Pressure Relief Devices, Others), by End-user (Hospitals & Clinics, Home Care Settings, Others), and Region - Global Forecast till 2027
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).
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.
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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.
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