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. 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.
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.
Factors such as increasing geriatric population across the globe, need for fast acting wound closure devices for prevention of blood loss during surgeries, and a 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, a 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.
Prominent players in the market have adopted various strategies such as developing advanced wound care therapies and product launch for maintaining their share in the wound management devices market thereby addressing the evolving healthcare needs among patients and healthcare providers. Some of the key players of the market include Baxter International Inc., Coloplast A/S, ConvaTec Inc., Derma Sciences Inc., Hollister Inc., Johnson & Johnson, 3M Company, Medtronic Plc., Mölnlycke Health Care, and Smith & Nephew.
KEY BENEFITS FOR STAKEHOLDERS
KEY MARKET SEGMENTS
BY Product
BY Application
By End User
By Region
LIST OF KEY PLAYERS PROFILED IN THE REPORT
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.
Factors such as increasing geriatric population across the globe, need for fast acting wound closure devices for prevention of blood loss during surgeries, and a 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, a 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.
Prominent players in the market have adopted various strategies such as developing advanced wound care therapies and product launch for maintaining their share in the wound management devices market thereby addressing the evolving healthcare needs among patients and healthcare providers. Some of the key players of the market include Baxter International Inc., Coloplast A/S, ConvaTec Inc., Derma Sciences Inc., Hollister Inc., Johnson & Johnson, 3M Company, Medtronic Plc., Mölnlycke Health Care, and Smith & Nephew.
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.
KEY MARKET SEGMENTS
BY Product
- Therapy Devices
- Wound closure Devices
- Others
BY Application
- Burns
- Diabetic Foot Ulcers
- Pressure ulcers
- Surgical wounds
- Others
By End User
- Hospitals
- Clinics
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- Spain
- Italy
- UK
- Rest of Europe
- Asia-Pacific
- Japan
- India
- China
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- South Africa
- Rest of LAMEA
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.
- Mölnlycke Health Care
- Smith & Nephew
Table of Contents
Chapter 1: Introduction
Chapter 2: Executive Summary
Chapter 3: Market Overview
Chapter 4: Wound Management Devices Market, by Product
Chapter 5: Wound Management Devices Market, by Application
Chapter 6: Wound Management Devices Market, by End-user
Chapter 7: Global Wound Management Devices Market, by Region
Chapter 8: Company Profiles
Executive Summary
According to the report titled 'Wound Management Devices Market by product, application, and end user: Opportunity Analysis and Industry Forecast, 2019-2026' the global wound management devices market size is expected to reach $18.8 billion by 2026, registering a CAGR of 4.3% from 2019 to 2026, in terms of value.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. Wound management is a comprehensive care plan that involves methods, measures, and interventions taken while healing patients with wounds. The basic principle of wound management involves 5 steps, namely, hemostasis, cleaning of the wound, analgesia, skin closure, and dressing, which is followed by precautionary advices from healthcare professionals. Wound management provides optimized conditions and environment to awound to restore and fasten its healing process. This includes maintaining stable temperature, optimal pH, bacterial balance, as well as selection of appropriate wound therapy. Chronic wound management requires intervention of healthcare professionals and appropriate inpatient care.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 market growth. In addition, technological advancements in wound healing procedures adopted by hospitals and clinics are further expected to boost 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 extra corporeal 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. On the basis of product, it is classified into therapy devices, wound closure devices, and others. The therapy devices segment was the highest contributor to the market, owing to the increasing usage of these devices in Negative pressure wound therapy (NPWT) systems, hyperbaric oxygen therapy systems, extra corporeal shock wave therapy systems, compression therapy systems, and electrical stimulation wound therapy systems. On the basis of application, the wound management devices market is divided into burns, diabetic foot ulcers, pressure ulcers, surgical wounds and others. The burns segment was the highest contributor to the market, since these injuries are common and are caused by flames, steams, or agents such as chemicals, tar, and electricity.On the basis of, it is segmented into hospitals, clinics, home care settings and others. The hospitals segment dominated the market in 2018 and is anticipated to maintain its dominance throughout the forecast period. This is attributed to the preference among individuals for hospitals compared to clinics and other end users. Region wise, the market is further analyzed across North America, Europe, Asia-Pacific and LAMEA. North America occupied largest share in the wound management devices market in 2018, and is expected to continue its dominance during the forecast period, owing to increase in incidences of chronic wounds amongst the population. Moreover, growing geriatric population along with chronic diseases and rise in awareness regarding wound management devices through medical tourism programs in the region are anticipated to propel market growth in this region.Asia-Pacific is anticipated to grow at the highest growth rate during the forecast period due to large pool of population with unmet medical needs and changes in lifestyle. The growth is mainly attributed to the attempts of reducing surgical costs by minimizing the duration of hospital stays. Furthermore, developing countries such as China and India are expected to fuel the wound management devices market growth, owing to increasing incidences of diseases such as obesity and diabetes.
Key Findings of the Study:
North America occupied 44.88%the global wound management devices market share in 2018.
By application, diabetic foot ulcers segment is anticipated to grow with the highest CAGR throughout the forecast period.
The hospitals segment is anticipated to grow at the 4.2% during the analysis period.
Comprehensive competitive analysis and profiles of major market players such as Baxter International Inc., Coloplast A/S, ConvaTec Inc., Derma Sciences Inc., Hollister Inc., Johnson & Johnson, 3M Company, Medtronic Plc., Mölnlycke Health Care, and Smith & Nephew have been provided in this report.
Companies Mentioned
- Baxter International Inc.
- Coloplast A/S
- ConvaTec Inc.
- Derma Sciences Inc.
- Hollister Inc.
- Johnson & Johnson
- 3M Company
- Medtronic Plc.
- Mölnlycke Health Care
- Smith & Nephew
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 240 |
| Published | May 2020 |
| Forecast Period | 2018 - 2026 |
| Estimated Market Value ( USD | $ 13396.8 million |
| Forecasted Market Value ( USD | $ 18818.4 million |
| Compound Annual Growth Rate | 4.3% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
