Advanced Wound Therapy Devices Market: Industry Analysis, Opportunity and Forecast to 2032
Advanced Wound Therapy Devices Market
Advanced
Wound Therapy Devices Market is projected to reach USD 12.2 Billion by 2032 at 4.2% CAGR during
the forecast period 2023-2032.
Increasing
incidence of diabetes is the primary driver of the market. Patients with
diabetes have a slower healing rate and poor blood circulation which can
negatively affect the immunity system. According to the Centers for Disease
Control & Prevention (CDC), nearly 30.3 million in the U.S. suffer from
diabetes. The advanced wound therapy devices market can expand by capitalizing
on this trend and offering precise solutions.
The growing numbers
of the geriatric populace will be highly beneficial to the market. This is
buttressed by the estimation by the World Health Organization (WHO) which pegs
the elderly populace at 1.2 billion by 2025. Furthermore, development of novel
products and rapid approval by regulatory bodies is projected to propel the
advanced wound therapy devices market. For instance, ConvaTec got approval for
its negative pressure wound therapy (NPWT) system by the U.S. FDA in 2018. The
hydrofiber gels in the system lock the exudates and bacteria and offer a
separate channel for the them to flow away from the wounded region.
Major Key
Players:
Some
of the Advanced Wound Therapy Devices Market
Players are
Cardinal Health (U.S.), ConvaTec Inc. (U.K.), Smith & Nephew plc (U.K.),
Triage Meditech Pvt. Ltd. (India), Medela AG (Switzerland), Sechrist (U.S.),
Mölnlycke Health Care AB (Sweden), B. Braun Melsungen AG (Germany), DeRoyal
Industries, Inc. (U.S.), Lohmann & Rauscher GmbH & Co. KG (Germany),
Perry Baromedical (U.S.), and KCI Licensing, Inc. (U.S.).
Segment Analysis
The advanced wound therapy devices market is
segmented by type and end-user.
By type, negative pressure wound therapy
systems accounted for 42.9% share in 2017, followed by pressure relief devices
(28.2%), hyperbaric oxygen equipment (15.2%), electric stimulation devices
(7.9%), and others (5.8%). Negative pressure wound therapy systems can attain
revenue close to USD 1,217.41 million by 2023 at 6.91% CAGR over the forecast
period. But pressure relief devices are projected to experience the highest
CAGR of 7.03% during the assessment period to accrue close to USD 805.35
million by 2023.
Among end-users, hospitals & clinics accounted
for 73.7% share in 2017, followed by home care settings (14.5%), and others
(11.8%). Hospitals & clinics can register close to 6.95% CAGR during the
forecast period to generate close to USD 2,095.66 million by 2023. On the other
hand, the home care settings segment is expected to exhibit 6.78% CAGR to touch
a size of USD 408.50 million by the end of the forecast period
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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