Global Wound Care Product Market Expected to Reach US$ 40,980.1 Million by 2024 | Medtronic plc., Smith and Nephew plc., Molnlycke Health Care, Johnson & Johnson, DeRoyal Industries Inc.
Global Wound Care Product market report provides analysis for the period 2013 – 2024, in the forecast period from 2018-2024. The market study reveals that the global wound care product market is projected to grow with a CAGR of over 6.24% in terms of value during the anticipated timeframe.
The market growth is influenced by numerous reasons like the growing aged population, an increasing volume of surgeries, an increase in road accidents. Furthermore, the increase in burn cases across the globe and increasing incidence of chronic wounds is also driving the growth of the market globally.
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Global wound care Product Market: Competitive Dynamics
Medtronic plc., Smith and Nephew plc., Molnlycke Health Care, Johnson & Johnson, DeRoyal Industries Inc., DermaRite Industries LLC, ConvaTec, Coloplast A/S, Integra Life Sciences Holdings Corporation, Mo-Sci Corp., Organogenesis Inc., Acelity L.P. Inc., 3M Company, Medtronic plc., Smith and Nephew plc., Molnlycke Health Care, Hollister Incorporated, Derma Sciences Inc. , etc.
Rise in aged population as well as increase of road accidents are substantially driving the global Wound Care product market
The rise in aged population is expected to increase the need for wound care products as they have low wound healing capacity. This factor is expected to have a positive impact on the growth of the market in the long-term globally. The increase in volume of surgeries is expected to have major impact in long-term as wound care products are used in almost every types of surgical process. This leads to their effective impact in the long term basis. In addition to that, increase in road accidents is expected to have high impact in the long term as injuries require proper treatment to prevent worsening of wounds.
Global Wound Care Product Market: Scope of the Report
The global wound care product market is segmented on the basis of type of product, type of wound, type of application, based on end user and also geographically. On the basis of type of product, the market is segmented into advanced wound care products, wound closure products and traditional wound care products. In 2017, the advanced wound care segment accounted for the largest market share, in terms of revenue of the global wound care product market.
Furthermore, demand for advanced wound care product is expected to increase during the forecast period. On the basis of type of wound, the global wound care product market is further bisected into acute wound & chronic wound. Based on the application, the market is categorized into surgical wound, ulcer and burn. Based on end user type, the market is further segmented into Inpatient & Outpatient facilities.
Geographically, the global wound care product market is bifurcated into North America, Asia Pacific, Europe and Rest of the world The U.S. was the largest country for global wound care market which holds over 34.1% share in 2017 and is expected to continue being the largest market during the forecast period. Presence of many end users including patients, hospitals, clinics, and medical stores supports the growth of the global wound care market in the country. However, presence of several emerging economies such as China, India, and South Korea are expected to drive the Asia Pacific market.
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