PUNE, India, May 15, 2019 /PRNewswire/ -- Fortune Business Insights published a report, titled "Active Wound Care Market Size, Share and Global Trend by Product Type (Biological Skin Equivalents, Growth Factors, Biological Dressings), Indication (Pressure Ulcers, Diabetic Foot Sores/Ulcers, Lower Limb Ulcers), End User (Hospitals, Clinics, Home Care Settings) and Geography Forecast till 2025". As per the report, the global active wound care market was worth US$ 1361.7 Mn in the year 2017, and is estimated to reach US$ 2039.9 Mn by the end of 2025. The rising prevalence of chronic diseases is likely to help the global active wound care market exhibit a healthy CAGR of 5.3% between 2017 and 2025.
The global active wound care market is expected to witness significant growth owing to the rising prevalence of ulcers. Moreover, the report predicts that ulcers may account for a significant share in terms of revenue in the global active wound care market. In the ulcer segment, diabetic foot ulcer is anticipated to gain traction as a considerable number of people contract the disease owing to the increasing prevalence of diabetes. In developing countries, foot ulcer is the one of the most common and feared complications associated with diabetes. This was found in a study published by the National Institute of Health (NIH). Also the study has revealed that around 15% of diabetic people in developing countries is likely to get diabetic foot sores or ulcers at some stage of their life. Ulcer healing is more complicated as it is vulnerable to infection and this is the reason the ulcer segment is expected to register a healthy growth rate by 2025.
Global Advanced Wound Dressings Market Exhibit to Grow at a CAGR Rate of 6.4%
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From a geographical standpoint, North America is projected to offer impressive growth opportunities throughout the forecast period. This is mainly ascribable to the rising prevalence of wounds and diabetic population in North America. In addition to this, presence of sophisticated healthcare infrastructure leading to the rising demand for active wound care products and treatment, drives the active wound care market in this region. However, in the coming years the active wound care market in Asia Pacific is anticipated to show higher rate of growth on account of the high prevalence of unmet medical requirements in the region.
On the downside there are certain factors that may limit the global active wound care market to an extent. Unfavorable reimbursement policies on healthcare is one of the main factors impeding the growth of the active wound care market. Also, high cost associated with active wound care products and treatment is another factor that may hamper the growth of the active wound care market.
Increased focus of market players on R&D, combined with increasing per capita healthcare spending in emerging countries, and implementation of reimbursement policies for advanced wound care products are factors driving the growth of the global advanced wound dressings market.
The Hemostatic Agents Market in Asia Pacific is expected to grow at a relatively higher CAGR. Baxter (the leading organization in global market), plans to expand its operation in emerging nations such as India and China to enhance its accessibility.
The rising incidences of burn injuries and the growing demand for biologics, such as skin grafts and tissue-engineered treatments, to improve the appearance of damaged skin are primarily driving the burn care market growth. Moreover, the rising acceptance of alternate dressing options, including alginate, foam, hydrogel, and collagen medications, is favoring the market growth. Additionally, the recent development of wearable smart bandages with sensors for remote monitoring of wounds is impelling the market growth. Furthermore, the shifting preference for minimally invasive (MI) procedures and the widespread availability of traditional burn care products across diverse distribution channels are propelling the market growth. Besides this, the enforcement of propitious initiatives by non-governmental organizations (NGOs), burn survivor support groups, and injury prevention activists to raise awareness regarding burn care treatments and management solutions amongst the masses is contributing to the market growth.
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