DUBLIN–(BUSINESS WIRE)–The “Wound Care Market, By Product, By End-use, By Type, and Region Forecast to 2028” report has been added to ResearchAndMarkets.com’s offering.
The global wound care market size is expected to reach USD 32.02 Billion in 2028 and register a CAGR of 7.6% over the forecast period, according to latest report. The surge in the number of surgical procedures is a major factor that is projected to fuel the growth of the wound care market.
According to the National Center for Health Statistics, in 2016, there were approximately 48 million surgical procedures performed in the U.S., which is expected to grow in the coming years. Moreover, rise in geriatric population and increase in the number of road accidents are other factors projected to fuel the growth of the market. However, stringent government regulations related to reimbursement and product approvals are expected to restrain the growth of the wound care market.
According to data published in the U.S. National Library of Medicine, in 2018, it was estimated that 5.7 million patients were suffering from chronic wounds in the United States. The number of patients is expected to grow to 7.2 million by 2025.
Technological advancement in the field of wound care, rising geriatric population and increasing number of road accidents are the major factors driving the growth of this market. Also, the increasing number of diabetic patients is also fueling the market growth.
According to the World Health Organization (WHO), globally, an estimated 422 million people have diabetes, with type 2 diabetes accounting for more than 90% of all cases. The prevalence of diabetes has been rising steadily over the past three decades. In 2015, WHO estimated that 8.5% of all adults aged 18 years and older had diabetes. This figure represents an increase from 4.7% in 1980.
The number of people with diabetes is expected to rise to 629 million by 2045. This increase is largely due to population growth and aging, but also because of the rising prevalence of obesity and type 2 diabetes. The number of people with type 2 diabetes is expected to increase from 415 million in 2015 to 742 million by 2045, with the majority living in low- and middle-income countries.
Some Key Highlights from the Report:
- By product, surgical wound care products segment revenue is expected grow at significant rate over the forecast period due to their growing demand in hospital surgical wards and trauma centers for the management of surgical site infections (SSIs).
- On the basis of distribution channel, online sales channels are projected to grow at highest rate over the forecast period. Online sales platforms offer an easy way to purchase wound care products, which is expected to drive segment growth. Increasing adoption of smart devices and e-commerce platforms has resulted in the migration of customers toward online shopping.
- By end-use, home care settings segment revenue is expected grow at significant rate over the forecast period due to rising number of patients opting for self-care at home. According to National Institute on Aging, around 95% of seniors prefer receiving care at their homes as compared to nursing homes & hospitals. Increasing government initiatives to reduce the cost associated with health care is expected to propel the segment growth over the forecast period.
- According to WHO, globally, the number of people aged 60 years or over is projected to grow from 901 million in 2015 to 2 billion in 2050. In 2015, around 60% of the world’s older population lived in Asia (587 million), 22% in Africa (198 million), 10% in Latin America and the Caribbean (93 million), 9% in Europe (86 million), and 1% in Northern America (35 million). The number of people aged 80 years or over is projected to triple by 2050, reaching 1.4 billion.
- Wound care market revenue in Asia-Pacific is expected to witness the fastest CAGR over the forecast period due to the increasing number of surgical procedures and the growing prevalence of chronic diseases. Also, the availability of a large number of products in the market and the increasing number of hospitals are expected to contribute to the growth of the Asia-Pacific wound care market.
Key Topics Covered:
Chapter 1. Market Synopsis
Chapter 2. Executive Summary
Chapter 3. Indicative Metrics
Chapter 4. Wound Care Market Segmentation & Impact Analysis
4.1. Wound Care Market Material Segmentation Analysis
4.2. Industrial Outlook
4.2.1. Market indicators analysis
4.2.2. Market drivers’ analysis
4.2.2.1. Rise in the number of accidents
4.2.2.2. Increase in the incidences of chronic disorders
4.2.2.3. Increasing geriatric population
4.2.3. Market restraints analysis
4.2.3.1. Strict policies for manufacturing of products
4.2.3.2. High cost of modern wound care products
4.3. Technological Insight
4.4. Regulatory Framework
4.5. ETOP Analysis
4.6. Porter’s Five Forces Analysis
4.7. Competitive Metric Space Analysis
4.8. Price trend Analysis
4.9. Customer Mapping
4.10. COVID-19 Impact Analysis
4.11. Global Recession Influence
Chapter 5. Wound Care Market By Product Insights & Trends
Chapter 6. Wound Care Market By End-use Insights & Trends
Chapter 7. Wound Care Market By Type Insights & Trends
Chapter 8. Wound Care Market Regional Outlook
Chapter 9. Competitive Landscape
9.1. Market Revenue Share By Manufacturers
9.2. Manufacturing Cost Breakdown Analysis
9.3. Mergers & Acquisitions
9.4. Market Positioning
9.5. Strategy Benchmarking
9.6. Vendor Landscape
Chapter 10. Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/ioizaq
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