Advanced Wound Therapy Devices Market Overview, Opportunities, Profile and Global Industry Analysis To 2027
Advanced
Wound Therapy Devices Market Research Report: by Type (Negative Pressure Wound
Therapy Systems, Electric Stimulation Devices, Hyperbaric Oxygen Equipment,
Pressure Relief Devices, Others), by End-user (Hospitals & Clinics, Home
Care Settings, Others), and Region - Global Forecast till 2027
Advanced Wound Therapy Devices Market
Highlights
The Global Advanced
Wound Therapy Devices Market is anticipated to touch a value of
USD 2,804.53 million by 2023, asserts Market Research Future (MRFR). The market
can showcase 6.70% CAGR from 2018 to 2023 (forecast period).
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.
Segmentation
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.
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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.
Competitive
Analysis:
Notable player names in the
advanced wound therapy devices market 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.).
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