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Advanced Wound Therapy Devices Market Companies 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 2023
Market Research Future (MRFR) predicts that the Global Advanced Wound Therapy Devices Companies shows to touch the valuation of USD 2,804.53 million by 2023. It could demonstrate a CAGR of 6.70% CAGR during the forecast period (2018-2023).
Advanced Wound Therapy Devices Market Drivers and Top Barriers
Advanced wound care sector is emerging rapidly, as it provides devices as well as solutions that help manage acute and chronic wounds. Advanced wound therapy devices are used for treating wounds that take place due to pressure venous disease, ulcers, diabetes, and others.
Rising cases of diabetes is one the most important growth-inducing factors in the market. Those with diabetes heal at a slow rate and have poor blood circulation that negatively affects the immunity system. The Centers for Disease Control & Prevention (CDC) reveals that close to 30.3 million in the United States (U.S.) have diabetes. Trade pundits predict that the worldwide advanced wound therapy devices market could capitalize on this trend by offering precise solutions, thereby expanding in the subsequent years.
The burgeoning geriatric population is benefitting the market to a great extent. This factor is supported by facts presented by the World Health Organization (WHO), that says the elderly populace could reach around 1.2 billion by 2025. Moreover, emergence of novel products along with rapid approval by regulatory bodies benefits the advanced wound therapy devices market. To illustrate, ConvaTec was approved by FDA for its negative pressure wound therapy (NPWT) system in 2018.
Advanced Wound Therapy Devices Market Companies
Notable players within the worldwide advanced wound therapy devices market include Smith & Nephew plc (U.K.), Lohmann & Rauscher GmbH & Co. KG (Germany), Cardinal Health (U.S.), Sechrist (U.S.), Mölnlycke Health Care AB (Sweden), DeRoyal Industries, Inc. (U.S.), Triage Meditech Pvt. Ltd. (India), Medela AG (Switzerland), Perry Baromedical (U.S.), B. Braun Melsungen AG (Germany), KCI Licensing, Inc. (U.S.), ConvaTec Inc. (U.K.), to name a few.
Advanced Wound Therapy Devices Market Segmentation
The worldwide advanced wound therapy devices market has been considered for type and end-user.
Types of therapy devices mentioned in the report are hyperbaric oxygen equipment, electric stimulation devices, negative pressure wound therapy systems, pressure relief devices, and others. The negative pressure wound therapy systems controlled close to 42.9% share in 2017, with pressure relief devices coming second with a 28.2% share. Hyperbaric oxygen equipment accounted for 15.2%, electric stimulation devices for 7.9%, and others came to 5.8% of the total market. Negative pressure wound therapy systems could expect to reach the valuation of USD 1,217.41 million by 2023, surging at a rate of 6.91% during the forecast period. On the other hand, pressure relief devices are expected to achieve the highest CAGR of 7.03% in the next few years, with it predicted to touch around USD 805.35 million by 2023.
End-users enlisted in the report cover home care settings, hospitals & clinics, and others. Hospitals & clinics was at the top with a 73.7% share in 2017, with home care settings at the second position with a 14.5% share and others accounting to 11.8%. Hospitals & clinics can obtain a CAGR of 6.95% during the forecast period, to arrive at the valuation of USD 2,095.66 million by 2023. Furthermore, the home care settings segment could exhibit a CAGR of 6.78% to expand at USD 408.50 million by the end of the appraisal period.
Advanced Wound Therapy Devices Market Regional Aspect
The global advanced wound therapy devices market has been split into the primary regions of Europe, Asia Pacific (APAC), Middle East & Africa (MEA) and the Americas.
The Americas is the leading market for advanced wound therapy devices market. The region stands atop in the worldwide market with the presence of various advanced wound treatment options. The Intermountain Healthcare article said in 2017 that close to 6.5 million people in the United States (U.S.) are afflicted with chronic wounds.
Europe could expect to register pronounced growth in the following years, backed by the rising awareness about chronic wounds and the rise in government initiatives. Also, mounting awareness among healthcare providers and the presence of renowned vendors like Lohmann & Rauscher could work in favor of the regional market. Additionally, product innovation with technological advancements can stimulate market growth. Europe is expected to hit the valuation of around USD 924.85 million by 2023 at a growth rate of 7.02% during the appraisal period.
APAC could expect to be a highly lucrative market for advanced wound therapy devices. The fast gaining market is backed by the high number of burn injury cases and mounting awareness of NPWT devices. APAC could expand at a size of USD 676.27 million by 2023 at a robust CAGR of 7.16% during the assessment period.