Major Giants Targeting the Asian Wound Care Market Likely to Create More Room for Growth

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Wound care products are often used to reduce the expenses and duration of stays in hospital as well as surgical costs along with enhancing the therapeutic properties. They involve products and devices that help in healing as well as prevention of infections. A number of unexplored markets in this industry, especially those of developing nations are believed to create ample growth opportunities in the global wound care market in the near future.
Market at a Glance
The global  wound care market about $15.6 Billion of revenue in 2014, and it is expected to reach $18.3 Billion by 2019, growing at a CAGR of 3.2% during the forecast period. Currently, North America holds the largest market share, followed by Europe and Asia. This trend is expected to continue over the next five years as well, mainly due to rising number of cases of acute and chronic conditions and several initiatives that are being taken by the government to develop and promote wound care products. However, the market in Asia is likely to thrive in China, Japan, Malaysia, and India.
Among product types, the advanced wound care segment took up the largest share in 2014, whereas the active wound care segment is estimated to be the fastest-growing market, registering the highest CAGR. This growth can be attributed to the increased number of new product launches in the market.
Drivers and Opportunities
The major factors responsible for the growth of global wound care market are:
  • Government initiatives in the form of funds and grants
  • Innovations in technology
  • Growing aging population
  • Increasing cases of diabetes and obesity due to changing lifestyle
Apart from these, growing awareness about advanced wound care is also triggering this market towards growth. Moreover, some of the major giants operating in this market are focusing on the Asian market. For instance, companies like Smith & Nephew (U.K.) and ConvaTec (U.S.) targeted the market in China and India, thereby getting their grip over the Asian Market. These kinds of developments are likely to stimulate the growth of Asian wound care market in the years to come.
However, the higher costs of advanced wound care products may hamper the growth of this market.
More Info@ http://www.marketsandmarkets.com/Market-Reports/wound-care-market-371.html

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