The global wound care market
is expected to reach USD 20.4 Billion by 2021 from USD 17.0 Billion in
2016, growing at a CAGR of 3.6% from 2016 to 2021. The factors driving
the market growth include rising aging population, government support in
the form of funding for development of wound care products, increasing
incidence of chronic diseases such as diabetes and growing obese
population. However, factors such as high costs of advanced wound care
products may restrain the market growth; especially in the
cost-sensitive market.
North
America dominates the wound care market with the U.S. accounting for
the major market share. Asia is poised to grow at the highest CAGR
during the forecast period, owing to the increasing awareness for wound
care products, rising aging population, rising diabetic wounds due to
changing lifestyle factors, and growing population with pressure ulcers.
Furthermore, many players are focusing on the market in Asia. For
instance, January 2016 Avita Medical (UK) signed a distribution
agreement with INDEE Medical for distribution of its ReCell device in
Japan. In 2012, Smith & Nephew (U.K.) planned to launch 23 new wound
care products in the Asian and Chinese markets. Furthermore, in
December 2012, ConvaTec (U.S.) started its operations in Bangalore,
India, to bring novel healthcare technologies, products, and treatments
to the Indian market, thereby establishing its footprint in the Asian
market. Such developments are likely to spur the Asian market to grow in
the coming years.
The
prominent players in the wound care market are 3M Company (U.S.),
Baxter International, Inc. (U.S.), Coloplast A/S (Denmark.), Convatec
Healthcare B.S.A.R.L (U.S.), Covidien PLC (Ireland), Derma Sciences,
Inc. (U.S.), Ethicon, Inc. (U.S.), Hollister, Inc. (U.S.), Ethicon, Inc.
(U.S.), Acelity L.P/ (U.S.), Mölnlycke Health Care (Sweden), and Smith
& Nephew (U.K.).
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