Why Is Wound Care Market Consistently Lucrative Investment Area?

The wound care market is being steadily driven by the boom in the geriatric population, increase in the prevalence of chronic wounds, and surge in the number of road accidents. On account of all these factors, the value of the sale of associated products is predicted to increase from $24,482.9 million in 2015 at a 6.7% CAGR during the forecast period (2016–2022). Small cuts heal automatically, due to the natural clotting of the blood by platelets, but deeper and severe wounds require external assistance.

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The categories under the product segment of the wound care market are traditional wound care products, wound closure products, and advanced wound care products. Among these, the largest share in the industry during the historical period (2012–2015) was held by the advanced wound care category. This category is also predicted to continue dominating the industry during the forecast period, on account of the high preference for these products in healthcare settings. These products lead to quicker wound healing, offer comfort and flexibility, and allow people to move about freely.

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Advanced wounds and chronic wounds are the bifurcations under the wound type segment, of which chronic wounds were the larger bifurcation in 2015. Compared to acute wounds, chronic wounds are more complex and last longer, which is why a more-extensive wound care regimen is needed for managing the latter. Venous leg ulcers, diabetic ulcers, and pressure ulcers are the most common chronic wounds, and they result from chronic diseases, such as cancer and diabetes. With the increasing incidence of these issues, the prevalence of chronic ulcers is rising.

Presently, North America is the largest wound care market, due to the rising number of burn cases, geriatric population, road accidents, and diabetic patients. As per the U.S. government, from 40.3 million in 2019, the number of people in the age group of 65 and above in the country rose to over 54 million by June 2019-end. The elderly are more prone to chronic diseases, which not only often require surgery, which leads to cuts and wounds, but also cause chronic wounds themselves, thereby driving the demand for wound care products in the region.

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Created on Nov 10th 2020 23:32. Viewed 205 times.

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