Yahoo Finance Wound Care Devices Market to Reach USD 3.13 Billion by 2027; Introduction to Technologically Advanced Devices will Aid Growth: Fortune Business Insights™
Key Companies Covered are Smith & Nephew, 3M, Cardinal Health, Talley Group Ltd, ConvaTec Inc., DeRoyal Industries, Inc., Devon Medical Products, BSN medical, Medela AG and other key market players.
Pune, Aug. 14, 2020 (GLOBE NEWSWIRE) -- The global wound care devices market is anticipated to gain traction from the increasing initiatives by prominent companies to introduce technologically advanced devices. They are persistently investing hefty amounts of money in the development of unique devices for wound care.
Fortune Business Insights™ mentioned this information in a new report, titled, “Wound Care Devices Market Size, Share & COVID-19 Impact Analysis, By Product Type (Negative Pressure Wound Therapy (NPWT), Hyperbaric Oxygen Therapy (HBOT), Extracorporeal Shock Wave Therapy (ESWT), and Others), By Indication (Diabetic Foot Ulcers, Pressure Ulcers, Surgical Wounds, and Others), By End User (Hospitals, Clinics, Homecare Settings and Others), and Regional Forecast, 2020-2027.” The report further mentions that the market size was USD 2.19 billion in 2019 and is projected to reach USD 3.13 billion by 2027, exhibiting a CAGR of 4.6% during the forecast period.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/industry-reports/wound-care-devices-market-100388
This Report Answers the Following Questions:
What are the significant strategies adopted by companies?
Which region is set to generate the largest revenue?
What are the market drivers, dynamics, and hindrances?
How will the COVID-19 pandemic affect the global market?
Drivers & Restraints-
Rising Demand for Chronic & Acute Wounds to Propel Growth
The rising cases of surgical wounds, diabetic foot ulcers, and high grade pressure ulcers are anticipated to boost the wound care devices market growth in the coming years. They are also available at a comparatively lower cost, than the active therapies. Apart from that, the demand for healing acute and chronic wounds is surging worldwide on account of the emergence of state-of-the-art wound care devices in the market.
However, lack of reimbursement policies in emerging countries and the expensive nature of these devices may obstruct the market growth. The International Surgery Journal (ISJ) published in a study that the total cost of using negative pressure wound therapy (NPWT) for only 15 days was USD 11.16 per patient in India.
The outbreak of the COVID-19 pandemic is affecting several industries negatively by halting production processes and disrupting supply chains. At present, healthcare facilities, such as clinics and hospitals are shutting down their department of wound care for preventing the spread of coronavirus infection. Healthcare professionals and clinicians have begun offering virtual consultation services. Such factors are expected to decline the sales of wound care devices in 2020.
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Segment-
NPWT Segment to Lead Fuelled by its Capability to Reduce Wound Healing Time
Based on product type, the market is fragmented into extracorporeal shock wave therapy (ESWT), hyperbaric oxygen therapy (HBOT), negative pressure wound therapy (NPWT), and others. Out of these, the NPWT segment held the highest wound care devices market share in 2019. It is expected to dominate in the near future because of its ability to lower the total period of wound healing. At the same time, it can provide high efficiency in exudate management.
Regional Analysis-
Introduction to Novel Devices will Favour Growth in Europe
In 2019, North America generated USD 0.87 billion in terms of revenue. The region is likely to remain in the dominant position throughout the forecast period on account of the presence of adequate reimbursement policies in this region. Apart from that, the increasing demand for these devices in the U.S. would also drive growth.
Europe, on the other hand, is set to showcase a considerable CAGR in the forthcoming period owing to the emergence of novel wound care devices, as well as rising cases of various types of wounds in this region. Asia Pacific would exhibit a higher CAGR attributable to the increasing healthcare expenditure and the rising awareness about such devices.
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Competitive Landscape-
Key Companies Aim to Launch New Products to Gain a Competitive Edge
The prominent companies operating in the global market are persistently striving to unveil technologically advanced products in order to gain a competitive edge. Below are a couple of the latest industry developments:
March 2020: Smith & Nephew unveiled its latest PICO 14 Single Use Negative Pressure Wound Therapy System (sNPWT) in the U.S. It is equipped with a new pump that can work up to 14 days and requires less user intervention.
May 2019: KCI bagged the U.S. Food and Drug Administration (FDA) clearance for its proprietary silicone-acrylic hybrid drape. The product is called DERMATAC Drape and it can be as an accessory to the company’s NPWT systems. It has been developed by blending acrylic and silicone.
List of Leading Companies profiled in the Wound Care Devices Market Research Report are:
Smith & Nephew (London, U.K.)
3M (Minnesota, U.S)
Cardinal Health (Dublin, Ohio)
Talley Group Ltd (Romsey, U.K)
ConvaTec Inc. (England, U.K.)
DeRoyal Industries, Inc. (Powell, U.S)
Devon Medical Products (King of Prussia, U.S)
BSN medical (Hamburg, Germany)
Medela AG (Baar, Switzerland)
Other Players
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Detailed Table of Content:
Introduction
Research Scope
Market Segmentation
Research Methodology
Definitions and Assumptions
Executive Summary
Market Dynamics
Market Drivers
Market Restraints
Market Opportunities
Key Insights
Prevalence of key Indications, 2019 (Key Countries)
Economic cost Burden, Chronic Wounds (Key Countries)
Reimbursement Scenario, Key Countries
Pricing Analysis, 2019
Impact of Covid-19 on the Wound Care Devices Market
Global Wound Care Devices Market Analysis, Insights and Forecast, 2016-2027
Key Findings / Summary
Market Analysis, Insights and Forecast – By Product
Negative Pressure Wound Therapy
Hyperbaric Oxygen Therapy
Extracorporeal Shock Wave Therapy
Others (Compression Therapy, etc.)
Market Analysis, Insights and Forecast – By Indication
Diabetic Foot Ulcers
Pressure Ulcers
Surgical Wounds
Others
Market Analysis, Insights and Forecast – By End User
Hospitals
Clinics
Home Care Settings
Others
Market Analysis, Insights and Forecast – By Region
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
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Have a Look at Related Reports:
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Active Wound Care Market Size, Share and Global Trend by Product Type (Biological Skin Equivalents, Growth Factors, Biological Dressings), Indication (Diabetic Foot Ulcers, Pressure Ulcers, Lower Limb Ulcers), End User (Hospitals, Clinics, Home Care Settings) and Geography Forecast till 2025
Chronic Wound Care Market Size, Share & COVID-19 Impact Analysis, By Type (Diabetic Ulcers, Pressure Ulcers, Venous Ulcers, and Arterial Ulcers), By Product (Advanced Wound Dressings, Wound Care Devices, Active Therapy, and Others), By End User (Hospitals & Wound Care Centers, and Homecare Settings & Others), and Regional Forecast, 2020-2027
Diabetic Foot Ulcer (DFU) Treatment Market Size, Share & Industry Analysis, By Ulcer Type (Neuropathic Ulcer, Ischemic Ulcer, Neuro-ischemic Ulcer), By Product (Wound-care Dressings, Wound-care Devices, Active Therapies, and Others), By End User (Hospitals, Clinics, Ambulatory Surgical Centers, and Homecare Settings), and Regional Forecast, 2019-2026
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