The global wound care management devices market is expected to grow by a CAGR of 6.1% during the forecast period, i.e., 2022-2030. The growth of the market can be attributed to the increasing number of road accidents, escalating prevalence of chronic disorders, which delays the process of healing of surgical, acute, traumatic, and other wounds. Additionally, the growing medical spending for the treatment of chronic wounds in developed nations is a major factor assessed to boost the growth of the market in the future. Along with this, high growth potential of emerging economies and the growing number of acquisitions by key players is anticipated to open an array of opportunities for the growth of the market. Furthermore, ageing population serves as a stimulus for the expanding usage of wound care management devices, which in turn is projected to fuel the progress of the market. According to the United Nations, it is expected that by the year 2050, one in every 6 individuals will be 65 years or older, which is 16% of the total world population. Additionally, the number of individuals aged above 80 years is also expected to get triple by the end of 2050. CLICK TO DOWNLOAD SAMPLE REPORT
The market is segmented based on product into advanced wound management, surgical wound care, and traditional wound care, out of which, the advanced wound management devices segment is expected to grab the largest share in the global market over the forecast period on account of increasing number of launches of technologically advanced products across the world. Additionally, on the basis of end-user, the hospitals & clinics segment is expected to hold a notable major share in the global wound care management devices market on the back of the increasing number of surgeries performed in hospitals.
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Geographically, the global wound care management devices market is segmented into North America, Latin America, Europe, Asia Pacific and the Middle East & Africa region. The Asia-Pacific region is estimated to witness significant market growth over the forecast period on the back of increasing number of accident cases and rising investments by major market players to develop better-wound care management services in the region. Additionally, a growing ageing population in Asian countries is another vital factor expected to aid the market’s growth over the forecast period. Furthermore, the North American market is predicted to hold the largest share in terms of revenue during the forecast period, which can be attributed to the increasing launch of new devices for wound management and the presence of major manufacturers which are heavily investing in the R&D activities for development of innovative products.
The global wound care management devices market is further classified on the basis of region as follows:
Our in-depth analysis of the global wound care management devices market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Growing number of surgeries performed worldwide and increasing geriatric population are the key factors driving market growth.
The market is anticipated to attain a CAGR of 6.1% over the forecast period, i.e., 2022-2030.
High cost of wound care management devices is estimated to hamper market growth.
The market in Asia Pacific region will provide ample growth opportunities owing to the increasing ageing population and rising investment by the major players for the development of better products.
The major players dominating the wound care management devices market are Cardinal Health, Inc., Medtronic PLC, 3M Company, Coloplast A/S, Smith & Nephew PLC, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by product, wound type, end-user, and by region.
With respect to end-user, the hospitals & clinics segment is anticipated to hold the largest market share on the back of increasing number of patient influx as a result of growing number of surgeries globally.
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