Wounds are of different types, such as accidental injuries, surgical wounds, diabetic wounds, ulcers and intentional injuries. Owing to wide number of diseases and threats affiliated with wounds and injuries, the critical care of injuries has become an important aspect in the healthcare industry.
The global wound care market can be segmented on the basis of types of wound care products such as dressings, absorbents, sealants, compression therapy kits, medical devices and others.
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Dressings segment can be further divided into collagen dressings, absorbent dressings, alginate dressings, film dressings, antimicrobial tape dressings, hydrocolloid dressings and foam dressings. Absorbents segment can be further split into paraffin gauze, foam absorbents, alginate absorbent and others. Medical devices segment can be segmented into negative pressure wound therapy (NPWT) devices, hyperbaric oxygen therapy (HBOT) devices, pressure relief devices, electrical simulation devices and other devices. Other products include tissue engineering products, odor absorbing products, wound fillers and hydrogel sheet products. Moreover, the market can also be segmented on the basis of geography such as North America, Europe, Asia-Pacific and Rest of the World (RoW). North America is considered as the largest market for the wound care products due to high awareness amongst the population for advanced wound care products and large usage of advanced wound care products across the region. On the other hand, Asia-Pacific is expected to be the fastest growing wound care products market during the forecast period from 2014 to 2024. Large population suffering from chronic diseases, rapidly growing medical infrastructure and increasing awareness amongst the population are some of the key factors propelling the growth of the region in the near future.
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The global wound care products market is expected to witness a substantial growth during the forecast period from 2014 to 2024. Rising prevalence of diabetes and thereby diabetic wounds, increase in terrorist activities, high number of accidental injuries and market entry of advanced products for wound care are some of the major drivers of this market. According to the International Diabetes Federation (IDF), approximately 387 million people were suffering from diabetes globally, as of 2014 and the number is expected to reach 592 million by the end of 2035. This rapidly growing diabetic population is more prone to chronic injuries. Hence, rising prevalence of diabetes is an important driver of the market. Moreover, according to the World Health Organization (WHO), more than one million burn injuries occur in India, every year. This large number of burn injuries (accidental injuries) is another major factor that expected to accelerate market growth. Similarly, according to statistics presented by the National Consortium for the Study of Terrorism and Responses to Terrorism, 6,771 terrorist attacks occurred globally in 2012, in which, more than 11,000 people were killed and more than 21,600 were injured. Such frequent terrorism incidences across the world (particularly in Asia Pacific and RoW) increases the number of injured people and thereby accentuating the demand of wound care products. Moreover, owing to increasing R&D, various advanced wound care products (alginates, collagen, cynoacrylate-based tissue adhesives and polyethylene glycol) are being commercialized in the global market. This entry of new products would propel the growth of the global wound care products market during the forecast period from 2014 to 2024. On the other hand, high cost of devices and advanced wound care products are some of the key factors expected to hamper market growth.
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Major players operating in this market include Covidien plc, Coloplast A/S, 3M Health Care, Smith & Nephew plc, Baxter International, Inc., Ethicon, Inc., Medline Industries, Inc. and ConvaTec, Inc. amongst others.
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