Kenneth Research has evaluated the current market opportunities in Global Wound Care Product Market in the healthcare industry for the forecast period 2022-2031, which also includes the ongoing industry trends and innovations that will help industry players to attain their business targets. Apart from that, the inclusive data on market size, market share and forecast, growth opportunities and challenges for the market players, along with the worldwide analysis on regions- North America, Latin America, Europe, Asia Pacific and Middle East & Africa, has also been provided in the report.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Global Wound Care Product Market Products.
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According to the statistics by the World Bank, current health expenditure around the world increased from 9.391 % of GDP in the year 2011 to 9.896 % of GDP in the year 2017. Moreover, the statistics also stated that Tuvalu, a nation in Oceania region, had the highest expenditure of 17.143 % of GDP in the year 2017, followed by the United States, with 17.061 % of GDP.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
Global Wound Care Product Market 2017
The products available in the market for global wound care are designed to treat mostly complex wounds. Surgical wound care products are used to heal the surgical wounds, mainly the infectious ones contracted in the hospital. The advanced wound care products are used to treat both acute and chronic wounds. According to Netscribes research, the global wound care market is expected to grow at a CAGR of around 5.9% over an eight-year period to reach a value of $21.79 billion by FY 2022.
The average incidence of chronic wounds is 0.78% of the population with the prevalence range being 0.18% to 0.32%. Region-wise, North America constitutes the highest share of the wound healing products market worldwide.
There are various divisions within the wound care market, but the advanced wound care market is the fastest-growing segment globally. It is expected to grow at a CAGR of 7.3% between FY 2017 and FY 2022.
Key growth factors
The wound care market is predicted to witness a high growth rate owing to the rise in the geriatric population, surge in lifestyle diseases, advancement of new technology, developments in the wound care research area for advanced wound care products and the rising awareness about these products among consumers.
Factors such as a rise in disposable income, better access to improved healthcare and an increasing awareness about affordable advanced wound therapies are expected to support the growth of advanced wound dressing market globally. Additionally, by the end user division, home healthcare is the fastest growing segment due to the significant rise in the aged population.
Threats and key players
Although the global wound care market is expected to experience progressive growth, the high cost of the wound care products, especially the advanced ones, hinders the growth of the market. There is also a lack of experts or trained healthcare professionals who can use these new advanced technologies.
Additionally, the average price of the wound care products is expensive. Certain markets are price sensitive, and hence the acceptance of such products is comparatively less. The complex regulatory process also restricts the wound care penetration.
Some of the major players in the wound care industry are Smith & Nephew, Acelity L. P. Inc., MÃ¶lnlycke Health Care AB, 3M, ConvaTec Group Plc, Coloplast Group, etc.
What’s covered in the report?
1. Overview of the Global Wound Care Market
2. Historical, current and forecasted market size data for Surgical Wound Care, Advanced Wound Care, Traditional Wound Care, Chronic Wound Care, Acute Wound Care, Hospital & Specialty Wound Care Clinics, Long Term Care Facilities and Home Healthcare
3. Historical, current and forecasted regional (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) market size data for Surgical Wound Care, Advanced Wound Care, Traditional Wound Care, Chronic Wound Care, Acute Wound Care, Hospital & Specialty Wound Care Clinics, Long Term Care Facilities and Home Healthcare
4. Value Chain Analysis for the Wound Care Market
5. Qualitative analysis of the major drivers and challenges affecting the Surgical Wound Care, Advanced Wound Care, Traditional Wound Care, Chronic Wound Care, Acute Wound Care, Hospital & Specialty Wound Care Clinics, Long Term Care Facilities and Home Healthcare
6. Analysis of the competitive landscape and profiles of major players operating in the market
7. Key recent developments in the Surgical Wound Care, Advanced Wound Care, Traditional Wound Care, Chronic Wound Care, Acute Wound Care, Hospital & Specialty Wound Care Clinics, Long Term Care Facilities and Home Healthcare
8. Market Trends in Surgical Wound Care, Advanced Wound Care, Traditional Wound Care, Chronic Wound Care, Acute Wound Care, Hospital & Specialty Wound Care Clinics, Long Term Care Facilities and Home Healthcare
1. Get a broad understanding of the Surgical Wound Care, Advanced Wound Care, Traditional Wound Care, Chronic Wound Care, Acute Wound Care, Hospital & Specialty Wound Care Clinics, Long Term Care Facilities and Home Healthcare
2. Get Region-specific drivers and challenges affecting the Surgical Wound Care, Advanced Wound Care, Traditional Wound Care, Chronic Wound Care, Acute Wound Care, Hospital & Specialty Wound Care Clinics, Long Term Care Facilities and Home Healthcare
3. Devise go-to-market strategies by understanding the key drivers in the market
4. Recognize major competitors’ business and market dynamics, and respond accordingly
5. Get value chain analysis and relevant company profiles
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The Market report answers the following questions:
What is the aim of the report?
- The market report presents the estimated market size of Global Wound Care Product Market by the end of forecast period. Additionally, the historical and current market size is also examined in the report.
- Based on various indicators, the Year-on-Year growth (%) and compound annual growth rate (CAGR) for the given forecast period is offered.
- An overview of the Market based on geographical scope, market segmentation and financial performance of key players is presented in the report.
- The report presents current trends in the industry and future scope of the Market in North America, Asia Pacific, Europe, Latin America and Middle East and Africa.
- The various parameters accelerating the growth of Market are incorporated in the research report.
- The report analyzes growth rate, market size and valuation of the Market during the forecast period.
What aspects regarding the regional analysis Market are included in this report?
- Geographical regions covered in the report include North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
- The report consists of detailed region-wise analysis of current and future market trends, providing information on product usage and consumption.
- The growth rate of the market in every region, including their countries over the forecast period is included in the market report.
Based on what factors are the key market players assessed in this report?
- The report offers detailed analysis of leading companies in the market across the globe.
- It provides details of the major vendors involved in the Market including Key Players
- A comprehensive overview of each company including the company profile, generated revenue, pricing of goods and the manufactured products is incorporated in the report.
- The facts and figures about market competitors along with standpoints of leading market players are presented in the report.
- The recent developments, mergers and acquisitions related to mentioned key players are provided in the market report.
What is the key information extracted from the report?
- Extensive information on factors estimated to affect the Market growth and market share during the forecast period is presented in the report.
- The report offers the present scenario and future growth prospects Market in various geographical regions.
- The competitive landscape analysis on the market as well as the qualitative and quantitative information is delivered.
- The SWOT analysis is conducted along with Porter’s Five Force analysis.
- The in-depth analysis provides an insight into the Market, underlining the growth rate and opportunities offered in the business.
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