Increasing Incidences of Chronic Diabetes to Help Uptake of Advance Wound Care Market, Finds Fact.MR
According to the recently published market research report by Fact.MR, the global advance wound care market is expected to develop at a decent CAGR of ~4% over the course of the given forecast period ranging from 2020 to 2030. Increasing incidences of type-1 diabetes has become the key driving factor for the growth of the market. It has become the preferred augmented treatment for diabetic ulcers. Currently, there are over 4.5 million patients with diabetic pressure ulcers who need treatment. In addition to this, a considerable number of patients suffer from several different ulcers. “These growing incidences of chronic wound is poised to leverage the advance wound care market to a very large extent. Consequently, availability of advance wound care products has risen. Advance wound care products are effective due to their advantages such as maintaining a stable temperature around the wound to allow optimum oxygen flow,” notes Fact.MR In addition, advance wound care products also protect the wound from infection and help to remove the dead tissue.
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The leading manufacturers of advance wound care market are focusing on acquisition of regional players to strengthen their product portfolio and boost revenue growth form that region. For Instance, in 2017 Convatec Group plc, a U.K. based global manufacturer of wound care products, has acquired its Dutch rival Eurotec Beheert to drive ambitious growth plans. This acquisition has expanded the ConvaTec market in the France and Benelux region. Also, 2012, Molnlycke Health Care, has completes the acquisition of wound care and burn care business segment of Brennen Medical. This acquisition has provided Molnlycke Health Care with vast range of technologically advanced and clinically proven wound care solution. Similarly, other leading manufacturers of wound care product are also focusing on the acquisition of regional players to retain their market position.
North America and Europe jointly dominate the global advance wound care market, capturing more than 70% of the market. Increasing prevalence of diabetic ulcers, venous disease and arterial injuries have prompted market players to establish their business operations in the North American market.
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Growth in the European market is primarily driven by increasing cases of post-operative wounds. According to Eurostat, approximately 1.4 million women undergo caesarian sections during delivery, which increases the risk of post-surgical wounds. Therefore, the scope for advanced wound care has augmented in the region.
“The COVID-19 pandemic has ushered in an unprecedented era of uncertainty. Healthcare providers have been on tenterhooks searching for a remedy to eradicate it. As the pandemic infects people at an exponential rate, patients with chronic vulnerabilities are especially at a high risk of fatalities associated with the deadly virus.,” opines Fact.MR Consequently, advance wound care has become a top priority. Wound Care Centers play a pivotal role in the local healthcare community by providing timely treatment to prevent the spread of open-wound infections. Since wound care involves physical contact with patients, it is imperative for doctors and surgeons to take basic precautionary measures such as sterilizing surgical instruments, sanitizing and washing of hands and wearing surgical masks and gloves.
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