The latest market report published by Credence Research, Inc. “Global Advanced Wound Care Management Market – Growth, Future Prospects, Competitive Analysis, 2017 – 2025,” the global advanced wound care management market was valued at US$ 17,671.5 Mn in 2016, and is expected to reach US$ 24,139.4 Mn by 2025 at a CAGR of 3.46% from 2017 to 2025.
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A wide range of products are available for wound management, though many of them do not show any probable evidence of demonstrating the ultimate benefit of their products towards wound healing. The product used for advanced wound management look enticing to the physicians who want to treat their patients suffering with chronic wounds but also need to understand the suffering, inconvenience and burden caused to their caregivers.
Currently instruments segment held the largest market share chiefly due to factors such as technological advancement in automation techniques. Consumables and reagents will be the fastest growing segment as they are driven by factors such as steadily growth in diagnostic centers.
Upstream segment provides the most lucrative market share chiefly due to factors such as technological advancement in the production and development of biological drugs has built a strong impetus from novel bio therapeutics clinical trials, optimization of growth kinetics for the enhanced product development and improvement in the inoculum by genetic engineering. Downstream segment will be showing significant growth in the process segment chiefly due to factors such as the stringent regulatory guidelines stipulated by the USFDA, making it extremely important for effective purification of active metabolites as there have been several incidents reported regarding biological drugs related serious adverse events.
Monoclonal antibodies segment dominated the molecule type market mainly due to rising adoption of targeted immunotherapy. The vaccines segment is anticipated to register faster growth majorly due to rising incidence of contagious diseases and virus and burgeoning requirement in preventing the greater cost incurred during the treatment of infectious disease.
North America held the largest revenue share mainly due to factors such as rising prevalence of chronic diseases, affordable reimbursement scenario and presence of developed research and healthcare institutions. Asia Pacific possesses lucrative market majorly due to factors such as high competition due to presence of existing and budding pharmaceutical manufacturers involved in producing advanced wound care management products in this region and supportive regulatory environment for these products and increasing disposable income.
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The major players in advanced wound care market are Acelity L.P. Inc., ConvaTec Inc, Coloplast A/S, Derma Sciences, Inc., Integra Lifesciences Corporation, Medline Industries, Inc., Medtronic, Molnlycke Healthcare, Organogenesis, Inc., Smith & Nephew Plc., 3M Healthcare.
Key Market Movements:
- Rising prevalence of diabetes, cancer (post-surgical wound management) and traumatic accidents
- Increasing health awareness resulting in enhanced surgical procedures performed
- Supportive regulatory environment for advanced wound care management products