The advanced wound management market has been forecast to increase at a compound annual growth rate (CAGR) of 5.7% over the next six years, increasing from a valuation of $3.1 billion in 2012, to hit a market value of $4.4 billion in 2019.
Advanced wound management products are particularly critical for diabetes patients who suffer from chronic wounds such as foot and pressure ulcers, which pose a significant risk to the body and can lead to amputation and even loss of life.
Clinicians and patients now prefer advanced products over the traditional ones, as they are more efficient in wound healing and reducing hospital stays.
The advanced wound management market will look to Asia for revenue growth in the near future, as a rising number of diabetes patients boost demand.
Last year, over 70% of the market was claimed by Europe and North America, with the Asia-Pacific region accounting for a relatively modest 21%. However, over the next few years the huge number of diabetes sufferers across countries such as China and India will prompt greater demand for wound dressing supplies across Asia.
China currently has the largest diabetes patient pool of any country, with 92 million adults diagnosed in 2012, expected to increase by 40% to 129 million by 2030.
Correspondingly, the country's advanced wound care management market is expected to undergo significant growth, forecast to see last year's total revenue of $107 million more than double to $269 million in 2019 at a substantial compound annual growth rate (CAGR) of 14%.
Wound care devices, particularly NPWT have a strong place in the advanced wound care market. However, further growth in this market will be driven by low cost and easy to use models. At present, wound care biologics is the most immature market.
Although, some of the biologic products have proven to be more effective than other treatment methodologies, the cost to the consumer and lack of clinical evidence are major issues.
For more information on the advanced wound management market, see the latest research: Advanced Wound Management Market
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