According to Transparency Market Research (TMR) leading players within the global wound healing market are extensively and following the strategy of expanding their product portfolio by acquiring emerging players. The names of the leading players within the wound healing market are Integra LifeSciences Corporation, B. Braun Melsungen AG, Smith & Nephew plc, Mölnlycke Health Care AB, Ethicon, Inc. (Johnson & Johnson), 3M Healthcare, Hill-Rom Holdings, Inc., Acelity L.P., Inc., Cardinal Health, ConvaTec Inc., Coloplast Group, BSN medical (Svenska Cellulosa Aktiebolaget SCA), Medline Industries, Inc., Hollister Incorporated, and Organogenesis Inc.
According to TMR, the global wound healing market is anticipated to expand the 4.8% CAGR between 2017 and 2025 and the worth US$35,065.7 mn by 2025. In terms of geography, North America followed by Europe is leading in the wound healing Market on account of the presence of key players in the US as well as Canada. Also, Asia Pacific is anticipated to emerge as a key and lucrative a market for wound healing in the years to come on account of the technology advanced products developed by local manufacturers who are giving a tough competition to well-established players by providing products which are advanced yet at low cost.
Another important factor which is responsible for the growth of the asia-pacific wound healing market is Raising awareness among the people about the benefits of early diagnosis. As per the lead author of this report Asia-Pacific is anticipated to expand at the fastest Pace in the years to come.
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Therapy Devices Segment to Emerge as Most Promising Product Segment
On the basis of product, it is anticipated that wound closure agent segment when witness highest demand on account of the efforts taken by local manufacturers to come up with high quality products. However it is the therapy devices segment which will emerge as the most promising product segment by the year 2025 on account of favourable reimbursement policies. In terms of wound type, it is anticipated that the chronic wound segment will lead and expand at a 5% CAGR during the forecast period from 2017 to 2025, with ulcers as the key sub-segments. On the basis of gender, the women segment is contributing higher to the revenue of the global wound healing market.
Growing Prevalence of Diabetes to Boost Demand for Wound Healing Products
One of the key factors fuelling the demand for wound healing products is the rising pool of patients with chronic rooms, states a TMR analyst. The rising prevalence of obesity and diabetes, burning injuries remains deleting reason behind the growth of this Market. Emerging markets are predicted to witness a rise in the adoption rate of wound care therapy devices and this will also help drive the growth of the overall wound healing market.
On the other hand the high cost of advanced wound care products is expected to restrain their adoption rate. The market is also threatened by the presence of conventional believing products. This is especially true in emerging economies where cost is a big issue and conventional building products are preferred in spite of the healing process.