Global Wound Closure And Advanced Wound Care Market by Product (Hydrocolloids-based Sealants, Fibrin-based Sealants) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

Global wound closure and advanced care market was valued at USD 1.19 Billion in 2019. It is projected to grow at a compound annual rate (CAGR of 4.5%) between 2020 and 2027. Market growth can be attributed to rising rates of chronic diseases as well as the increased use of advanced wound care products because of the rising number of acute and chronic wounds. The market is likely to grow due to rising demand for traditional wound care products, advanced wound management and wound and tissue management products. This is due to the increasing incidence of sports injuries and accidents around the world.

The market is expected to grow due to the increasing prevalence of diabetes in both type I and II around the world. According to the International Diabetes Federation (IDF), the global prevalence of diabetes will increase from 366.0 millions in 2011 to 55.2 million by 2030. The market is likely to grow because of the rising prevalence of diabetes, which can lead to foot ulcers in diabetics.

Market growth is expected to be driven by the growing geriatric population. According to the World Health Organization (WHO), global geriatric population will increase from 84.0 million in 2014, to 2.0 billion by 2050. The market growth is expected to increase due to the growing number of geriatrics who are more susceptible to chronic diseases and ulcers.

Market growth will be aided by an increase in accidents and trauma cases such as burns. Compared to countries with higher income, trauma events are more common in countries of low or middle income. According to the World Health Organization's report, around 180,000 people died each year from burns in 2018. Accordingly, the increasing number of cases of burns is expected to increase the demand for wound dressing, traditional and advanced wound care, sealants and other products that can be used to treat injuries, thus propelling market growth over the forecast period.

Globally, the number of surgeries is rising. This means that surgical site infections are expected to increase. According to the HRET report, approximately 2 to 5 percent of surgical site infections occur in the United States each year. Advanced wound care products, traditional wound care and wound closure provide better hydration for deep surgical sites and injuries. Advanced wound care products can also remove cellular debris and other surface pathogens from wound exudates. These advanced wound care products are capable of fast healing of surgical site infections and wound closure. This will drive the market growth.

Market growth will also be supported by the constant efforts of the major market players. To strengthen their market position, key players are also implementing various strategies. F

ConvaTec Group plc received support from the U.K government in December 2018 for its advancement in wound care, which will allow it to expand its customer base. Molnlycke Healthcare also acquired Sundance Solutions in February 2016. This company is a leader in the development of innovative solutions to prevent pressure ulcers. This acquisition was expected to increase the company's product line for treating pressure ulcers and increase its market share. These initiatives by key players will be a major driver of market growth during the forecast period.

Product Insights

The market can be divided into four types of products: fibrin-based sealants (collagen-based sealants), hydrocolloids -based sealants and synthetic adhesives. In 2019, the fibrin-based sealants market accounted for 28.9% of the total market. This is due to the increased use of advanced care products for treating acute and chronic injuries. Two components make up the fibrin-based sealants: fibrinogen and thrombin. These sealants are used primarily to treat acute and chronic injuries. The National Center for Biotechnology Information published a report that fibrin-based sealants have several benefits for surgical outcomes. These include reduced blood loss, complications, and a faster time to hemostasis.

The fastest growing sealants based on hydrocolloids are expected to be those that use them. Hydrocolloid-based sealants include gel-forming agents such as gelatin and carboxy methylcellulose. These materials, which are occlusive by nature, help to retain moisture. These sealants are fast healing and impermeable against any type of bacterial infection. It protects the wound both internally and externally. The segment is expected to grow due to rising diabetes cases around the world. According to the CDC, approximately 5.0% of Americans were diagnosed in 2015 with Type 1 Diabetes. Around 15.0% of those suffering from diabetes have diabetic wounds. These cases are likely to increase the demand for hydrocolloid based sealants during the forecast period.

Application Insights

The market for wound closure and advanced care is divided into two segments based on their application: chronic wounds or acute wounds. In 2019, the segment of acute wounds held the largest share, with 60.0%. Acute wounds include burns, traumatic and surgical wounds. Due to the increasing number of trauma cases around the world, the surgical and traumatic wounds segments held the largest share in 2019. They are expected to see the fastest growth during the forecast period.

Over the forecast period, the segment of chronic wounds is expected to experience the most rapid growth. The main drivers of this segment are rising numbers of chronic diseases, particularly diabetes, and a growing number elderly people around the world. According to Intermountain Healthcare's journal, 6.50 million Americans suffered from chronic injuries in 2017. This segment can be further divided into pressure ulcers and diabetic foot ulcers as well as venous leg ulcers.

End-Use Information

The market for advanced wound care and wound closure is segmented by end use. It can be broken down into hospitals, clinics and home health. In 2019, the hospital segment held 45.0% of the market. The main factors driving segment growth are an increasing number of surgical procedures, rising cases of diabetic and venous feet ulcers, and increasing numbers of patients undergoing these procedures. According to Eurostat statistics, around 935.4, 216.2 and 70.9 people in Italy had cataract surgery in 2016. This was a corresponding increase from the previous year. The growth in number of surgeries is expected to lead to an increase in hospital admissions and a greater chance of receiving surgical wounds. This will boost the segment growth.

Home healthcare is expected to experience the fastest growth during the forecast period. The demand for home healthcare may rise with the increasing number of geriatrics in the world. Long hospital stays are required for conditions such as diabetic foot and venous ulcers. This can often prove difficult for elderly patients. Traditional wound care products, advanced wound care and wound closure are most commonly used in home care settings because they are simple to use. These factors will drive segment growth in the future.

Regional Insights

North America was the dominant market for advanced wound care and wound closure in 2019, with a 45.2% share. This market is expected to grow significantly over the forecast period. Market growth is expected to be driven by increasing road accidents, sports injuries, and the presence of key players in the region. The market will be driven by the presence of skilled professionals and a well-developed healthcare infrastructure over the forecast period.

Asia Pacific is expected to experience the fastest growth during the forecast period. Asia Pacific is expected to see a significant increase in market growth due to the presence of developing countries like India, Japan, China, and Japan. Key players continue to make efforts to reach the untapped regions of Asia Pacific, which will lead to market growth over the forecast period.

Market Share Insights & Key Companies

The market's key players play a role in deciding on strategies, such as mergers & acquisitions, product launches, partnerships, and agreements to improve their position. In May 2019, 3M signed a definitive agreement with Acelity to acquire specialty surgical product segments and advanced wound care products of Acelity, and its KCI Subsidiaries. This was done in an effort to increase the company's product range. The following are some of the most prominent players in wound closure and advanced care markets:

• Smith & Nephew Plc.

• Molnlycke Health Care AB

• Acelity (KCI Licensing, Inc.

• Convatec Group PLC.

• Baxter

• Ethicon Inc. Johnson & Johnson

• Coloplast Corp

• Medtronic

• 3M

• Medline Industries, Inc.

Up Market Research published a new report titled “Wound Closure And Advanced Wound Care Market research report which is segmented by Product (Hydrocolloids-based Sealants, Fibrin-based Sealants), By Players/Companies Convatec Group PLC, Smith & Nephew Plc, 3M, Medtronic, Baxter, M¶lnlycke Health Care AB, Medline Industries Inc, Coloplast Corp, Ethicon Inc (Johnson & Johnson), Acelity (KCI Licensing Inc)”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

Report Scope

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global Wound Closure And Advanced Wound Care Market Report Segments:

The market is segmented by Product (Hydrocolloids-based Sealants, Fibrin-based Sealants).

Wound Closure And Advanced Wound Care Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Wound Closure And Advanced Wound Care Market

Overview of the regional outlook of the Wound Closure And Advanced Wound Care Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The Wound Closure And Advanced Wound Care Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of Wound Closure And Advanced Wound Care Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. Hydrocolloids-based Sealants

                2. Fibrin-based Sealants

7. Market scenario by region, sub-region, and country.
8. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
9. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
10. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Wound Closure And Advanced Wound Care Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

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Reasons to Purchase the Wound Closure And Advanced Wound Care Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.