The Advanced Wound Care Market growth is primarily driven by the rising incidence and prevalence of diabetes, growth in the geriatric population, increasing prevalence of wound ulcers, technological advancements in advanced wound care products, increasing funding for wound care research, and growing awareness programs about wound management.
Northrook, IL -- (SBWIRE) -- 11/13/2019 -- The Global Advanced Wound Care Market is expected to reach USD 13.07 Billion by 2022 from USD 9.98 Billion in 2016, at a CAGR of 4.6% from 2017 to 2022, as per a report by MarketsandMarkets.
Why growth potential in emerging economies presents an opportunity?
Asia is a relatively untapped market for advanced wound care as compared to Europe and North America and has a huge growth potential. The high incidence of diabetes and a large geriatric population in emerging countries offer significant growth opportunities for the advanced wound care market. The US Department of Health and Human Services estimates that the number of elderly people in less-developed countries is expected to rise by 140% between 2006 and 2030.
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Furthermore, according to the International Diabetes Federation, in 2010, China's diabetic population was 43.2 million adults; this is expected to increase to 62.6 million by 2030, at a growth rate of 1.87%. These factors bode well for the growth of the advanced wound care market in emerging regions. Emerging economies are, therefore, expected to become a focal point for the growth of this market. Owing to this, various players are focusing on increasing their presence in these regions.
Why high cost of advanced wound care products poses a challenge?
The high cost of chronic wound therapies and advanced wound care products may negatively affect their adoption, especially in cost-sensitive markets such as Asia and the RoW. Foot ulcers are highly prevalent among the 22.3 million Americans with diabetes; they affect as many as 6% of its population.
A dry dressing costs around USD 3.25, whereas a bioengineered skin product costs USD 650. Owing to a significant cost difference, physician and patients are reluctant to adopt technologically advanced products, which, in turn, is likely to hinder the growth of the market. However, with growing awareness regarding the effectiveness of these products and the increasing disposable incomes in many countries, the adoption of such products is likely to increase in the coming years.
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