Bioactive Wound Management Market Is Likely to Reach US $2.05 Bn by 2022
Albany, NY -- (SBWire) -- 12/26/2018 --Global Bioactive Wound Management Market: Snapshot
The global market for bioactive wound management has been observing a significant surge in its size, thanks to tremendous rise in the geriatric population and the prevalence of diabetes that, consequently, has led to an increment in various wound-caused diseases. Apart from this, the augmenting preference for tissue replacement therapy, escalating awareness pertaining to healthcare among consumers, and the upswing in the demand for bioactive material are boosting the growth of this market substantially.
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Various chronic diseases, such as diabetes, cardiovascular disorder, peripheral vascular disorder, and several other debilitating diseases have led to an alarming rise in the cases of chronic wounds, which, subsequently, has propelled the uptake of advanced wound care products, resulting in the growth of the global bioactive wound management market. However, the high cost associated with the deployment of bioactive wound management solutions may hamper this market from growing smoothly over the next few years.
Nonetheless, the increasing adoption of technologically advanced and highly effective wound care products among medical professionals is likely to create the need for efficient management, which will reflect greatly on this market in the years to come. The market's opportunity is anticipated to rise to US$1.1 bn by 2017 end. Proliferating at a CAGR of 11.90% between 2017 and 2022, it is likely to reach US$2.05 bn by the end of 2022.
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Tropical Dressings to Report Higher Demand
The global market for bioactive wound management is primarily studied on the basis of the product, end user, and the application. On the basis of the product, the market is classified into collagen-based dressings, xenografts, bioengineered skin substitutes, allografts, and topical dressings. The demand for tropical dressings is comparatively higher than other products in this market, making the tropical dressing segment the dominant one. Rising at a CAGR of 8.50% between 2017 and 2022, this segment is likely to maintain its dominance over the next few years.
By application, the market is bifurcated into venous leg ulcers, pressure ulcers, diabetic foot ulcers, burn wounds, and surgical wounds. Since burns are the most common physical injuries across the world, the demand for bioactive wound management solutions is greater in burn wounds. Researchers expect this trend to remain so over the forthcoming years. Hospitals, clinics, ambulatory surgical centers (ASCs), and trauma centers have surfaced as the prime end users of bioactive wound management solutions, worldwide.
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North America to Continue to Dominate
North America, Asia Pacific excluding Japan (APEJ), Europe, the Middle East and Africa (MEA), Latin America, and Japan have emerged as the main regional markets for bioactive wound management. Expanding at a CAGR of 12.80%, the North America market for bioactive wound management is expected to continue to dominate the global market during the period from 2017 to 2022. The presence of a highly advanced and sophisticated healthcare infrastructure is likely to boost this regional market in the near future.
Among other regional markets, APEJ is anticipated to report a promising growth over the coming years on account of the advancement in medical and healthcare infrastructure in various emerging Asian economies. The implementation of favorable reimbursement policies is also projected to reflect positively on this regional market in the years to come.
Acelity L.P. Inc., MiMedx Group Inc., Smith & Nephew Plc., Integra Lifesciences Holdings Corp., 3M Co., Wright Medical Group N.V., Covalon Technologies Ltd., ACell Inc., and Symatese are the main players operating in the global bioactive wound management market.
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