As per the report, the global active wound care market was worth US$ 1361.7 Mn in the year 2017 and is estimated to reach US$ 2039.9 Mn by the end of 2025. The rising prevalence of chronic diseases is likely to help the global Active Wound Care Market exhibit a healthy CAGR of 5.3% between 2017 and 2025.
Fortune Business Insights published a report, titled “Active Wound Care Market Size, Share and Global Trend by Product Type (Biological Skin Equivalents, Growth Factors, Biological Dressings), Indication (Pressure Ulcers, Diabetic Foot Sores/Ulcers, Lower Limb Ulcers), End User (Hospitals, Clinics, Home Care Settings) and Geography Forecast till 2025”.
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Demand Witnessed in Ulcer Segment Poised to Surge in Response to Rising Prevalence of Diabetes
The global active wound care market is expected to witness significant growth owing to the rising prevalence of ulcers. Moreover, the report predicts that ulcers may account for a significant share in terms of revenue in the global active wound care market. In the ulcer segment, diabetic foot ulcer is anticipated to gain traction as a considerable number of people contract the disease owing to the increasing prevalence of diabetes. In developing countries, foot ulcer is one of the most common and feared complications associated with diabetes. This was found in a study published by the National Institute of Health (NIH). Also, the study has revealed that around 15% of diabetic people in developing countries are likely to get diabetic foot sores or ulcers at some stage of their life. Ulcer healing is more complicated as it is vulnerable to infection and this is the reason the ulcer segment is expected to register a healthy growth rate by 2025.
From a geographical standpoint, North America is projected to offer impressive growth opportunities throughout the forecast period. This is mainly ascribable to the rising prevalence of wounds and diabetic population in North America. In addition to this, the presence of sophisticated healthcare infrastructure leading to the rising demand for active wound care products and treatment drives the active wound care market in this region. However, in the coming years, the active wound care market in the Asia Pacific is anticipated to show a higher rate of growth on account of the high prevalence of unmet medical requirements in the region.
Rapid Lifestyle Changes and Rising Technological Advancements to Drive the Market
“Aged people are more prone to contract diseases such as venous leg ulcers which takes long healing time. Therefore, the adoption of active wound care treatment is expected to increase in response to the rising geriatric population in the forthcoming years,” said a lead analyst at Fortune Business Insights. Increasing government support in terms of funding for research initiatives is another factor aiding the expansion of the active wound management. Also, several technological developments in active wound healing is likely to drive the active wound care market in the forecast years. For instance, MTF Biologics, with the help of technology, introduced a product called AminoViable Band Membrane in 2018. The main objective of this product was to heal acute and active wounds. Enabled by this factor, other companies are also planning to expand their product portfolio, giving rise to active wound care technologies.
Disparaging Reimbursement Policies and High-Cost May Restrict the Growth
On the downside, there are certain factors that may limit the global active wound care market to an extent. Unfavorable reimbursement policies on healthcare is one of the main factors impeding the growth of the active wound care market. Also, the high cost associated with active wound care products and treatment is another factor that may hamper the growth of the active wound care market.
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Innovative Product Portfolio of Companies Will Help Them Expand their Footprint Worldwide
Some of the leading players operating in the global active wound care market are MiMedex, Organogenesis, Inc., Osiris Therapeutics, Incorporated, MTF Biologics, Acell Inc., Tissue Regenix, Solsys Medical, and Smith & Nephew. In the coming years, companies may adopt different strategies to survive the competition and strengthen their product portfolio.
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