The global bioactive wound care market is expected to reach USD 11.9 billion by 2024, according to a new report by Grand View Research, Inc. The prevalence of chronic skin conditions, such as pressure ulcers, diabetic foot, and other skin-related infections is on the rise. Bioactive wound care products offer available line of treatment, which act efficiently in curing the aforementioned conditions.
Hence, with the increasing target population, the bioactive wound care market is estimated to witness lucrative growth. Rise in awareness among the patients regarding personal hygiene is augmenting the demand for these products. The raised awareness levels cause patients to seek physicians’ advice at an early stage thus enabling timely interventions.
Rising per capita healthcare expenditure in the recent years and the increasing disposable income is enabling the population to spend a substantial amount on healthcare facilities, thereby contributing towards the growth of the market. The development of advanced products, such as combination wound dressings containing multiple ingredients that offer several benefits to patients, is anticipated to boost the demand for these products.
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Further key findings from the study suggest:
- The moist wound care products segment held a lucrative share of more than 50.0% in 2015. The ability of these products to create a supportive moist environment, which expedites the healing process, is a notable feature of these products. Moist wound care products include foams, films, alginates, hydrocolloids, and hydrogels.
- The antimicrobials segment, comprising products impregnated with silver and non-silver ingredients, is anticipated to witness profitable growth over the forecast period. These products are cost efficient with lower chances of developing resistance to antimicrobial products.
- The segment of active wound care products, likewise, is anticipated to exhibit a significant growth rate in the coming 8 years. Recently, the U.S. Food and Drug Administration approved a couple of biomaterials, Dermagraft, and Alpigraph, for management of skin-related injuries. The ability of these products to mimic biological properties is a key advantage that enables a faster healing process.
- North America contributed with a share of more than 30.0% of the global bioactive wound care market. Presence of major players, streamlined regulations, and favorable reimbursement policies are some of the key contributing factors responsible for the growth of this region.
- Asia Pacific with its huge potential is anticipated to witness considerable growth over the forecast period. The presence of a huge untapped population, stirring economic developments in this region, and consistent efforts undertaken to improve the healthcare infrastructure are the key growth drivers.
- The key players in this industry include Smiths & Nephew, Mölnlycke Health Care, ConvaTec, Inc., Paul Hartmann AG, Organogenesis, Inc., Systagenix Wound Management Ltd., 3M Healthcare Ltd., Medtronic, Covalon Technologies Ltd., BSN Medical, and Medline Industries, Inc.
- The strategic endeavors undertaken by the leading players in the industry include new product launches, collaborations with government bodies, and R&D investments.
- In July 2015, Smith & Nephew acquired DeOst LLC and DeLLC, part of the DeOST group, which is a manufacturer of medical devices in Russia. This acquisition is expected to help companies expand their global footprints.