The global wound care market size is expected to reach USD 25.1 billion by 2026, according to a new report by Grand View Research, Inc., registering a 3.9% CAGR during the forecast period. Increase in prevalence of chronic diseases globally, rising number of ambulatory surgical centers (ASCs), and growing geriatric population are key factors driving the global market.
ASCs offer a variety of services such as surgical assistance, diagnostics, and preventive procedures. Surgeries for pain management, urology, orthopedics, restorative, and gastro intestinal (GI) conditions are also performed in ambulatory surgery centers. Earlier, ASCs were only capable of performing GI-related minor surgeries; however, with increase in number of minimally invasive surgical procedures, services offered by ambulatory surgical centers have expanded and grown exponentially.
According to the U.S. Department of Health and Human Services (HHS) data records of 2014, there were 17.2 million hospital visits. These included invasive, therapeutic surgeries, and ambulatory surgeries. Around 9.94 million (57.8%) of these surgeries occurred in hospital-owned ambulatory surgery settings and the remaining 7.26 million surgeries (42.2%) were conducted in hospitals. ASCs are increasing in number and thus offer cost-effective services. In addition, favorable reimbursement coverages are being provided with regard to services provided by ASCs. The chances of contracting post-surgical, hospital-related infections are also reduced. ASCs provide specific instructions to patients regarding post-surgical homecare. Thus, with an increase in the number of ASCs and number of surgical procedures, demand for wound care is expected to increase.
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Further key findings from the report suggest:
- In terms of revenue, the advanced dressing segment held the largest share in 2018 owing to increasing cases of chronic diseases and rising adoption of advanced wound care products across the globe
- The home healthcare segment is expected to witness the fastest growth over the forecast period due to increasing geriatric population and rising adoption of negative pressure wound therapy
- On the basis of application, the acute segment held the largest wound care market share in 2018 owing to rising number of surgeries and burn cases across the globe
- Asia Pacific is expected to witness the fastest growth over the forecast period owing to increasing number of surgeries and rising cases of burns in this region
- Prominent key players present in the wound care market include Smith and Nephew; Molnlycke Health Care AB; and Baxter International Inc.