Wound Care Market to Expand with Significant CAGR by 2020
Posted: Jun 22, 2019
Competition in the wound care market is pretty stiff on account of numerous deep-pocketed players in it devising various strategies to gain an edge over their rivals. One such popular strategy with players is product development. They are seen funneling large amounts into cutting-edge research and development activities to come up with more effective products. Besides, they are also banking upon mergers and acquisitions to tap into greater resources, diversify their product portfolios, and foray into new markets. All such trends have also made the global market for wound care highly dynamic in nature.
The report by Transparency Market Research on the global Wound Care Market, studies it from every possible angle to offer readers a comprehensive picture of it. It factors in competitive dynamics, prominent trends, and market size, to present a 360-degree view of it.
Apart from the continued focus of bettering their product offerings and deal-making by savvy companies, other factors too are serving to stoke growth in the global market for wound care. Foremost among them is the rising occurrence of acute and chronic wounds. Greater instances of infections acquired in hospitals, coupled with stellar progress in biological and chemical sciences resulting in usage of more effective materials is positively impacting the market.
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However, on the downside, steep cost of developing and producing quality wound care products is a major restraint stopping the market from attaining its full potential.
The overall market for wound care can be classified into basic, advanced, traditional, bioactive, and therapy devices. Advanced wound care, among them, can again be divided into hydrogels, moist wound care, alginates, foam wound care, and hydrocolloid.
From a geographical standpoint, North America dominates the global market for wound care. Its market has been catapulted to the fore mainly by the widespread cutting-edge research and development in the field on account of the increasing government and private funding. A highly developed healthcare infrastructure in the region is also serving to boost the market. In terms of growth, however, Asia Pacific is expected outpace all others on the back of surging awareness of the various wound care products in the region. Besides, rise in lifestyle-related diseases namely diabetes is also benefitting its market. China is a major driver of growth in Asia Pacific, which is being fuelled mainly by new product launches every now and then. Its large population and strengthening healthcare infrastructure has proved to be a boon, to be certain.
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The global market for wound care is characterized by stiff competition. This is because entry barriers are low and new players are seen foraying into the space to tap into the growth opportunities. To thrive in such a cutthroat environment, players are seen pouring money into designing more effective products. Some of the companies that have managed to stay on top of competition to acquire significant stronghold over the market are Baxter International, Inc., Smith & Nephew, Covidien PLC, 3M Company, Derma Sciences, Inc., and Coloplast AS, Hollister, Inc.
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