Wound care is an important part of health care and is becoming more important with an emphasis being placed on patient safety and patient satisfaction. Wound pain and infections can be bad news for health care facilities and lead to a decrease in reimbursements.
A growing number of older patients is another factor creating growth in the wound management market as more surgeries are being performed and more wounds are being treated. Advances in wound care are also impacting the market.
“Advanced wound care and closure products are emerging as a standard solution for treating chronic wounds. Traditional wound care and closure products are being increasingly substituted with advanced wound care and closure products due to their efficacy and effectiveness in managing wounds by enabling faster healing,” a recent report from Allied Market Research states.
“Attempts to reduce the duration of hospital stays in order to limit surgical health care costs, and the rising inclination towards products that enhance therapeutic outcomes are driving the demand for advanced wound care and closure products,” the report continues. “The risks associated with ineffective wound healing promote the demand for combination dressings, which is a modern trend in the market that is replacing traditional wound dressing methods.”
A report from BCC Research forecasts a market set to exceed $11 billion in just three years.
“The global market for advanced wound management totaled $8.6 billion in 2013, up from 2011’s value of $7.9 billion,” according to BCC Research. “By 2018, this market is likely to reach $11.3 billion, a compound annual growth rate of 5.6 percent.”
Negative pressure wound therapy is another growing segment of the wound care market. Negative pressure wound therapy is a leading wound care therapy that applies negative or sub-atmospheric pressure on a wound in a closed drainage system. Negative pressure wound therapy aides wound healing by stimulating the granulation tissue, by lowering edema, and increasing blood circulation. Negative pressure wound therapy systems can be utilized for treating traumatic wounds, surgical wounds, pressure sores, and chronic wounds such as venous stasis ulcers and diabetic foot ulcers.
A report from Transparency Market Research states that the global negative pressure wound therapy market was estimated at $1.5 billion in 2013 and is growing at a compound annual growth rate of 10.2 percent from 2014 to 2020.
The single-use negative pressure wound therapy market is also growing rapidly.
“As per this report, in terms of product segments, conventional negative pressure wound therapy systems constituted the biggest market segment, but the single use NPWT systems market segment is expanding at a higher CAGR – of about 17 percent – during the forecast horizon between 2014 and 2020,” according to Transparency Market Research. “The negative pressure wound therapy market is experiencing a conspicuous shift from utilization of conventional NPWT systems to single-use. This shift in inclination is majorly due to the higher convenience offered by single use NPWT systems to patients, as well as their cost advantage over conventional systems and higher portability.”
Transparency Market Research predicts that the global negative pressure wound therapy market will reach $2.9 billion in 2020.