Global Advance Wound Care Market to Witness a CAGR of 5.6% during 2018-2024

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NEW YORK, Aug. 10, 2018 (GLOBE NEWSWIRE) -- The global advance wound care market was valued at USD 6,937 million in 2017, and is expected to reach USD 10,161 million by 2024, at a CAGR of 5.6% during 2018-2024. The growth can be primarily attributed to the increase in old age population, growing number of surgeries across the globe, and increasing adoption of advanced wound care products. Moreover, growing number of diabetic patients, and increasing incidences of burn and road accident cases are further boosting the market growth. 

Chronic wounds present a substantial economic burden on healthcare systems, as it causes significant reduction in quality of life and can even cause premature deaths.  This is mainly due to the increasing proportion of elderly population and growing prevalence of lifestyle diseases such as diabetes, and obesity. Obesity and diabetes can result in ulcerations such as foot or leg ulcers which require wound treatment over the lifetime. Moreover, there is a growing demand for advanced wound care products in the treatment of diabetic patients due to chronic wound condition such as non-healing diabetic venous legs ulcers, and foot ulcers. Furthermore, technological advancements and new innovations in dressing technology has led to a positive impact on the wound care industry.

Geographically, North America held the largest share of the market in 2017. The growth in the region is attributed to the growing number of diabetic patients, rising obesity rates and increasing incidences of burn injuries. Moreover, advancements in wound treatment such as biological skin substitutes, compression therapy, hyperbaric oxygen therapy, and negative pressure wound therapy is also boosting the market growth in the region.  Europe held the second largest share of the global advance wound care market in 2017. An estimated 1.0-1.4 million of the European population have diabetic foot ulcers. The demand of advance wound care products will continue to grow during the forecast period due to growing ageing population and growing number of chronic wound diseases.  The growth of advance wound care market in Asia-Pacific region is attributed to increasing number of burn injuries and road accidents. 

This report segments advance wound care market based on type, application, end-user and region.

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Globe Newswire: 11:05 GMT Friday 10th August 2018

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