According to a United Nations report, the global geriatric population is expected to double in the next three decades. This demographic is highly vulnerable to acute and chronic wounds as a result of underlying comorbidities. In addition, the WHO states that the prevalence of diabetes has skyrocketed providing immense opportunities for companies involved in the wound care market.
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Focus on Biotherapy to Treat Diabetic and Venous Leg Ulcers in Wound Care Market
A particularly noteworthy trend has been the use of biotherapy in treating various chronic wounds. Venous leg and diabetic foot ulcers can be treated immediately via bioactive wound care. Constant evolution in nanotechnology, combination dressings, and biomaterials should help spur growth in the wound care market.
Ageing Population in China and Medical Tourism in India Benefits Wound Care Market
The APAC wound care market is on track to record a high CAGR during the forecast period as national governments up their healthcare budgets and patients seek value-based services. The huge geriatric population in China, Japan, and Korea, high healthcare expenditure, and prioritization of healthcare infrastructure are responsible for growth in the APAC wound care market. Furthermore, the medical tourism industry is booming in India and Thailand as these countries provide quality healthcare at an affordable cost. Nonetheless, APAC still trails behind North America in the wound care market as the latter has better diagnostic facilities and significantly higher participation rates in various sporting activities. North America is also a trendsetter for technological advances in the healthcare industry as a whole.
Hospitals Well-suited to Deal With Complications and Remain Key in Wound Care Market
In terms of revenue, the advanced wound care segment dominated the wound care market in 2019. Advanced wound care has one major benefit over traditional solutions – it offers anti-microbial agents for more robust protection. In the same year, the hospital segment had the largest market share in the wound care market by end user. Hospitals have the trained personnel and equipment to deal with medical complications if they arise. Hospitals are unlikely to be outpaced anytime soon as it is far more convenient for patients to undergo regular dressings and follow-ups in a hospital environment.
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Companies Focusing on Rapid Healing Technology to Stay Ahead in Wound Care Market
A few companies profiled in this report on the wound care market are Ethicon, Inc, Convatec Group Plc, Baxter International Inc., Coloplast A/S, Paul Hartmann AG , Medtronic plc, Integra LifeSciences Holding Corporation , Mimedx Group, Lohmann & Rauscher International GmbH & Co. KG , DeRoyal Industries, Inc., Organogenesis Holdings Inc., Kerecis, ACell, IonMed, and Medela AG (Switzerland).
Axio Biosolutions, a subsidiary of MedTech, recently unveiled MaxioCel – a next-gen wound care dressing material made of chitosan. MaxioCel claims to provide rapid healing through a combination of scar improvement, pain management, and haemostatic properties. MaxiCel is manufactured with bioactive microfibre gelling technology and should have a transformative effect in the wound care market.
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