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Kenneth Research has recently added a report titled Global Wound Management Devices Market in its storehouse of market research reports. The report provides a detailed insight into the market scenario on the basis of the market size and volume for the forecast period, i.e., 2022-2031.
U S Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mention the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Global Wound Management Devices Market products.
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Moreover, increasing expenditure on healthcare, backed by the need amongst individuals for quality healthcare services, is also anticipated to contribute to the market growth. According to the statistics by the World Bank, the current health expenditure (% of GDP) around the world increased from 9.08% in 2001 to 9.84% in 2018. Additionally, the current health expenditure per capita (current US$) increased from USD 492.99 in 2001 to USD 1110.84 in 2018.
Global Wound Management Devices Market is valued approximately at USD 14 billion in 2019 and is anticipated to grow with a growth rate of more than 4.3% over the forecast period 2020-2027. Wound management devices are increasingly used in the treatment of wounds caused by any diseases. These products are extremely resistant to ecological inhibitors and foreign particles and are utilized by a nurse under the supervision and order of physician, for many reasons. They are generally occurring as a result of burns, trauma, accidents, or natural disasters. More often, wounds can be chronic and acute. Chronic wounds may arise primarily due to several lifestyle diseases, including obesity, diabetes, and cardiovascular diseases. On the flip side, acute wounds can be occurred due to surgical or traumatic conditions and can heal through a regular wound healing process at a certain rate. Thus, the increase cases of wounds or injuries followed by the rise in prevalence of lifestyle diseases are some major forces that accelerates the demand for wound management devices all over the world. For instance, the World Health Organization (WHO) data in 2016 specified that over 650 million of world population was recorded to be obese. Also, the World Obesity Federation (2017) reported that more than 2.7 billion of world population would be obese by the year 2025. Therefore, this factor may drive the demand for wound management devices all over the world. Moreover, the surge in geriatric population, along with growing number of surgeries are the few factors responsible for the high CAGR of the market during the forecast period. As per the data surveyed by the National Institute of the Health, the older population has substantially growing at unprecedented rate worldwide since 2016, with estimated 8.5% of total population i.e., 617 million aged 65 and above. Also, the older population is increasing up to 17% by 2050. This, in turn, is expected to strengthen the market growth all over the world. However, the higher costs of wound care and management is one of the prime factors restraining the market growth over the forecast period of 2020-2027.
The regional analysis of the global Wound Management Devices market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America, and the Rest of the World. North America is the leading/significant region across the world in terms of market share owing to the favorable reimbursement policies associated with these devices, along with the presence of a significant number of market vendors in the region. Whereas Asia-Pacific is anticipated to exhibit the highest growth rate / CAGR over the forecast period 2020-2027. Factors such as the rise in prevalence of lifestyle diseases coupled with the improving healthcare infrastructure in developing countries, such as China and India, would create lucrative growth prospects for the Wound Management Devices market across the Asia-Pacific region.
Major market player included in this report are:
Baxter International Inc.
Coloplast A/S
ConvaTec Inc.
Derma Sciences, Inc.
Hollister Inc.
Johnson & Johnson
3M Company
Medtronic Plc.
Mölnlycke Health Care
Smith & Nephew
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.
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The detailed segments and sub-segment of the market are explained below:
By Product:
Therapy Devices
Wound closure Devices
Others
By Application:
Burns
Diabetic Foot Ulcers
Pressure ulcers
Surgical wounds
Others
By End-User:
Hospitals
Clinics
Others
By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2017, 2018
Base year – 2019
Forecast period – 2020 to 2027
Target Audience of the Global Wound Management Devices Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Venture capitalists
Value-Added Resellers (VARs)
Third-party knowledge providers
Investment bankers
Investors
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The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:
- North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth Market Players Analys & Opportunity Outlook
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth Market Players Analysis & Opportunity Outlook
About Kenneth Research
Kenneth Research provides scheduled syndicated reports that help industry professionals and organizations decipher market trends to take significant decisions and plan strategies. We cater to a wide range of industries including healthcare & pharmaceuticals, ICT & telecom, automotive & transportation, energy & power, chemicals, FMCG & food, aerospace & defence, among others. Our research team ensures to track and analyze the industry on a regular basis to offer strategic business consultancy services on a global level. We, at Kenneth Research, are adept at capturing descriptive insights on crucial topics to help our clients make their informed decisions.
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