North America Advanced Wound Care Market to Reach $5.8 Bn by 2027
According to a recent study from market research firm Graphical Research, the North America advanced wound care market size is poised to expand at substantial CAGR during the forecast period. The advanced wound care market size in North America is expected to exceed $5.8 billion by the year 2027. The reason is an alarming rise in the number of cases of patients with chronic disorders like diabetes.
Some of the worst cases of obesity and diabetes have been found in the North America region; the U.S. and Canada, to be precise. This is because of the drastic lifestyle changes that have taken place in the last decade or more. This will apparently act as one of the main drivers for the advanced wound care market to flourish in North America.
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The advanced wound care products and devices such as electrostimulation devices, pressure relief devices, negative pressure wound therapy, etc. will also see a rise in their demand, thanks to the higher cases of wounds related to surgeries to treat these life-threatening diseases. According to the statistics released by the Centers for Disease Control or CDC, at least 6 in 10 adults suffer from chronic disorders in the U.S. This shall pave the way for the North America advanced wound care market to expand.
According to reports, the wound therapy devices alone generated a market revenue of $1.5 billion in the year 2020. This figure speaks volumes about the sheer demand it has already garnered and is estimated to sustain in the future as well. There are different kinds of therapy devices in the market that are used for a wide variety of wounds and surgeries. The ease of use of these products as well as the advanced technologies used to produce them shall create good opportunities for advanced wound care market in North America.
Another reason for the North American advanced wound care market to flourish is the increase in the number of skin-burn cases, which in turn, will turn up the demand for wound care products. Increased need to manage chronic wounds like skin burns and diabetic wounds will further help this market to progress.
According to sources, advanced wound care market, especially in the U.S., is expected to grow at an exponential rate through the year 2027. A major reason behind witnessing such a growth is the rapid increase in the cases of patients with chronic disorders like obesity, diabetes, etc. These diseases, when treated through surgeries will require special wound care and management, which will spur the demand of the wound care products and devices.
The hospital industry alone occupies a whopping 40% share of the North America advanced wound care market. The obvious reason behind such a large chunk of market share, the rise in the number of chronic diseases. Since there are many highly skilled healthcare professionals and paramedics to treat patients suffering from diseases or accidents, there is a high scope advanced wound care product use in such conditions.
Now, according to a report released by the Agency for Healthcare Research & Quality (AHRQ), at least 2.5 million people in the USA alone will be prone to pressure wounds such as ulcers every year. This paves way for the wound management and therapy devices and can act as a stimulus for growth of the North America advanced wound care market.
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Some of the key advanced wound care companies in North America are Medtronic, ConvaTec Group, Smith & Nephew, 3M, Hartmann International, B. Braun, Coloplast, Lohmann & Rauscher, among many others.
Table of Contents (ToC) of the report:
Chapter 1 Methodology
1.1 Definition and forecast parameters
1.1.1 Definitions
1.1.2 Methodology and forecast parameters
1.2 Data sources
1.3 References & sources
1.3.1 Secondary
1.3.2 Primary
Chapter 2 Executive Summary
2.1 North America advanced wound care industry summary, 2016 - 2027
2.1.1 Country trends
2.1.2 Product trends
2.1.3 Application trends
2.1.4 End-use trends
Chapter 3 Industry Insights
3.1 Industry segmentation
3.2 Industry outlook, 2016 - 2027
3.3 Major factor analysis
3.3.1 Drivers
3.3.1.1 Growing geriatric population base
3.3.1.2 Increasing incidences of chronic diseases
3.3.1.3 Technological advancement in wound care industry in North America region
3.3.1.4 Increasing number of surgical procedures
3.3.2 Restraints & challenges
3.3.2.1 High cost of medical devices
3.4 COVID-19 impact analysis
3.5 Porter’s analysis
3.6 Competitive review, 2020
3.7 PEST analysis
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