The wound care market in terms of value is expected to reach USD 20.4 billion by 2021 from USD 17.0 billion in 2016, growing at a CAGR of 3.6% from 2016 to 2021. This market is categorized on the basis of products, wound type, end users, and region.
Major factors contributing to growth of the wound care market include rising awareness regarding new and advanced products for wound treatment and the rising aging and diabetic population. Furthermore, government support in the form of funding is another major factor providing impetus for growth of this market. For instance, in September 2013, NeoStem, Inc. (U.S.) received funding of $0.147 million from the National Institutes of Health (NIH), under the small business innovative research program (SBIR). This fund would be utilized for the development of adult pluripotent very small embryonic like (VSEL) stem cells for the treatment of skin wounds in scleroderma. Furthermore, in July 2011, the Ohio State University College of Medicine received funding of $1.4 million from the U.S. Department of Defense for wound treatment research. This two-year fund was specifically directed for the treatment of burn wounds using brown algae extracted from seaweed and giant kelp. Such support in the form of funding is likely to provide impetus for the market growth. The relatively untapped markets of the Asian region and the bio-active wound care products have opened an array of opportunities for the wound care market. However, factors such as high costs of wound care products may restrain growth of this market.
Countries such as China, India, Australia, Japan, and Brazil are expected to serve as new revenue pockets for the wound care market in the coming five years.
Apart from the comprehensive geographical and product analysis and market sizing, the report also provides a competitive landscape that covers the growth strategies adopted by the industry players over the last three years. In addition, the company profiles comprise the basic views on the key players in the wound care market and the product portfolios, developments, and strategies adopted by market players to maintain and increase their market shares in the near future. The above mentioned market research data, current market size, and forecast of the future trends will help the key players and new entrants to make the necessary decisions regarding product offerings, geographical focus, change in strategic approach, R&D investments for innovations in products and technologies, and levels of output in order to remain successful.
Reasons to Buy the Report:
The report will enrich both established firms as well as new entrants/smaller firms to gauge the pulse of the market, which in turn will help the firms garner a greater market share. Firms purchasing the report can use any one or a combination of the below mentioned five strategies (market penetration, product development/innovation, market development, market diversification, and competitive assessment) for strengthening their market shares.
The report provides insights on the following pointers:
- Market Penetration: Comprehensive information on product portfolios of the top players in the wound care market. The report analyzes the wound care market by product, wound type, end users, and region
- Product Development/Innovation: Detailed insights on the upcoming technologies, R&D activities, and new product launches in the wound care market
- Competitive Assessment: In-depth assessment of the market strategies, geographical and business segments, and product portfolios of the leading players in the wound care market
- Market Development: Comprehensive information about the lucrative emerging markets. The report analyzes the market for various wound care products across geographies
- Market Diversification: Exhaustive information about new products and services, untapped geographies, recent developments, and investments in the wound care market.