Wound Healing Market to reach approximately US$35,065.7 mn by 2025
Global Wound Healing Market: Snapshot
The rising need for advanced wound care products, owing to the rising number of accidents across the globe is projected to encourage the growth of the wound healing market in the next few years. According to the market research study published by Transparency Market Research, the global wound healing market is expected to reach a value of US$35,065.7 mn by the end of 2025. The market is predicted to register a healthy 4.80% CAGR between 2017 and 2025.
Rising Research Activities to Drive Wound Healing Market
The rising prevalence of diabetes and the rising geriatric population are considered as the major factors that are projected to encourage the growth of the global wound healing market in the next few years. The developments and innovations in the wound care products and the rising investments for the research of wound care are estimated to accelerate the growth of the market in the next few years. In addition to this, the rise in the number of trauma injuries and road accidents and the rising popularity of active wound care products are further expected to enhance the growth of the market in the near future.
On the flip side, the risk associated with the wound care products and the high cost of advanced wound care products are some of the key factors that are predicted to restrict the growth of the market in the next few years. Nonetheless, the lucrative opportunities offered by emerging economies and the application of stem cell therapy in wound care estimated to support the growth of the global wound healing market in the next few years.
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North America and Europe to Witness High Growth in Coming Few Years
The global wound healing market has been categorized on the basis of geography into the Middle East and Africa, North America, Latin America, Europe, and Asia Pacific. In the last few years, North America accounted for a large share of the market and is projected to witness high growth in the next few years. This region is estimated to maintain its leading position in the next few years, owing to the presence of several leading players. In addition to this, the rising contribution from the U.S. and Canada is another major factor that is projected to accelerate the growth of the market in the near future. Europe is projected to be on the second position holding a significant share of the market.
The high growth of this region can be attributed to the emergence of several local manufacturers who are providing technologically advanced products at a lower cost. Furthermore, with the rising awareness among consumers reading the early diagnosis of chronic wounds, the Asia Pacific market is estimated to witness a promising growth in the next few years.
The global market for wound healing is considered as a highly competitive market with a large number of global and local players operating across the globe. With the entry of several new players, the competition among the key players is projected to get intense in the next few years. In order to stay ahead in the competition, the leading players are focusing on the research and development activities, which is projected to enhance the growth of the market in the next few years.
In addition to this, the increasing mergers and acquisitions and the development of new products are projected to generate potential growth opportunities for the market players in the next few years. Some of the key players operating in the wound healing market across the globe are Smith & Nephew plc, BSN medical (Svenska Cellulosa Aktiebolaget SCA), Cardinal Health, Organogenesis Inc., Coloplast Group, Integra LifeSciences Corporation, Acelity L.P., Inc., B. Braun Melsungen AG, Hollister Incorporated, Mölnlycke Health Care AB, 3M Healthcare, Medline Industries, Inc., ConvaTec Inc., Ethicon, Inc. (Johnson & Johnson), Hill-Rom Holdings, Inc.