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The China wound care management devices market is expected to register a CAGR of 6.8% during the forecast period, 2018 to 2023. With more than 59% of market share, surgical wound care product segment is expected to dominate in the wound care management devices market during the forecast period. This is due to increasing incidences of trauma injuries and rise in number of surgeries, along with favorable reimbursement policies in this region.
Increasing Incidences of Chronic Wounds
According to NCBI, more than 9.3% of US population, which is estimated around 29.1 million people, is affected by diabetes. In adults, who are aged over 65 years, the percent of population suffering from diabetes is more than 25%. The incidence of chronic wounds, especially foot ulcers, increases among the diabetic population. While more than 80,000 adults are expected to undergo a lower extremity amputation, it is also estimated that diabetic patients are 10 times more likely to undergo amputation at some point in their life. The number of diabetes patients are expected to increase with increasing geriatric population, which, in turn, will drive the market for wound care management during the forecast period. In addition, increase in surgical procedures worldwide, along with increasing aging population and demand for faster recovery of wounds, is also fuelling the growth of advance wound care management market.
High Cost Procedures
Wound care management is associated with high costs, due to which it has a low adoption rate. According to a breakdown of wound costs provided by Smith & Nephew, 15-20% are material costs, 30-35% are nurse costs and more than 50% are hospitalization costs. Since, the hospitalization in necessary until the wound is dried, the high hospitalization costs is hindering the advance wound care management market, globally. Additionally, lack of reimbursement policies all over the world is also responsible for hindering the growth of the market.
Surgical Wound Care Products Segment to Dominate the Market
The China wound care management devices market is segmented by product type and end user. Surgical wound care products segment, with a market share of 59%, dominates the wound care management devices market, due to increasing incidences of trauma injuries and rise in number of surgeries, favorable reimbursement policies, and rise in geriatric population. Advanced wood dressing segment share is next to the surgical wound care product segment, due to increasing awareness of wound care management among geriatric population. Factors, such as increasing accessibility to healthcare facilities in the region, rising medical tourism, and increasing prevalence of trauma cases are also expected to contribute to the growth of the market in this region.
Major Players: J&J, SMITH &NEPHEW, 3M COMPANY, CONVATEC, MEDTRONIC, BAXTER INTERNATIONAL, BEIERSDORF, TELEFLEX INC AND MOLNLYCKE HEALTH CARE AB amongst others.
Reasons to Purchase this Report
• Market analysis for the China wound care management devices market, with region-specific assessments and competition analysis on a global and regional scale.
• Analyzing various perspectives of the industry with the help of Porter’s five forces analysis.
• The treatment type that is expected to dominate the market.
• Regions that are expected to witness fastest growth during the forecast period
• Identify the latest developments, market shares and strategies employed by the major market players
• 3 months analyst support, along with the Market Estimate sheet (in excel)
Customization of the Report
• This report can be customized to meet your requirements. Please connect with our analyst, who will ensure you get a report that suits your needs.
Increasing Incidences of Chronic Wounds
According to NCBI, more than 9.3% of US population, which is estimated around 29.1 million people, is affected by diabetes. In adults, who are aged over 65 years, the percent of population suffering from diabetes is more than 25%. The incidence of chronic wounds, especially foot ulcers, increases among the diabetic population. While more than 80,000 adults are expected to undergo a lower extremity amputation, it is also estimated that diabetic patients are 10 times more likely to undergo amputation at some point in their life. The number of diabetes patients are expected to increase with increasing geriatric population, which, in turn, will drive the market for wound care management during the forecast period. In addition, increase in surgical procedures worldwide, along with increasing aging population and demand for faster recovery of wounds, is also fuelling the growth of advance wound care management market.
High Cost Procedures
Wound care management is associated with high costs, due to which it has a low adoption rate. According to a breakdown of wound costs provided by Smith & Nephew, 15-20% are material costs, 30-35% are nurse costs and more than 50% are hospitalization costs. Since, the hospitalization in necessary until the wound is dried, the high hospitalization costs is hindering the advance wound care management market, globally. Additionally, lack of reimbursement policies all over the world is also responsible for hindering the growth of the market.
Surgical Wound Care Products Segment to Dominate the Market
The China wound care management devices market is segmented by product type and end user. Surgical wound care products segment, with a market share of 59%, dominates the wound care management devices market, due to increasing incidences of trauma injuries and rise in number of surgeries, favorable reimbursement policies, and rise in geriatric population. Advanced wood dressing segment share is next to the surgical wound care product segment, due to increasing awareness of wound care management among geriatric population. Factors, such as increasing accessibility to healthcare facilities in the region, rising medical tourism, and increasing prevalence of trauma cases are also expected to contribute to the growth of the market in this region.
Major Players: J&J, SMITH &NEPHEW, 3M COMPANY, CONVATEC, MEDTRONIC, BAXTER INTERNATIONAL, BEIERSDORF, TELEFLEX INC AND MOLNLYCKE HEALTH CARE AB amongst others.
Reasons to Purchase this Report
• Market analysis for the China wound care management devices market, with region-specific assessments and competition analysis on a global and regional scale.
• Analyzing various perspectives of the industry with the help of Porter’s five forces analysis.
• The treatment type that is expected to dominate the market.
• Regions that are expected to witness fastest growth during the forecast period
• Identify the latest developments, market shares and strategies employed by the major market players
• 3 months analyst support, along with the Market Estimate sheet (in excel)
Customization of the Report
• This report can be customized to meet your requirements. Please connect with our analyst, who will ensure you get a report that suits your needs.
Frequently Asked Questions
This market study covers the global and regional market with an in-depth analysis of the overall growth prospects in the market. Furthermore, it sheds light on the comprehensive competitive landscape of the global market. The report further offers a dashboard overview of leading companies encompassing their successful marketing strategies, market contribution, recent developments in both historic and present contexts.
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The report provides a detailed evaluation of the market by highlighting information on different aspects which include drivers, restraints, opportunities, and threats. This information can help stakeholders to make appropriate decisions before investing.
