The Global Wound Management Devices Market size is expected to reach $21.6 billion by 2026, rising at a market growth of 7.2% CAGR during the forecast period. Wounds can occur due to accidents, burns, trauma, or natural disasters. They are commonly grouped into two kinds, i.e. chronic and acute wounds. Chronic injuries may emerge because of different types of life illnesses, for example, obesity, cardiovascular diseases, and diabetes. While on the other hand, acute wounds can occur due to surgical or traumatic incidents. These wounds usually cure through an ordinary wound healing process at a reliable rate. However, the number of chronic wounds affect is anticipated to increase in the coming years.
The wound management products are available in the market to treat problematic wounds. Billions of people around the world are suffering from wounds and injuries. The products have been formulated to ensure high resistance to environmental inhibitors and foreign particles. They are mainly used by a nurse under the physicians’ guidelines and supervision. Accordingly, the increasing rates of cost-efficient treatments are driving the demand for better wound care products.
In the current scenario, there are tremendous innovations in Pharmacology. Some of the pharmaceutical agents like angiotensin-converting enzyme (ACE) inhibitors, monoclonal antibodies, topical immunosuppressants, and xanthine oxidase inhibitors have been undertaken in wound care treatment. An agent like ACE inhibition has helped in improving the walking ability and quality of life in patients with peripheral arterial disease, a common circulatory problem, and positively impacted wound healing.
The global wound care devices present in the market anticipated to witness gradual progress in the forecast period. The steady growth rate is primarily because of the COVID-19 outbreak which leads to the supply and demand mismatches of resources. There is insufficient production of wound dressing products and wound healing devices due to the limitation imposed by governments of various countries. However, the shutdown of factories or limitations of working with less staffing was imposed to lower the spread of the virus and keep the staff safe. The segment accounted for the majority of the share and is projected to expand at the fastest CAGR in the forecast period.
Based on Product, the market is segmented into Therapy Devices, Wound closure Devices and Other Products. Based on Application, the market is segmented into Burns, Pressure Ulcers, Diabetic Foot Ulcers, Surgical Wounds and Other Applications. Based on End User, the market is segmented into Clinics, Hospitals and Other End User. Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa.
The major strategies followed by the market participants are Acquisition and Product Launches. Based on the Analysis presented in the Cardinal matrix; Johnson & Johnson is the forerunner in the Wound Management Devices Market. Companies such as Smith & Nephew PLC, Molnlycke Health Care AB, Coloplast Group, ConvaTec Group PLC, Integra LifeSciences Holdings Corporation, 3M Company, Medtronic PLC, and Baxter International PLC are some of the key innovators in the market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Baxter International, Inc., Coloplast Group, ConvaTec Group PLC, Integra LifeSciences Holdings Corporation (Derma Sciences, Inc.), Johnson and Johnson, 3M Company, Medtronic PLC, Smith & Nephew PLC, Hollister, Inc., and Molnlycke Health Care AB.
Strategies deployed in Wound Management Devices Market
Acquisition and Mergers:
Oct-2019: 3M completed the acquisition of global medical technology firm Acelity and its KCI subsidiaries. Acelity is an advanced wound care company engaged in the development of advanced healing solutions for customers and patients across the care continuum. The acquisition accelerated the company’s position as a leader in advanced wound care.
Apr-2019: Smith & Nephew signed an agreement to acquire Leaf Healthcare, Inc, the developer of the unique Leaf Patient Monitoring System for pressure injury prevention and patient mobility monitoring. The acquisition broadened Smith & Nephew’s extensive Advanced Wound Management portfolio.
Jul-2018: Molnlycke acquired German wound care products company, SastoMed GmbH. The acquisition provided new products to the former company, enabling it to further help healthcare professionals and patients by accelerating the wound healing process and treating chronic wounds.
Feb-2018: Johnson & Johnson Medical Devices Companies took over Orthotaxy, a developer of software-enabled surgery technologies, including a differentiated robotic-assisted surgery solution. The acquisition enhanced the company’s application for a range of orthopedic surgery procedures.
Jan-2017: Derma Sciences acquired the MEDIHONEY brand and related intellectual property and goodwill. The acquisition broadened the advanced wound care product portfolio of the company.
Feb-2016: Molnlycke Health Care acquired Sundance Solutions, a leader in developing innovative solutions for the safe positioning and turning of patients to help prevent pressure ulcers. The acquisition integrated the distinctive and complementary strengths of two innovators in the field of pressure ulcer prevention, delivering unique value for healthcare professionals and providers.
Product Launches and Product Expansions:
Jan-2020: ConvaTec Group launched ConvaMax, the superabsorber dressing. This wound dressing is used for the management of highly exuding wounds, including leg ulcers, pressure ulcers, diabetic foot ulcers and dehisced surgical wounds.
Sep-2019: Smith & Nephew announced the US launch of the new PICO 7Y Single Use Negative Pressure Wound Therapy System (sNPWT) with AIRLOCK Technology. This is the first PICO sNPWT pump to include an innovative integrated Y connector, enabling the utilization of two dressings concurrently from one pump, allowing for two wounds or incisions to be addressed simultaneously.
Feb-2018: Smith & Nephew unveiled the new single-use negative pressure wound system, the Pico 7, in the European market. Pico 7 provides better vacuum and leak management that can be applied on areas of the body where it can be difficult to achieve and keep a seal.
Dec-2017: Smith & Nephew launched the MolecuLight i:X handheld imaging device. This device has been designed to assess wound surface area and help visualize harmful bacteria within the wounds in Europe. The device is designed to improve wound assessments, which are currently made without tools.
May-2017: Molnlycke made enhancements to its Mepilex product range by launching new Mepilex Border Flex. Mepilex Border Flex is all-in-one foam dressing with next-generation Flex technology. It can be used to manage a wide range of exuding wounds.
Apr-2017: ConvaTec launched Foam Lite ConvaTec dressing, a light, flexible silicone foam dressing for managing low to non-exuding chronic and acute wounds.
Mar-2017: Johnson & Johnson’s Ethicon and DePuy Synthes launched wound closure kits designed for orthopedic surgery in the US. The kits include Ethicon’s Stratafix knotless tissue control devices and Dermabond Prineo skin closure system. The wound closure kits aimed to help operating orthopedic surgeons to choose which sutures they’d like by each layer of closure, and help physicians achieve greater procedural efficiencies during wound closure.
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