Wound Care Devices Market Size to Reach USD 3.13 Billion by 2027; Higher Prevalence of Diabetic Foot Ulcers to Boost Growth

The global wound care devices market size is projected to reach USD 3.13 billion by 2027. The rising prevalence of surgical wounds, diabetic foot ulcers, and high grade pressure ulcers amongst people worldwide is expected to boost the demand for these devices. This information is given by Fortune Business Insights™ in a recently published report, titled, “Wound Care Devices Market Size, Share & COVID-19 Impact Analysis, By Product Type (Negative Pressure Wound Therapy (NPWT), Hyperbaric Oxygen Therapy (HBOT), Extracorporeal Shock Wave Therapy (ESWT), and Others), By Indication (Diabetic Foot Ulcers, Pressure Ulcers, Surgical Wounds, and Others), By End User (Hospitals, Clinics, Homecare Settings, and Others), and Regional Forecast, 2020-2027.” The report further states that the market stood at USD 2.19 billion in 2019. It is set to exhibit a CAGR of 4.6% during the forecast period between 2020 to 2027.

3M Acquires Acelity Inc. to Broaden its Position in Advanced & Surgical Wound Care Market

In October 2019, 3M, an American multinational conglomerate corporation based in the U.S., acquired Acelity Inc., an advanced wound care company and its subsidiaries. The funds were advised by Apax Partners and the total deal was worth USD 6.7 billion. This new deal is set to strengthen 3M’s position in the surgical & advanced wound care market.  

As per the company officials, Acelity would help 3M in bolstering its Medical Solutions business and in supporting its strategy to provide comprehensive surgical and advanced wound care solutions for enhancing outcomes and patient experience. Together, the companies would apply 3M’s science to provide differentiated offerings worldwide.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/industry-reports/wound-care-devices-market-100388

Possession of Various Benefits to Surge Demand

Wound care devices provide numerous benefits. They are cost-effective, as compared to the active therapies. Also, they are very effective in managing exudate urgently, as well as in reducing healing time. Hence, they are experiencing more popularity amongst the patient pool and healthcare providers globally.

However, they are expensive in nature and therefore, the developing nations, such as India and China are lagging behind in terms of adoption. Besides, these nations don’t have adequate reimbursement policies for the usage of such devices. These factors may hamper the wound care devices market growth in the forthcoming years.

Key Players Focus on Diversifying Product Portfolio to Maintain Their Dominance

Some of the leading companies operating in the global market for wound care devices are 3M, DeRoyal Industries, Inc., and Smith & Nephew. They are mainly aiming to innovate their in-house products and diversifying their existing product portfolios to retain their dominant positions.  

Fortune Business Insights™ presents a list of all the manufacturers operating in the global market. They are as follows:

• Smith & Nephew (London, U.K.)
• 3M (Minnesota, U.S)
• Cardinal Health (Dublin, Ohio)
• Talley Group Ltd (Romsey, U.K)
• ConvaTec Inc. (England, U.K.)
• DeRoyal Industries, Inc. (Powell, U.S)
• Devon Medical Products (King of Prussia, U.S)
• BSN medical (Hamburg, Germany)
• Medela AG (Baar, Switzerland)
• Other Players

A Noteworthy Industry Development-

• October 2018: ConvaTec Group plc, an international medical products and technologies company headquartered in the U.K. bagged the U.S. Food and Drug Administration (FDA) approval for its negative pressure wound therapy (NPWT) system called Avelle™. This new product blends the benefits of Hydrofiber® Technology with negative pressure wound therapy. The pump can be used for almost 30 days.

Further Report Findings-

• In 2019, North America procured USD 0.87 billion in terms of revenue and is set to retain its dominant position throughout the forthcoming years. This growth is attributable to the high demand for these devices from the U.S.
• Europe is anticipated to exhibit a significant CAGR in the near future backed by the introduction of advanced wound care devices by prominent companies present in the region.
• Based on product type, the negative pressure wound therapy segment is anticipated to generate the largest wound care devices market share in the coming years stoked by its ability to reduce healing period and manage exudate efficiently.  

The global market can be segmented in the following way: