30 March 2020
The global wound care market is big, and only set to grow bigger. Currently, estimates show a CAGR of 4.6% in the years to come, with the overall market growing from US$19.8 billion in 2019 to US$24.8 billion by 2024. The industry is ripe with opportunity, with that growth coming from several factors - but most especially growth in emerging economies and the BRICS nations.
In this article, we'll provide a brief overview of the situation.
The Scope of The Wound Care Market
The wound care market exploded with the development of antibiotics in the early 20th Century and has continued apace since. The market now spans a wide range of products and approaches, including:
- Antimicrobial dressings
- Sutures, staples, and tapes
- Negative Pressure Wound Therapy (NPWT) systems
- Diagnostic and assessment equipment
The richness of the market is one of many contributing factors to its growth, but that growth is largely being driven by global demand.
Driving Factors for Growth in The Global Wound Care Market
While wound care is doing well worldwide, there is a particular uptick in emerging economies such as the BRICS nations, as well as the Asia-Pacific region. These areas are seeing significant increases in the diagnosis of cardiovascular disorders and diabetes, among other medical issues.
In addition, these nations are seeing significant expansion of their highways and other infrastructure, leading to a parallel increase in injurious accidents. At the same time, wages and standards of living are continuing to grow in these nations as well, leaving the public with more money to spend on medical services.
Combined with the vast population in these markets - over 2.5 billion people in India and China alone - and the wound care market is poised for major increases in years to come.
Overall, Asia is currently projected to see the largest gains in this industry. There is a rising geriatric population, as well as significant increases to overall healthcare infrastructure. Alongside, North America and Europe will still also see large increases in wound care markets, due to their high standards of living and high overall per-capita spending on healthcare.
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