The wound care market across the globe is witnessing growth due to factors such as rising incidences of diabetes, rising aging population, increasing venture capitalist funding, and support from the government in the form of funding, rapid technological innovations, and rising awareness regarding new techniques of wound care. The key players are focusing on providing innovative products which will lead to effective wound healing, over a short period. With this view, companies are focusing on partnerships, collaborations, new product launches, and acquisitions to attain leadership position in the market.
The wound care market is segmented into traditional wound care, surgical wound care, and advanced wound management products. The advanced wound management segment showcases a lucrative growth potential and represents the new revenue pockets. High growth in these markets can be attributed to the introduction of novel products in the market and the ability of these products to treat severe wounds and diabetic foot ulcers over a short period.
In the coming five years, growth in the wound care market is likely to be centered at China, Malaysia, Taiwan, and India. This growth can be attributed to the rise in the number of patients suffering from chronic wounds in the region. Furthermore, increasing focus of prominent players in the Asian market is another factor driving the growth of this market. For instance, in 2012, Smith & Nephew (U.K.) planned to launch 23 new wound care products in the Asian market. Moreover, various prominent players have also started their operations in various Asian countries in order to capture the wound care market. In this regard, in December 2012, ConvaTec (U.S.) started its operations in Bangalore, India. This expansion brought novel healthcare technologies, products, and treatments to the Indian market. Such initiatives enable the Asian countries to grow in the wound care market.