The global advanced wound care market is segmented on the basis of type, application, and end user. Furthermore, the market is classified on the basis of geography into North America, Europe, Asia-Pacific, and the rest of the world (RoW). The global advanced wound care market is expected to reach a value of USD 14.9 billion by 2020 from USD 9.9 billion in 2014, at a CAGR of 7.0% from 2015 to 2020. This growth can be attributed to the rapid growth in aging population and technological advancements.
Increasing awareness about wound care management, high growth potential of the emerging economies, and increasing number of acquisitions by key companies have opened an array of opportunities for the growth of the global advanced wound care market in the coming years. However, high costs of advanced wound care products may restrict the growth of advanced wound care market.
The emerging economies are expected to become a focal point for growth of the global advanced wound care market. The Asia-Pacific region is a relatively untapped market for the companies dealing in wound care products as compared to the European and North American regions and, therefore, has a huge growth potential. Owing to this growth potential, various prominent market players are investing in this region. In December 2012, ConvaTec, Inc. (U.S.) started its operations in Bangalore, India.
Citing the potential and demand of active wound care products, the companies operating in this market are engaged in the development of new and advanced products. For instance, in June 2014, Tissue Regenix Group Plc (U.K.) launched the artificial skin graft, DermaPure dermis allograft in the U.S.