Wound Care Market Will Hit $45B by 2024
New market research from GlobalData shows a variety of forces fostering market growth, including key HME offerings.
- By David Kopf
- Jan 09, 2018
The global wound care and wound management market will expand at a compound annual growth rate of 4.3 percent from $33.9 billion in 2017 to $45.5 billion by 2024, according to research from data and analytics firm GlobalData.
Drivers for the growth include activity in advanced wound closure; negative pressure wound therapy (NPWT); and cellular or tissue-based products. GlobalData also noted larger roles being played in the market by advanced treatments such as biosurgery products and robotic wound closure devices; tissue engineered skin substitutes; and wound measurement devices.
Where the HME industry is concerned, GlobalData noted that NPWT saw rapid expansion during 2017, which was primarily attributed to growing awareness of the technique and its applications. The research firm highlighted disposable, or single-use NPWT products as a key emerging NPWT technology that will see rapid adoption thanks to their lower costs and expanding indications, including the care of surgical incisions.
NPWT competition in the market has become intense, according to GlobalData, which noted that more players, including Medela, Nexa Medical, Stortford Medical, and Genadyne Biotechnologies, have received new device approvals. At the same time, market leaders such as Acelity and Smith & Nephew are holding their own via a mix of product innovation and refinement.
David Kopf is the Executive Editor of HME Business and DME Pharmacy magazine. Follow him on Twitter at @postacutenews.