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Advanced Wound Management Market Size, Demand & Forecast | FMI
In a recent revelation, the Global Advanced Wound Management Industry is on the brink of robust and consistent growth, positioning itself to achieve a remarkable value of US$ 8.1 billion by 2023 and eyeing a potential surge to US$ 11.5 billion by 2033. These findings, fueled by a notable Compound Annual Growth Rate (CAGR) of 3.6%, underscore the industry’s resilience and adaptability in the face of challenges.
The year 2020 brought unforeseen challenges to the advanced wound management sector, as the COVID-19 pandemic induced a significant setback, causing a temporary decline in sales. However, as the global community rallied with intensified research and development efforts, focusing on innovative wound care solutions, the industry has demonstrated remarkable recovery. This resurgence is expected to drive a gradual and sustained upswing in the demand for advanced wound management products throughout the assessment period.
An exciting development to watch is the integration of biomaterials like alginates and silver into topical wound healing treatments, which is poised to further propel sales. These advancements are inspiring leading industry players to pioneer effective and cutting-edge solutions for advanced wound healing, ensuring a promising future for the market.
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Product developments in advanced wound dressing segment such as hydrogels, collagen, and hydrocolloids are on cards. Apart from these products, emergence of negative pressure wound therapy devices will boost sales in the market.
Besides this, government-backed initiatives such as public health insurance schemes in counties including the U.S., the U.K., and China will create lucrative growth opportunities in the advanced wound management industry.
Key Takeaways from the Global Advanced Wound Management Industry Analysis
Advanced wound dressing is anticipated to dominate the product segment.
Based on application, chronic ulcers will witness increasing adoption of advanced wound management.
Hospitals, followed by clinics are expected to account for maximum market sales.
The U.S. is projected to witness high demand in the advanced wound management market, owing to increasing number of diabetic patients in the country.
The U.K. will emerge as a lucrative market with rapid product developments by leading players.
China will exhibit high demand for advanced wound management due to increasing incidence of chronic wounds and reimbursements for medical expenditure.
Advanced wound management industry in India is expected to grow at a steady pace, owing to growing cases of road accidents and chronic wounds.
“Increasing research and development activities aimed at offering advanced wound healing devices and fast-track approvals for novel advanced wound management products are anticipated to propel sales in the market through 2031,” says the FMI analyst.
Growing investments in the healthcare sector, coupled with innovations in advanced wound management products are anticipated to positively shape demand in the upcoming years.
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Global Advanced Wound Management Industry Competitive Landscape
As per FMI’s analysis, ConvaTec Group Plc. Coloplast A/S, Molnlycke Health Care AB, 3M Healthcare, and Smith & Nephew PLC. are among the leading players in the market, accounting for approximately 3/4th of the market share.
Key players operating in the advanced wound management market are actively focusing on product innovations, strategic collaboration, mergers, acquisitions, and government approvals as a part of their growth strategies. For instance:
In July 2021, Ethicon Inc., a part of the Johnson & Johnson Medical Devices Company, announced the U.S. Food and Drug Administration (FDA) has granted Breakthrough Designation for the company’s transbronchial microwave ablation technology. The advanced technology uses robotic-assisted bronchoscopy for the treatment of debilitating diseases and conditions.
In July 2021, Illinois-based Medline Industries announced its plan to open a new distribution center worth US$ 100 Mn in the Katy area. The new distribution facility will bring the company’s total employee strength to around 375 employees.
Global Advanced Wound Management Industry by Category
By Product Type:
Advanced wound dressings
Alginates
Collagens
Films
Foams
Hydrocolloids
Hydrofibers
Hydrogels
Wound contact layers
Superabsorbent dressings
Negative pressure wound therapy devices
Standalone NPWT devices
Portable NPWT devices
Single-use disposable NPWT devices
NPWT accessories
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By Application Type:
Chronic ulcers
Venous leg ulcers
Diabetic foot ulcers
Pressure ulcers
Non-healing surgical wounds
Traumatic wounds
Burn cases
By End-User Type:
Hospitals
Clinics
Ambulatory surgical centers
Skilled nursing facilities
Bariatric Surgery Devices Market Size, Demand & Trends | FMI
Future Market Insights (FMI), a leading market intelligence and consulting firm, has released a comprehensive study highlighting the optimistic growth trajectory of the Global Bariatric Surgery Devices Industry. The market is set to expand gradually, with a Compound Annual Growth Rate (CAGR) of 6.2% predicted for the years 2022-2032, ultimately reaching an impressive USD 3.09 Billion by 2032.
In response to the challenges posed by the pandemic, FMI embraced a multidisciplinary approach, steering a focused effort on the growth and development of the Global Bariatric Surgery Devices Industry. The study not only provides crucial insights into the current growth dynamics but also outlines major revenue reforms that prevailed in the market as of 2021. Furthermore, it offers key takeaways anticipated to shape the market over the forecast period.
Healthcare Industry
The team of analysts at Future Business Insights are focussing on research and market study to produce different Global Bariatric Surgery Devices Industry forecasts and predictions at both national and international levels. They have considered several leads of information pertaining to the industry like market figures and merger estimations to assess and produce reliable and informative insights on the Global Bariatric Surgery Devices Industry.
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What are the Main Factors Affecting the Market Development for Bariatric Surgery Devices?
The market for bariatric surgical devices is thought to be primarily driven by the increased prevalence of obesity situations. The market for bariatric surgery equipment is anticipated to increase as the obsess population becomes more aware of the issue. Other factors influencing the growth of the market for bariatric surgery equipment include the availability of surgeons trained in bariatric surgical methods. Due to the increased demand for bariatric procedures, both experienced and newly trained medical surgeons are honing and qualifying their surgical techniques. As a result, there is an increase in demand for bariatric surgery equipment. preventing dangers associated with obesity
Access to surgeons trained in bariatric surgical procedures
Due to the increased demand for bariatric procedures, both experienced and newly trained medical surgeons are honing and qualifying their surgical techniques. As a result, there is an increase in demand for bariatric surgery equipment.
Preventing dangers associated with obesity
Obese patients are at an increased risk of developing diabetes, hypertension, gastric reflux diseases, and blood pressure difficulties. The need for bariatric surgery equipment has greatly increased because the operations are meant to avoid the development of these disorders.
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Less cutting techniques
Lower incisions are required for some bariatric procedures, such the small sleeve gastrectomy, which allows patients undergo the procedures without fear. Hospitals and weight-loss clinics use bariatric surgery equipment more as a result.
Key Players
Johnson & Johnson, Covidien Plc, Cousin Biotech, and Pare Surgical, Inc., among others are the some of the key companies in the Global Bariatric Surgery Devices Industry. Pharmaceutical and medical devices leaders such as Medtronic has launched flagship devices for sleeve gastrectomy, indicating the positive expansion of the global market. Government funding is also playing a major role in providing manufacturers with the capital required to produce enhanced devices for bariatric surgeries.
Segmentation
The global market for bariatric surgery devices can be segmented on the basis of the type of
bariatric surgery
device used
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Based on the different kinds of bariatric surgery procedures, the market is classified into,
Gastric Bypass Surgery
Sleeve Gastrectomy Surgery
Gastric Banding Surgery
Others
By device-type, the Global Bariatric Surgery Devices Industry is further segmented into,
Stapling Devices
Gastric Bands
Gastric Balloons
By Region
North America
Latin America
Western Europe
Eastern
Asia Pacific
Japan
Middle East and Africa
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