UK is the current global leader in the industry with upgraded technologies
Wound management most of the times has been a minority industry as it is only considered during accidents and emergencies. However, with the medical technologies growing to different levels things for the segment seems to change in the recent years. Growing health awareness resulted in increase in the revenues of the industry and it was valued at $7.4 billion by the close of 2012, further the sector is projected to grow on similar lines at least till the year 2024. The segment is predicted to be worth $8.7 billion by the end of the current (2014) year.
The global wound management market is predicted to grow as it is experiencing a hiked impact from emerging countries and the medical advancements happening in these countries. Modern wound management products such as the passive dressing and interactive products enable proper environment for the fullest healing. This wound care industry has turned into highly competitive as methods of healing are constantly changing for better and producers of these products are increasing in numbers with every passing day. Rising number of diabetics around the globe is a great source of potential business for the wound management industry. Aliments such as diabetic foot ulcers, venous stasis ulcers and pressure ulcers and increasing awareness of infections related to these diseases are reasons for enhancement for sales in these wound healing product ranges.
The healing figures:
The global wound management industry is growing at a CAGR of 4.6% for the period from 2011 to 2018. The European wound management segment is estimated to grow at a CAGR of 5.1% to a value of 1.9 billion by the end of 2018. The same industry was valued at $1.4 billion in 2011. The overall industry is forecasted to be valued at $4.4 billion by the close of 2018.
The US and UK markets have been fighting a swinging competition for the global leader position for the segment. USA (United States of America) was the industry leader in the year 2013 and this year the position is till date held by UK (United Kingdom). 27% of the US population is conformed as diabetics and this count is believed to go up further. This count of diabetes sufferers is much more on the global front thus, the wound management industry is ought to grow with growing product sales.
Market Research info according to regions:
According to a market research, about 15% of diabetics go through the troubles of foot ulcers. Pressure ulcers are also similar infections which are affecting a big number of sugar patients from around the world.
Europe, especially UK is leading in the segment as its demand is the largest as compared to its strong competitive country US. Other emerging countries from the Asia Pacific region are proving to be future markets with tremendous growth rates. India and China are set to be the leading countries from this region as the industry of healthcare and accessibility to well being is improving year on year.