With the presence of a number of large-, medium-, and small-scale vendors, the global bioactive wound management market
demonstrates a competitive and fragmented business landscape, finds a
new research study by Transparency Market Research (TMR). The leading
players in this market are taking up creative strategies and are
introducing novel products constantly in order to ensure product
differentiation to gain an edge over their competitors.
Going forward, the shifting focus of
these vendors towards expansion in various economies, together with the
strong presence of local players in several countries, is projected to
intensify the competition within this market in the years to come,
reports the study.
According to the research report, the
opportunity offered in this market will reach US$1.1 bn by 2017 end.
Progressing at a CAGR of 11.90% during the period from 2017 to 2022, the
market is expected to rise to US$2.05 bn by the end of the period of
the forecast.
Increasing Geriatric Population to Fuel Demand for Bioactive Wound Management Solutions
“On account of the significant rise in
the global geriatric population and the subsequent prevalence of
diabetes, leading to an increase in a number of wound-caused diseases,
is the key factor that is propelling the worldwide market for bioactive
wound management,” says a TMR analyst. The increasing prevalence of
various chronic diseases, such as diabetes, cardiovascular and
peripheral vascular disorder, and several other debilitating diseases,
has resulted in an alarming surge in cases of chronic wounds, propelling
the adoption of advanced wound care products and, consequently,
stimulating this market. Apart from this, the augmenting awareness
regarding healthcare among people across the world, upswing in the
preference for tissue replacement therapy, and the rising demand for
bioactive material are also driving the growth of this market,
noticeably.
On the other hand, the high cost incurred in the deployment of bioactive wound management solutions are projected to limit their adoption in the near future, hampering the market. However, the increasing demand of technologically advanced and highly effective wound care products among medical professionals is expected to create the need for efficient management, reflecting greatly on this market over the next few years.
Advanced Healthcare Infrastructure to Help North America Maintain Dominance
The research report also presents a
comprehensive study of the global market for bioactive wound management
market. As per the study, North America, Asia Pacific excluding Japan
(APEJ), Europe, the Middle East and Africa (MEA), Latin America, and
Japan are the the main regional markets for bioactive wound management
solutions and services across the world. Among these, North America is
the current market leader. Rising at a CAGR of 12.80%, the North America
market for bioactive wound management is likely to maintain its
dominance on the global market over the period of the forecast. The
presence of a highly advanced and sophisticated healthcare
infrastructure is expected to propel this regional market in the near
future, states the research report.
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