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Smart Wound Care Products Market was Valued at US$ 1,964.8 Mn in 2018



Global Smart Wound Care Products Market was Valued at US$ 1,964.8 Mn in 2018, Surge in R&D for the Introduction of Newer Products into Market
Analyst Speak:
“The Global Smart Wound Care Products Market was valued around US$ 1,964.8 Mn in 2018 and expected to grow at prominent growth rate over the forecast years 2019-2025 owing to burgeoning the incidence of chronic wounds and development of newer smart wound care products”
The global smart wound care products market was valued at US$ 1,964.8 Mn in 2018 and growing at significant CAGR over the next seven years of forecast years owing to surge in prevalence of chronic wounds such as diabetic foot ulcers and pressure ulcers coupled with rise in global geriatric population. For instance, as per a research study, about 6.3% diabetic patents are affected with diabetic foot ulcers every year. Additionally, rise in awareness about the smart wound care products in developed and developing countries, rise in number of surgical procedures, and escalation in R&D for the development and launch of newer products by the market players are expected to boost the global smart wound care products market over the forecast years. However, stringent regulatory framework for the product approval, lack of awareness about the smart wound care products, and lack of skilled professionals in underdeveloped countries are hinder the growth of global smart wound care products market over the forecast timeframe
Global smart wound care products market segmented on the basis of product type, material type, application, end user, and region

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Wound Therapy Devices Dominate the Global Smart Wound Care Products Market
Based on the product type, global smart wound care products market segmented into wound dressings, bandages, and others. Wound dressings dominated the global smart wound care products market in 2018 and the segment is expected to hold largest share over the forecast years owing to development and launch of newer products into the market. For instance, in February 2019, University of Nottingham scientists received a major grant to develop a smart wound dressing embedded with optical fiber sensors to assess whether affected tissue is healing well or is infected. Moreover, bandages segment expected to grow at highest CAGR owing to rise in adoption of smart products among the healthcare professionals and development of newer products by the market players.
North America Dominated the Global Smart Wound Care Products market
PBI’s global smart wound care products market report analyses the market in different regions such as North America, Europe, Latin America, and Middle East and Africa. According to regional analysis, North America dominated the market in 2018 and same trend is expected over the forecast years owing to surge in the incidence of chronic wounds coupled with increase in adoption of smart products in USA and Canada. For instance, approximately 20% of diabetic patients are affected with foot ulcers in the USA. Europe smart wound care products market expected to exhibit lucrative opportunities owing to rise in aging population coupled with favorable reimbursement policies, adoption of smart wound care products, and increase in the number of surgical procedures in the region.
Launch of newer products, frequent product approvals, and strategic alliances are the key strategies adopted by market players
Global smart wound care products market further reveals that the key players increasingly adopting strategies such as launch of newer products, frequent product approvals, and long term alliance to improve market revenue share and gaining significant geographic presence across the region. For instance. In January 2016, Ireland’s Tyndall National Institute and Fleming Medical and the Holst Centre/TNO in Netherlands partnered to develop DermaTrax, a smart dressing bandage features specially built sensors that continually monitor a patient’s vital signs, including pH level, the skin’s moisture content, body temperature and heart rate, through an electrocardiogram.
Key player’s profiles in the report are OSNovativeSystems, Inc., Derma Sciences, Inc., Axio Biosolutions, and others
Precision Business Insights (PBI) in its report titled “Global Smart Wound Care Products Market: Market Estimation, Dynamics, Regional Share, Competitor Analysis 2014-2018 and Forecast 2019-2025” assesses the market performance over seven years forecast period over 2019-2025. The report analyses the market value forecast and provides the strategic insights into the market driving factors, challenges that are hindering the market revenue growth over forecast period.
Detailed Segmentation
By Product Type
o Wound Dressings
o Bandages
o Others
By Material Type
o Smart Polymers
o Textile-Based
By Application
o Pressure Ulcers
o Diabetic Foot Ulcers
o Burn Wounds
o Venous Leg Ulcers
o Others
By End User
o Hospitals
o Clinics
o Homecare Settings
o Others
Geography
o North America
• USA
• Canada
o Europe
• Germany
• France
• UK
• Italy
• Spain
• Russia
• Poland
• Rest of Europe
o Asia-Pacific
• Japan
• China
• India
• Australia & New Zealand
• ASEAN (Includes Indonesia, Thailand, Vietnam, Philippines, Malaysia, and Others)
• South Korea
• Rest of Asia-Pacific
o Latin America
• Brazil
• Mexico
• Argentina
• Rest of Global
o Middle East and Africa (MEA)
• Gulf Cooperation Council (GCC) Countries
• Israel
• South Africa
• Rest of MEA


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News Release: Smart Wound Care Products Market was Valued at US$ 1,964.8 Mn in 2018
Submitted on: November 08, 2019 01:47:20 PM
Submitted by: venkatakiran
On behalf of: www.precisionbusinessinsights.com/market-report/global-smart-wound-care-products-market/
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