Wound Care Devices Market to exhibit growth at a CAGR of 5.1%, owing to the innovation in new therapies says Fortune Business Insights in a published report titled “Wound Care Devices Market Size, Share and Global Trend By Product Type (Negative Pressure Wound Therapy (NPWT), Hyperbaric Oxygen Therapy (HBOT), Extracorporeal Shock Wave Therapy (ESWT)), Indication (Diabetic Foot Ulcers, Pressure Ulcers, Surgical Wounds), End Users (Hospitals, Clinics, Home Care Settings) and Geography Forecast till 2025”.
As per the report wound care device market is projected to reach a value of US$ 2,949.2 Mn from US$ 1,994.8 Mn during the forecast period.
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AI Technology In Smartphones To Diagnose Wounds
Artificial intelligence is playing a major role in wound care devices, assisting medical practitioners to treat wounds efficiently. New technology in smartphones is leading to a greater future for the wound care devices market. For instance, Kronikare an AI-driven company introduced a system for assessment and management of chronic wounds, which runs on smartphones using thermal imaging and machine learning.
The process includes Patients creating a five-second video of the wound, which is then analyzed by the app in 30 seconds. The new automation is predicted to fuel demand in patients, wound care nurses and others thereby acting as a driver for wound care device market.
Cost Reduction in Wound Care Management with the Use Of Portable Wound Care Devices
Increasing acceptance of negative pressure wound therapy by patients along with the innovation of new therapies including extracorporeal shock wave therapy for wound care is driving the wound care devices market. propitious aspects of wound care devices in exudate management such as lower cost of wound management compared to the conventional method, quick healing and relief from the wound are some of the factors projected to fuel demand for the new wound care devices.
Key players in the market are creating new means for portable wound care devices potentially with an aim to reduce the inclusive cost of wound care management. In addition, the rising focus of market players to launch innovative devices, along with numerous financial opportunities which include rental schemes for wound care devices, is expected to increase demand and boost the market of wound care devices during the forecast period.
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Some of the Main Key Players Covered in the Report
- Smith and Nephew
- KCI Licensing, Inc.
- Talley Group Ltd
- Cardinal Health
- ConvaTec, Inc.
- DeRoyal Industries, Inc.
- Devon Medical Products
- BSN medical
- Medela AG
The U.S to Dominate the Global Market
The lower cost of treatment along with clinical advantages of wound care devices compared to wound care dressing and therapies are factors propelling the growth of wound care devices market in the U.S. The prevalence of unmet needs among patients in the U.S along with ample reimbursement policies for wound acre devices are some of the prime factors attributing to the growth of wound care devices in North America.
Launch of new devices, an increasing number of regulatory approvals along with steady modification towards rental schemes for devices are factors anticipated to drive the wound care device market in North America during the forecast period. The market was valued at US$ 796.4 Mn in 2017 and is predicted to remain consistent and dominate the market through 2018-2025.
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