Surgical Wound Matrix Market
Industry: Healthcare
Format: PPT*, PDF, EXCEL
Delivery Timelines: Contact Sales
Report Type: Ongoing
Report ID: PMRREP32354
Rising prevalence of chronic and surgical wounds across the world has led to a surge in the demand for Surgical Wound Matrix market. Besides, the introduction of new surgical wound matrix products with better functionalities has also aided market growth. Accelerating knowingness for surgical wound care management, and leaping diabetics’ population has lined-up investments in healthcare industries and surgical wound matrix accessories. The market growth is mainly led by the increasing volume of surgeries; rising number of road accidents; surge in the number of burn cases; growing incidence of chronic wounds such as diabetic foot ulcers, pressure ulcers and venous ulcers. Also the increasing number of patients undergoing surgeries globally has led to surge in patient population suffering from surgical wounds. These is growing demand for Surgical Wound Matrix Market.
A high percentage of chronic wound patients are turning to hospitals for treatment as they are equipped with the latest machines and technology for diagnosing, treating, and healing wound conditions. All high-risk diabetic foot cases requiring intensive care services and major amputations take place in hospitals. Hence, the increase in diabetic foot cases is likely to augur well for the market. Wound dressing industry consists of treatment for either chronic or temporary cases, caused by bed sores, infections, accidents, diabetic foot ulcers etc. The key driver for this industry is an increase in the number of road accident and burn cases. As per the World Health Organization (WHO), estimated 1.25 million death records every year globally due to road traffic injuries (which is approximately 1 person is killed within every 25 seconds).
Cancer has been a global healthcare burden as it is one of the leading causes of death. According to estimates from the WHO, cancer is the leading cause of death globally and almost 1 in 6 deaths can be attributed to the disease. As a result of the rising prevalence of chronic conditions, the number of surgeries being performed has also increased. Wound care products, thus, are increasingly being used to prevent surgical site infections. Most surgical wounds, post-cancer surgery, are relatively large in size and deep, releasing exudates that require regular management. Thus, the rising incidence of chronic diseases is expected to boost the demand for wound care products, thus propelling market growth.
Globally, patients are seeking for urgent and efficient treatment of chronic wounds such as diabetic foot ulcers, pressure ulcers, and venous leg ulcers. Active wound care products, including biological equivalents, growth factors have an established and clinically proven efficiency in treatment of hard-to-heal chronic wounds. Currently, there are handful of players operating in this segment, and these players are focusing on introducing new bioactive products in the market. For instance, in April 2018, MTF Biologics announced the launch of AminoBand viable membrane at the Wound Healing Society (WHS) conference in the U.S. Thus, such introduction of advanced active therapies by domestic market players have been instrumental in boosting the adoption of skin grafts, collagen dressings and other active therapies, which, in turn will aid the global market during the forecast period.
Technological advancements are expected to have a huge impact on the wound care industry. Axio Biosolutions, in February 2019, launched MaxioCel the next generation wound dressing in the global market. MaxioCel is made up of chitosan and is used in the treatment of chronic wounds. Also, in January 2019, Applied Tissue Technologies LLC received the U.S. FDA’s approval for Platform Wound Dressing (PWD), a negative pressure wound therapy (NPWT) that eliminates the use of foam dressings. Hence, growing investments in R&D and the introduction of advanced wound healing products by market players are expected to witness a rise in the adoption of wound dressings, and active therapies for the management of acute and chronic wounds worldwide.
Despite, higher prevalence of acute and chronic wounds globally, certain factors are limiting the growth of surgical wound matrix market. Among them is the high cost associated with advanced wound products and limited reimbursement for these products in emerging countries. The cost of treatment is higher for wound care devices including negative pressure wound therapy, and the skin grafts and, the cost escalates as the wound progresses from acute to chronic.
A lack of adequate reimbursement policies especially in emerging countries has limited adoption of wound care products and devices. The lack of awareness regarding the effective therapies and devices in various regions will further limit the adoption of wound care products in the foreseeable future. The inclination towards conventional treatment options in developing countries will aggravate the adoption of innovative therapies, which in turn, will retard the growth of the market.
Key Players investing heavily in the research and development to manufacture technologically advanced products are
Companies operating in the global surgical wound matrix market focus on addressing the needs of the medical communities and patient population by developing novel products. Leading players engage in strategies such as acquisitions, mergers, and collaborations to strengthen their position in the global market.
Rising healthcare industry in major countries in Asia will give a decent opportunity for the key players to expand the market share. The new trend in the healthcare industry is the launch of new products and the expansion with a new product of the company's product range. With booming medical technology, there is more innovation in surgical wound dressings, with main payers launching new kits with advanced features.
The increase in chronic wounds due to diabetes and cancer and also increase in the elderly population have given rise to the surgical wound matrix market. Also, there has been significant technological advancement in wound care management which has also become the main attraction for the surgical wound matrix market.
An increase in the number of surgical procedures and acute wounds has also attracted manufacturers to invest in the surgical wound matrix market. The proliferation of chronic diseases such as diabetes, cancer, and other autoimmune diseases, sedentary lifestyle, alcohol, and smoking has brought the need for Surgical wound matrix.
According to center for disease control and prevention the overall prevalence of surgical site infections caused by surgical wounds in 2018 were 2.8%. This will give a boost to the use of wound dressing products. Technological advancements in field of wound dressing will give rise to adoption of Surgical wound matrix.
North America dominated the surgical wound matrix market and accounted for the largest revenue share of 45.4% in 2020. The region is expected to witness a considerable growth rate of 5.6% over the forecast period. Increasing road accidents, sports injuries, and the presence of several key players in the region are anticipated to drive the market for surgical wound matrix in the region. In addition, the presence of adequate skilled professionals and highly developed healthcare infrastructure is also expected to drive the market in the region over the forecast period.
In Asia Pacific, the market for surgical wound matrix is anticipated to witness the fastest growth over the forecast period. The presence of developing countries such as China, India, and Japan is anticipated to boost the growth of the market in the region. In addition, the rapidly growing medical tourism industry in these countries can also be attributed to the increase in demand for advanced wound dressings in this region. For instance, as per the report on Export Health Services by Directorate-General of Commercial Intelligence and Statistics of India, in 2016-2017, India had 58,300 medical tourists on medical visas.
COVID-19 is an infectious disease caused by the most recently discovered novel coronavirus. The World Health Organization (WHO) declared COVID-19 as a pandemic on March 11, 2020. This pandemic has disrupted growth in many economies across various domains. The COVID-19 outbreak will impact the surgical wound matrix market in the initial phase of the forecast period. Due to nationwide lockdowns, denied wound care services, cancelled or postponed elective surgeries, and increasing skin injuries in COVID-19 medical care providers, the surgical wound matrix market is expected to register a certain decline during the forecast period. However, during the latter half of the forecast period, the demand for surgical wound matrix products is expected to rise drastically.
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company.
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