Healing Wounds is not painful anymore!

22 Jul
2014

6585 Views

There was a time when chronic wounds led to death of the people. Science was not advanced to cure wounds that were fatal in nature. However, with advancement in science, new and effective treatment for chronic diseases is readily available today. Such advance wound care & closure market is rapidly growing due to the ineffective wound treatment.

Allied Market Research has made a thorough study in this market to come up with some concrete facts and figures, which would provide a support to the market participants in chalking out strategies. The report expects the market to reach $20.5 billion by 2020 with a respectable CAGR of 8.0% from 2014 to 2020.

Are you wandering what makes the market grow at the speed of light? Here are the major drivers:-

Ineffective traditional wound care & closure products
Rising cases of chronic diseases
Rising demand to reduce surgical cost
Growing demand for products that improve therapeutic results

As every coin has two sides, this market also has some loopholes, which restrict its growth. Two major challenges faced by the market are:-

High cost
Weak reimbursement policy

Three segments of the global advanced wound care and closure market are Type, Applications, End Users and Geography.

Types:

Advanced wound closure market
Advanced wound care market

Applications:-

Burns
Ulcers
Surgical Wounds

End Users:-

Hospitals & community healthcare services
Home healthcare

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The geographical market consists of North America, Europe, Asia-Pacific and LAMEA. North America leads the market, followed by Europe. However, rising medical tourism in Asia Pacific region would prove to be beneficial for the market growth.

Akhilesh Prabhugaonkar

Author's Bio- Akhilesh Prabhugaonkar holds a bachelor’s degree in Electronics Engineering from the reputed Vishwakarma Institute of Technology. He has a special interest in the fields of forensics, world history, international relations and foreign policy, sports, agriculture, astronomy, security, and oceanography. An ardent bibliophile and melophile, Akhilesh loves to write on topics of his interest and various other societal issues. This love for writing made him enter the professional world of content writing and pursue his career in this direction.

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