Global Advanced Wound Care Management Market Growth Analysis

The recent market report from Transparency Market Research estimates that the advanced wound care management market will expand at a CAGR of 6.3% from 2016 to 2024 and rise from a valuation of  US$6,457.0 mn in 2015 to US$11,161.6 mn by 2024.

Some of the key factors driving the increased demand for effective measures for wound care management are – rising prevalence of chronic wounds, technological advancements, increasing patient awareness and healthcare expenditure, rapidly rising global geriatric population  and the growing understanding of the need for treatment of complex wounds.

However, high cost of advanced wound care products combined with the non-availability of favorable reimbursement norms are expected to create a negative impact on the development of the market in the near future.

End-users include hospital inpatient settings, outpatient settings, community medical centers, home healthcare, private nursing homes, and pharmacies. Based on product type, advanced wound care dressings was the largest segment of the market and this segment is expected to expand at a CAGR of 6.1% from 2016 to 2024.

Geographically, North America followed by Europe is expected to dominate the global market’s revenue throughout the forecast period as well. The growth in North America will be driven by opportunities such as introduction of wound care diagnostics to identify microorganisms and pathogens and the rapidly developing advanced wound care products segment.

Clinical Documentation Key to Better Wound Management

Accurate documentation plays a key role in wound management. Proper documentation provides guidance for appropriate management decisions, evaluation of the healing process, and even supports reimbursement claims. It is essential for wound clinics as well as hospitals to evaluate the numerous technology choices available to enhance wound management. Now healthcare facilities are rapidly moving to adopt EMRs as these improve quality of patient care, increase patient safety, simplify compliance in the U.S. healthcare system, and minimize documentation errors. With  advanced features, wound EMRs lead to improvement in the process of nursing documentation. Wound image capture capability offered by the system helps with accurate documentation of wounds.