Wound Care Market Growth Analysis – Global Forecast from 2016 to 2021

Wound care products can speed up the process of healing in chronic wounds and provide great relief. Now, the wound care market has experienced a paradigm shift from traditional wound management to active wound care. According to the recent report from Markets and Markets, the global wound care market is expected to reach USD 20.4 Billion by 2021 from USD 17.0 Billion in 2016, growing at a CAGR of 3.6% from 2016 to 2021.

The factors driving the market growth include rising aging population, government support in the form of funding for development of wound care products, increasing incidence of chronic diseases such as diabetes and growing obese population. However, high costs of advanced wound care products may restrain the market growth; especially in the cost-sensitive market.

The report divides the market on the basis of type of wound, products, and end users. Chronic and acute wounds are the two types of wounds. End users of the market are hospitals and specialty wound clinics (inpatient and outpatient settings), long-term care facilities and home healthcare. Based on the type of products, the market is segmented into traditional, surgical wound care, and advanced wound management products. While advanced wound care dressings include foam dressings, hydrocolloid dressings and film dressings, traditional/basic wound care requires medical tapes, dressings and cleansing agents.

Based on geography, North America is expected to account for the largest share of the market by the end of 2016. Factors that attribute to this largest share include increase in acute and chronic conditions such as diabetic foot ulcers, venous ulcers, and pressure ulcers and government support for wound care research in the form of funds.

Key players in the wound care market are 3M Company (U.S.), Baxter International, Inc. (U.S.), Coloplast A/S (Denmark.), Convatec Healthcare B.S.A.R.L (U.S.), Covidien PLC (Ireland), Derma Sciences, Inc. (U.S.), Ethicon, Inc. (U.S.), Hollister, Inc. (U.S.), Kinetic Concept, Inc. (U.S.), Mölnlycke Health Care (Sweden), and Smith & Nephew (U.K.).

Wound Care Documentation – How EMR Helps

As error-free documentation of wound care is extremely important for later referrals, and to monitor whether the wound is healing, a perfect electronic tool is crucial. Clear records can result in quality wound care.  Wound clinics and hospitals can choose wound EMR to benefit from structured documentation from nurses as well as physicians. The data can be accessed online in real-time by the facility’s clinicians as well as the administration staff. With wound assessment templates in wound specific EMRs, physicians can also enter their observations accurately and quickly, resulting in effective treatment and care on time.

As per the Future Market Insights report, the global electronic medical record market is expected to register a CAGR of 5.6% during the forecast period of 2015-2025. The primary driving factors for the electronic medical record market are significant increase in the number of chronic infectious diseases and increasing need of patient health information exchange in hospitals, clinics and laboratories to facilitate faster decision making.