China Wound Care Management Devices Market - Segmented by Type of Product and End-User - Growth, Trends and Forecasts (2018 - 2023)
The China wound care management devices market is expected to register a CAGR of 6.8% during the forecast period, 2018 to 2023. With more than 59% of market share, surgical wound care product segment is expected to dominate in the wound care management devices market during the forecast period. This is due to increasing incidences of trauma injuries and rise in number of surgeries, along with favorable reimbursement policies in this region.
Increasing Incidences of Chronic Wounds
According to NCBI, more than 9.3% of US population, which is estimated around 29.1 million people, is affected by diabetes. In adults, who are aged over 65 years, the percent of population suffering from diabetes is more than 25%. The incidence of chronic wounds, especially foot ulcers, increases among the diabetic population. While more than 80,000 adults are expected to undergo a lower extremity amputation, it is also estimated that diabetic patients are 10 times more likely to undergo amputation at some point in their life. The number of diabetes patients are expected to increase with increasing geriatric population, which, in turn, will drive the market for wound care management during the forecast period. In addition, increase in surgical procedures worldwide, along with increasing aging population and demand for faster recovery of wounds, is also fuelling the growth of advance wound care management market.
High Cost Procedures
Wound care management is associated with high costs, due to which it has a low adoption rate. According to a breakdown of wound costs provided by Smith & Nephew, 15-20% are material costs, 30-35% are nurse costs and more than 50% are hospitalization costs. Since, the hospitalization in necessary until the wound is dried, the high hospitalization costs is hindering the advance wound care management market, globally. Additionally, lack of reimbursement policies all over the world is also responsible for hindering the growth of the market.
Surgical Wound Care Products Segment to Dominate the Market
The China wound care management devices market is segmented by product type and end user. Surgical wound care products segment, with a market share of 59%, dominates the wound care management devices market, due to increasing incidences of trauma injuries and rise in number of surgeries, favorable reimbursement policies, and rise in geriatric population. Advanced wood dressing segment share is next to the surgical wound care product segment, due to increasing awareness of wound care management among geriatric population. Factors, such as increasing accessibility to healthcare facilities in the region, rising medical tourism, and increasing prevalence of trauma cases are also expected to contribute to the growth of the market in this region.
Major Players: J&J, SMITH &NEPHEW, 3M COMPANY, CONVATEC, MEDTRONIC, BAXTER INTERNATIONAL, BEIERSDORF, TELEFLEX INC AND MOLNLYCKE HEALTH CARE AB amongst others.
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