Europe Wound Management Market - Segmented by Product, Wound healing therapies and Geography - Growth, Trends and Forecasts (2018 - 2023)
Wound care is performed by nurses under the physician’s orders for many of the injuries caused to the patients. There are a wide range of wounds, such as surgical, pressure or decubitus ulcer, venous stasis ulcer, arterial ulcer, diabetic ulcer, and traumatic. The Europe wound management market is expected to register a CAGR of 3.6% during 2018-2023 (the forecast period).
Increasing Incidences of Chronic Wounds
A wound is one of the major health issues prevailing in Europe. The population prevalence of chronic wounds is 3-4/1000 people, which roughly translates to be between 1.5-2.0 million of the 491 million inhabitants of the EU. Annual incidence estimate for, both, acute and chronic wounds stands at 4 million in the region. It has been estimated that there is a prevalence of about 1-1.4 million diabetic foot ulcers (DFUs) and 0.5-1.3 million leg ulcers in Europe, along with 400,000-600,000 new DFUs and almost one million new venous leg ulcers (VLUs), per year. Wound care has become a major concern for patients suffering from diabetes, due to the slow healing process.
The growing demand for faster recovery of wounds, increase in the number of surgeries, and growing aging population are some other factors driving the market.
High Cost Procedures
An increase in the value and prices has always affected a market. In the WCM domain, the expenditure involved in some therapies can exceed USD 200,000. Most of the healthcare insurance providers do not cover wound care treatment costs and even if they do, the percentage covered is quite low. Due to the low-reimbursement rates, patients are unable to afford advanced wound care treatments. This factor decelerates the total revenue generated by the market. The cost for general treatments is affordable, however, the ones that involve special care have significant costs associated with them. Moreover, the development of affordable solutions is expected to drive the market growth.
The lack of proper reimbursements and reluctance in acceptance of new technologies are some other factors restraining the market growth.
Germany to Dominate the Market
The wound Management market has been segmented on the basis of product, wound healing therapy, and geography. By geography, the market has been segmented into France, Germany, United Kingdom, Italy, Spain, and Rest of Europe.
Owing to the factors, like increasing research activities in the field of wound care and rising governmental investment for wound care research, Germany dominates the Europe wound management market.
Major Players: J&J, BIOTRONIK, BOSTON SCIENTIFIC, ST JUDE MEDICAL, MEDTRONIC/COVIDIEN, ZOLL MEDICAL CORPORATION, CARDIA SCIENCE, LIVANOVA, SCHILLER AG, NIHON KOHDEN CORPORATION, MOLNLYCKE HEALTH CARE amongst others.
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