United States Wound Care Management Market - Growth, Trends and Forecasts (2020 - 2025)
The United States Wound Care Management Market is expected to register a CAGR of 4.9% during the forecast period. The major factors driving the growth of the market in the United States are due to the presence of established healthcare infrastructure, rapid technological advancements, rising ageing population and increasing incidences of chronic wounds, ulcers and diabetic ulcers.
Diabetes, obesity, and late effects of radiation therapy are some of the other factors contributing to the rising incidence of chronic wounds. A study conducted by the Wound Healing Society (WHS), United States, revealed that approximately 8.2 million people had wounds with or without infection during 2018 in the United States and the total cost of Medicare for acute and chronic wounds was around USD 21.1 - 96.8 billion.
Furthermore, companies, such as Cardinal Health, Coloplast A/S, Integra Lifesciences, etc. have a large portfolio of wound care management and these companies hold a healthy share in the United States. Hence, owing to the above-mentioned factors, the market studied is expected to be dominated by the United States.
Key Market Trends
Sutures Segment is Expected to Hold a Major Market Share in the United States Wound Care Management Market
Sutures can be absorbable or nonabsorbable. Absorbable sutures are broken down by the body and eventually dissolve completely, whereas non-absorbable suture should be manually removed. Absorbable sutures are made from synthetic polymer materials, such as polylactic acid (Vicryl), polyglycolic acid (Dexon), polyglyconate (Maxon), and polydioxanone (PDS).
According to the World Ageing 2019 report, estimated that in 2019 there were about 53.340 million (16.2%) population aged 65 years or over in the United States. This number is projected to reach 70.842 million (20.3%) in 2030. As the number of the elderly population is expected to increase in the near future and this population are more prone to chronic conditions such as diabetes which increases diabetic foot ulcers cases and increases the use of wound care products which will show a positive impact on the market.
Major players have adopted strategies, such as innovation, collaboration, etc. to gain a competitive advantage in the market. For example, in January 2018, Teleflex Incorporated launched a new suture technology called Force Fiber Fusion. This suture is made from ultra-high molecular weight polyethylene (UHMWPE), which is strong, durable, and lubricious.
Thus, with the advancement in technology and increasing number of surgeries, the market is expected to increase at a significant rate in the forecast period.
The United States Wound Management Market is competitive and consists of several major players. The companies are also showing continuous growth and are developing new and differentiated products and services, which address the evolving healthcare needs among patients, providers, and consumers. Some of the companies which are currently dominating the market are 3M Company, Braun Melsungen AG, Cardinal Health, Inc., Coloplast A/S, Johnson and Johnson, ConvaTec Group PLC, Integra Lifesciences, Medtronic PLC, and Smith & Nephew.
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