ADVANCED WOUND CARE MANAGEMENT MARKET ANALYSIS

Regional Analysis

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North America is the  dominant region in the global advanced wound care management market and is anticipated to hold 41.3% of the market share in 2024. The presence of major industry players and their strong distribution networks across the region have made North America the innovation hub for new and improved wound care solutions. Players located in North America invest significantly in R&D activities, driving the development and introduction of novel and technologically advanced products in this market. Moreover, increasing launches of negative pressure wound therapy (NPWT) devices by key market players is expected drive the market growth during the forecast period. For instance, in March 2020, Smith & Nephew, a multinational medical equipment manufacturing company, launched a new PICO 14 single-use negative pressure wound therapy system (sNPWT) in the U.S. This system is designed for use in hospital especially for the patient with surgical wounds.

Asia Pacific has emerged as the fastest growing regional market for advanced wound care management due  to expanding medical capabilities and a rapidly developing private healthcare sector across developing nations. Countries like India, China, Singapore and South Korea are witnessing massive investments in building healthcare capacities to meet the needs of their growing populations. Rising medical tourism and foreign collaborations have raised clinical standards in these markets. Asia Pacific houses nearly two-thirds of the global diabetic population, presenting a huge patient base for wound care products. Joint ventures between local manufacturers and international players are enabling technology transfers and skills development. This is helping domestic firms increase their competitiveness. With rising disposable incomes, favorable policy support and growing medical requirements, the Asia Pacific region is expected to witness continued strong growth in the advanced wound care management industry in the near future.