(EMAILWIRE.COM, October 28, 2018 ) The wound care market is expected to reach USD 22.01 Billion by 2022 from USD 18.35 Billion in 2017, at a CAGR of 3.7%. Factors driving the growth of this market include increasing prevalence diabetes globally, surging prevalence of chronic wounds among the aging population, increasing demand for advanced wound care products, rising R&D in the advance wound care research, and increasing awareness programs about the management of wounds.

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The wound care market is consolidated in nature due to the presence of a large number of players. The key players in the market are Acelity L.P. Inc. (US), Smith & Nephew plc (UK), Mölnlycke Health Care AB (Sweden), ConvaTec Group Plc (UK), Baxter International Inc. (US), Coloplast A/S (Denmark), BSN medical GmbH (Germany), Organogenesis Inc. (US), DeRoyal Industries, Inc.(US), IonMed (Israel), Ethicon, Inc. (US), Medtronic plc (Ireland), 3M Company (US), Hill-Rom Holdings, Inc. (US), Paul Hartmann AG (Germany), NovaBay Pharmaceuticals, Inc. (US), Derma Sciences, Inc. (US), Vivostat A/S (Denmark), Wound Care Technologies, Inc. (US), Leap Therapeutics Inc. (US), Hematris Wound Care GmbH (Germany), Alliqua BioMedical, Inc. (US), LayerBio Inc. (US) Triage Meditech Pvt. Ltd (India), and Fidia Pharma USA Inc. (US).

The key strategy followed by most companies in the wound care market are product launches and acquisitions. These strategies accounted for the largest share of the overall growth strategies mapped from 2015 to 2017.

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Acelity L.P. Inc. (US) dominated the negative pressure wound therapy devices (NPWT) devices market in 2016. It is an innovation-centric company that develops new products by identifying the unmet needs of patients and caregivers. Its subsidiary, Kinetic Concepts, Inc. (KCI), a robust portfolio of NPWT devices, which includes V.A.C.Ulta, VeraFlo, InfoV.A.C, ActiV.A.C., and V.A.C.Via. The company is a pioneer in NPWT devices and has a market presence of more than 15 years, which provides it a competitive edge over other players.

The company also invests heavily in R&D. For instance, in 2015, Acelity L.P., Inc. invested USD 59.9 million in R&D. More than 870 clinical studies published in renowned medical journals, such as the Lancet, International Wound Journal, Journal of Wound Care, and Annals of Plastic Surgery, have demonstrated the efficiency and cost-effectiveness of Acelity’s NPWT devices in treating wounds. This is one of the major factors responsible for the high adoption rate of the company’s products.

The company believes that clinicians also play an integral role in increasing the adoption rate of its products. Therefore, it puts a lot of stress on educating and training clinicians about its products and applications; this helps the company maintain its market share.

Smith & Nephew plc (UK) dominated the advanced wound dressings and active wound care market in 2016. The company possesses an exhaustive product portfolio in advanced wound care products, which include silver, hydrogel, and foam dressings. The innovation-centric company invests heavily in R&D, allowing it to launch new and advanced products in the market. For instance, in December 2013, Smith and Nephew introduced DURAFIBER Ag Antimicrobial Dressings in Europe.

The strong position of the company in active wound care market can be attributed to its acquisition of Healthpoint Biotherapeutics (US) in November 2012. This acquisition enabled the company to enhance its active wound care product portfolio and its R&D capabilities.

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