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(Medical-NewsWire.com, July 06, 2017 ) The North America Advanced Wound care market has been estimated at USD 3.46 billion in 2015 and is projected to reach USD 4.25 billion by 2020, at a CAGR of 4.2% during the forecast period from 2015 to 2020. Advanced wound care devices provide respite to the people who endure Chronic wounds, which are often time consuming and expensive to treat. Technology has leapfrogged in this area. Advanced wound care products are gradually replacing their traditional counterparts as they enable faster healing of chronic wounds.
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Advanced Wound care market caters readily accessible and reasonably priced products to the patients suffering from chronic wounds. Treatment in advanced wound care includes interventions therapies and products such as collagen products, hydrocolloids, antimicrobial dressings, foam dressings, alginate dressings, gauze composites, film dressings, and hydrogels among others. As technology becomes much more advanced and user-friendly, the quality of life of patients afflicted with chronic wounds in North America rises.
The North American market is mainly driven by technological advances, Increasing Aging Population, Increasing Hospital costs, Growing Incidences of Chronic Wounds and diabetes, initiatives taken by the government, and a pressing need for swift and safer treatment of chronic wounds. The High cost associated with the treatment and reimbursement issues are the main factors which hinder the North American market.
The North America advanced wound care market has been segmented on the basis of type, application and end users. By type, the advanced wound care market is segmented into dressings, therapy devices, and active wound care. The dressing segment accounts for the largest portion of the North American market. However, active wound care is the fastest growing segment in this category. On the basis of application, the market is divided into skin ulcers, surgical wounds, and burn wounds. The surgical wounds segment leads the North American market. However, the skin ulcer segment is the fastest growing one in this category. On the basis of the end user, the market is further segmented into inpatient services and outpatient services. The inpatient facilities segment grabs the largest chunk of the North American market. However, outpatient service is the fastest growing segment in this category.
North America is the leading market for the Advanced Wound care products and is projected to lead the market during the forecast period. The market is geographically segmented into USA and Canada. USA accounts for the major part of the North American market with the largest consumer base. Factors, such as rising incidences of diabetes, technological advancements, and encouraging government policies drive the market in this region. However, high cost associated with the treatment is a vital factor that is hampering the growth of the market across North America.
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The market has more significance with trends showing that people desire more efficient solutions for their illnesses. This technology is especially inclined towards the elderly population in this region, for whom easily accessible healthcare is paramount. The major companies dominating this market for its products and services in this region are Acelity L.P., Inc. (U.S.), Smith and Nephew Plc. (U.K) (market share is 15-20%), Mölnlycke Health Care (Sweden), ConvaTec, Inc. (U.S.), Coloplast Corp. (Denmark), 3M Health care (U.S), Medtronic (U.S), Integra Lifesciences Corporation (U.S). The recent trends in mergers and acquisitions in this region show that smaller companies are working with bigger ones for advanced innovations in the global anaesthesia monitoring devices market, by utilizing their core competencies. The future of this technology in this part of the world looks pretty optimistic as it offers a huge potential for change in treating patients.
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