11 Jan 2021
Posted in Medical Devices
Asia-Pacific advanced wound management market to witness 7% growth through 2025, forecasts GlobalData
The advanced wound management market in the Asia-Pacific (APAC) region is expected to grow at a compound annual growth rate (CAGR) of 7% between 2020 and 2025, says GlobalData, a leading data and analytics company.
GlobalData’s latest report, Wound Dressings (Wound Care Management) – Global Market Analysis and Forecast Model (COVID-19 Market Impact), reveals that the APAC advanced wound management market, which was valued at US$486.2m in 2020, is expected to reach US$687.6m in 2025.
Minith Kumar, Medical Devices Analyst at GlobalData, comments: “The market is driven by the aging population, coupled with increasing patient awareness levels and rising disposable incomes. The presence of large population base suffering from diabetes is also expected to have a significant impact on market growth in APAC.”
In 2019, Japan accounted for about 42% of the APAC advanced wound management market, followed by India and South Korea, which together contributed about 35%. Molnlycke Health Care AB is the leading player in the region, followed by 3M Co. and Smith & Nephew Plc.
Mr Kumar continues: “Rising awareness about the benefits of advanced wound management products with regards to the faster recovery of wounds is driving the demand in the market.”
The adoption of advanced wound management varies from country to country in the region. The growth is significant in countries such as China and India due to an increase in chronic wounds, trauma cases and surgical procedures. In these countries, the market is expected to grow due to large population and increasing patient awareness levels and rising disposable incomes. Moreover, the large population base suffering from diabetes is also expected to contribute to the market growth.
Mr Kumar concludes: “The market is expected to grow as preference for advanced wound management products increase over traditional wound management. Although advanced wound management products are more expensive, they aid in speedy recovery thereby reducing the overall cost of the treatment.”