The Europe wound care product market is anticipated to expand at an overall compound annual growth rate (CAGR) of 6% and will be worth US$6.23 billion by 2023.
With an increase in the number of chronic diseases, wound care products are becoming more popular because of easier access to new healing technologies. One such example is the demand for combination dressings.
Across the different geographical regions, Europe held the second largest market share of the global wound care product market in 2017, generating 27.1% of the total revenue. One of the reasons is that the European Wound Management Association has taken up various initiatives for advanced therapies in wound care and management in order to make the European Union strong in the said market, increasing the region's capabilities and possibilities in next generation wound management.
By countries, the Europe wound care product market is divided into EU5 and the Rest of EU5. The EU5 is expected to hold more than half of the market. This is mainly backed by countries - United Kingdom, Germany, and France that are making significant investments in wound care. It is also reported that wound care market in the EU5 countries have increased quite significantly from 2015 to 2018. To overcome the difficulties, countries need more robust and effective wound care solutions.
By product type, the European wound care product market is classified into surgical wound care products, advanced wound care products, and traditional wound care product. Countries in the EU5 like the U.K. and Germany dominate the surgical wound care product market in Europe.
By application segment, European wound care products are used for chronic and acute wound care. Chronic wound care is the largest and also the highest growing segment due to new cost-effective innovations in advanced wound care products.
Hospitals and specialty wound care clinics, long-term care facilities, and home healthcare are the end-user segmentations in the European wound care product market. Home healthcare is the fastest growing segment due to its cost-effective nature. The long-term care facilities will also have a steady growth in the market, more than the hospitals and specialty wound care clinics.
Key Growth Factors
- The prime factor that is driving the European wound care product market is the increased thrust to provide healthcare in post-acute settings.
- Innovative products are introduced to promote faster healing and avoid scarring. Sterile, anti-bacterial products are becoming popular for the wound care treatments.
Threats and Key Players
- The complex regulatory approval processes also dampen the growth of the market.
- The key players operating in this market are Smith and Nephew Plc., Mlnlycke Health Care, Coloplast Corporation, and Medtronic Public Limited Company.
Key Topics Covered
Chapter 1: Executive Summary
Chapter 2: Europe Wound Care Product Market
Chapter 3: Europe Wound Care Product Market - by Product Type
Chapter 4: Europe Wound Care Product Market - by Application
Chapter 5: Europe Wound Care Product Market - by End-User
Chapter 6: Europe Wound Care Product Market - by Country
Chapter 7: Company Profiles
- Smith and Nephew Plc
- Mlnlycke Health Care
- Coloplast Corporation
- Medtronic Public Limited Company
Chapter 8: Conclusions
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