Wound Healing Supplement Market Forecast and CAGR
According to the latest research by Fact.MR the Wound healing Market is set to witness steady growth during 2021-2031, globally. The advanced wound healing market is expected to reach (USD) 16.5 billion by 2027 from USD 10.3 billion in 2020, at a CAGR of 9%. Market growth is aimed to increase due to factors like the rapidly growing geriatric population, rising incidence of diabetes, technological advancements in wound healing supplements, funding for wound care research, growing awareness of wound management, and increasing awareness for use of the nutritive supplements.
What is Driving Demand for Wound Healing Market?
The frequency of chronic wounds has increased significantly over the years, basically due to the growing global geriatric population and the increasing patients of obesity and diabetes.
Diabetes and obesity can result in an increased overall incidence and complexity of wounds such as infections, ulcerations (leg & foot ulcers), and surgical wounds, which require treatments and incur exorbitant medical expenses, this is likely to influence the demand for wound healing.
As per Nanjing University Medical School Article, the number of people affected by diabetic foot ulcers in North America recorded was 13.0% and the Annual Growth Recorded was 2-5%. This is a major cause of the high demand for wound healing products.
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COVID-19 pandemic Likely to Augment Demand of Wound Healing Supplements Product.
The World Health Organization (WHO) declared COVID-19 as a pandemic on March 11, 2020.
The COVID-19 outbreak will impact negatively the advanced wound care market in the initial phase of the forecast period. As per the current situation, there are no beds for patients other than Corona Positive patients. People are consulting Doctors on Mobile Phones this is also the cause for the negative impact.
Due to lockdown in the nation, and the postponed surgeries due to lack of beds in hospitals, denied wound care services, It is expected growth in the second half of the forecast. At the current stage, the vaccination has started and will be completed by the end of 2021 according to the announcement by the central government. The Vaccination Will Lead to the decrease in Covid-19
U.S. and Canada Wound Healing Market Outlook
North America dominated the global wound healing market in 2020. Some of the reasons behind the growth of the market are the increasing geriatric population, growing demand for wound healing products in home care settings, and increased awareness among patients are major factors driving the growth of the wound care market currently.
As per American Pediatric Medical Association (APMA) 2020, diabetes is the major cause of non-traumatic lower extremity amputations in the United States, and approximately 14-24% of patients with foot ulcers require an amputation. A study conducted by the Wound Healing Society (WHS), United States, revealed that approximately 8.2 million people had wounds with or without infection during 2018 in the United States and the total cost of Medicare for acute and chronic wounds was around USD 21.1 - 96.8 billion.
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Europe Demand & Outlook for Wound Healing Market.
The Europe advanced wound healing market is mainly driven by technological advances, Rising importance for nutritional values, rising geriatric population and patients suffering from diabetes. According to the National Institute of Health, Many of the people in United Kingdom are suffering from diabetes. Furthermore, rising problems associated with ineffective traditional wound healing methods, initiatives taken by the government, and a pressing need for swift and safer treatment of chronic wounds are also likely to drive the wound healing market in the region.
Who are the Key Manufacturers and Suppliers of Wound Healing Products?
Some of the Key Players For the Wound Healing Supplement market are
- Abbot Nutrition
- The Derm co
- DermaRite Industries
- LLorens Pharmaceutical International Division Inc
- Global Health Products
- Karmer Novis
- Nestle Health science
- Micro Labs
- Mankind Pharma
- Aristo Pharma
- Cadila Pharma
An Adaptive Approach to Modern-day Research Needs
Wound healing Supplement Market Report Highlights:
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
By wound type
- Chronic Wound
- Diabetic Foot Ulcer
- Pressure Ulcer
- Arterial and Venous Ulcer
- Other Chronic Wounds
- Acute Wound
- Surgical Wounds
- Other Acute Wounds
- Chronic Wound
By Supplement Type
By Dosage form
By End Users
- Research & Development
- Specialized healthcare centres
- North America
- Latin America
- East Asia
- South Asia
- The Middle East and Africa
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company
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Is the market research conducted by Fact.MR?
Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.
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Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.
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