The global Topical Wound Agents market size is expected to be worth around US$ 2.5 billion by 2028, according to a new report by Vision Research Reports.
The global Topical Wound Agents market size was valued at US$ 1.05 billion in 2020 and is anticipated to grow at a CAGR of 9.8% during forecast period 2021 to 2028.
Rising prevalence of chronic and acute wounds and the introduction of advanced products are major factors anticipated to drive the market for topical wound agents. For instance, in April 2019, Bausch Health's launched a topical lotion, DUOBRII, and recently received FDA approval for its product. This lotion contains a combination of halobetasol propionate and tazarotene, which is suitable for long term use.
Furthermore, as per data reported by the Centers for Disease Control and Prevention (CDC), in 2020, six out of ten Americans suffered from at least one chronic disease such as cancer, cardiovascular diseases or diabetes. Such a high prevalence rate of chronic diseases in the U.S. is a major factor that results in high disability and fatalities among individuals in the country. Also, a high prevalence rate of diabetic foot ulcers is anticipated to drive the topical wound agents market. For instance, as per the report published by the American College of Physicians in 2017, diabetic foot ulcer is one of the most common conditions associated with diabetes with an annual incidence rate of around 6.3% globally.
Globally, the number of surgeries being performed has observed an increasing trend owing to the rising prevalence of various chronic diseases. Topical wound agents are increasingly being used to prevent surgical site infections. Most surgical bruises, post-cancer surgery, are relatively deeper and larger, releasing exudates that require regular management. The enzyme-based formulation products help to manage large bruises, thereby significantly reducing the risk of infection. Thus, the rising incidence of chronic diseases and surgical site infections are expected to boost demand for topical wound agents, thereby propelling the industry growth globally.
The topical gel segment is also anticipated to witness a considerable growth rate over the forecast period. Topical gels are popularly used in burn and surgical bruises. These gels contain hydrogel which allows rapid cooling of wounds and helps in relieving pain. Topical gels also provide adequate moisture to wounds and offer potential resistance against contamination.
Based on the application, the topical wound agents market is categorized into acute and chronic wounds. The acute wounds segment dominated the market for topical wound agents in 2018. Acute wounds in general, have a high prevalence rate globally, comparable to surgical and traumatic bruises, and burns. For instance, as per the National Fire Chiefs Council (NFCC), in 2017, around 15,000 patients suffered from scalds and burns, which were treated by NHS burn services in the U.K.
The chronic wound segment is anticipated to witness the fastest growth rate over the forecast period. Increasing cases of chronic diseases across the globe, especially diabetes, are among major factors driving the segment growth. For instance, as per a report published by the Fight Chronic Disease Organization in 2020, around 47.7% of people of the U.S. suffered from chronic conditions in 2015, which is expected to increase to 49.2% by 2030. Therefore, such increasing incidences of chronic diseases are expected to relatively drive segment growth of chronic injuries over the forecast period.
Based on end-use, the market for topical wound agents is segmented into hospitals, clinics, and others. The hospital segment held the largest market share in 2020 owing to the increasing demand for treatment of acute and chronic injuries. Also, increasing incidence of diabetic foot ulcers and venous leg ulcers is anticipated to drive the segment growth. Topical wound agents are majorly used for the rapid healing of leg ulcers.
The clinic segment is expected to witness significant growth over the forecast period. An increasing number of clinics and rising surgical procedures are major factors contributing to the segment’s growth over the forecast period. Moreover, increasing cases of surgical wounds are among the major driving factors for segment growth. Wound management after surgeries is an essential requirement that has resulted in a growing demand for topical wound agents among clinics and patients. Hence, such factors are expected to propel segment growth over the forecast period.
North America dominated the market for topical wound agents in 2020. The increasing cases of burns, the rising prevalence of chronic diseases, and the presence of several key players in the region are anticipated to drive the market in North America. Also, the availability of skilled professionals and developed healthcare infrastructure are expected to drive the market for topical wound agents over the forecast period.
Smith & Nephew PLC.
Teva Pharmaceuticals USA, Inc.
Mölnlycke Health Care AB
Diabetic Foot Ulcers
Venous Leg Ulcers
Surgical & Traumatic
The Topical Wound Agents market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Topical Wound Agents market for the base year 2020 and the forecast between 2021 and 2028. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Topical Wound Agents market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Topical Wound Agents market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Topical Wound Agents market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Topical Wound Agents capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Topical Wound Agents by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Topical Wound Agents market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2028. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Topical Wound Agents market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Topical Wound Agents market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Topical Wound Agents industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
The Topical Wound Agents market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Topical Wound Agents market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Topical Wound Agents market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Topical Wound Agents market. These factors have benefited the growth of the global market for Topical Wound Agents. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Topical Wound Agents. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Topical Wound Agents are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
To strategically profile the key players and comprehensively analyze their growth strategies.
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