In a recent published report, Kenneth Research has updated the Market report for North America Wound Care Product Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for North America Wound Care Product Market Products.
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According to the statistics by the World Bank, the current health expenditure (% of GDP) around the world increased from 9.08% in 2001 to 9.84% in 2018. Additionally, the current health expenditure per capita (current US$) increased from USD 492.99 in 2001 to USD 1110.84 in 2018. Moreover, growing concern for deaths caused due to various diseases and the need for treatment that can lower the crude death rate, which in the year 2019 recorded close to 7% (per 1000 people), are also anticipated to drive the market growth during the forecast period.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
With an increase in the number of chronic diseases, wound care products are becoming more popular due to easier access to new healing technologies. One such example is the demand for combination dressings. The North America wound care product market is anticipated to expand at an overall compound annual growth rate (CAGR) of 5.4 % and will be worth of USD 9.74 Bn by 2023.
The wound care product market in North America is anticipated to be driven majorly by the U.S., throughout the forecast period. This is because in the U.S., the reimbursement schemes are good and better utilized since a simple dressing can heal a wound. This is referred by practitioners, making it less labor intensive and cheap.
By countries, the North America wound care product market is divided into U.S. and Canada. The U.S. is expected to hold more than half of the market. It was also reported that in the U.S., The proportion of aged population in the U.S. is expected to increase to nearly 24% by 2060 , from its current 15%. This is one of key reasons that U.S. is investing in advanced wound care products with backing from the government. On the other hand, Canada is expected to show a slow growth rate within the forecasted period due to low innovation and limited product launches.
There are better chances to improve wound care solutions to combat this situation.
By product type, North American wound care products are used for surgical wound care, advanced wound care, and traditional wound care. Surgical wound care dominates the market because of increasing number of surgeries, which results in a higher number of wounds.
For segmentations based on, North American 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 of advanced wound care products.
Hospitals and specialty wound care clinics, long-term care facilities, and home healthcare are the end user segments. Home healthcare is the fastest growing segment due to its cost-effectiveness. The long-term care facilities will also have steady growth in the market, more than the Hospitals and specialty wound care clinics.
Key growth factors
o North America holds the largest market share because there are a large number of players offering wound care products in the region. The organizations have made huge investments in advanced healing technologies.
o North America dominates the surgical wound care product segment. It will hold half of the market share owing to a rise in population of people who are aged 65 years and above.
o Threats and key players
o The presence of intense competition will deter the growth of the wound care products market in the North America.
o Increasing cost of materials is straining profitability for many wound care companies which are coming up with products for the developed markets.
o The key players operating in this market are Acelity L.P. Inc., 3M, Integra LifeSciences Holdings Corporation, Johnson & Johnson Pvt. Ltd., and Baxter International Inc.
What’s covered in the report?
1. Overview of the North America wound care product market
2. The current and forecasted market size data for the North America wound care product market
3. The current and forecasted market size data for the segments of the market, by product type – surgical wound care products, advanced wound care products, and traditional wound care products
4. The current and forecasted market size data for the segments of the market, by application – chronic wound care products, and acute wound care products
5. The current and forecasted market size data for the segments of the market, by end user – hospitals and specialty wound care clinics, long-term care facilities, and home healthcare
6. The current and forecasted market size data for the segments of the market, by country- United States (U.S.) and Canada
7. Market trends in the North America wound care product market
8. Market drivers and challenges in the North America wound care product market
9. Analysis of competitor profiles of the major players operating in the market
1. Get a broad understanding of the North America wound care product market and its segments – by region, by product types, by application, and by end-user
2. Get region-specific drivers and challenges affecting the North America wound care product market
3. Recognize significant competitors’ business and market dynamics, and respond accordingly
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The Market report answers the following questions:
What is the aim of the report?
- The market report presents the estimated market size of North America Wound Care Product Market by the end of forecast period. Additionally, the historical and current market size is also examined in the report.
- Based on various indicators, the Year-on-Year growth (%) and compound annual growth rate (CAGR) for the given forecast period is offered.
- An overview of the Market based on geographical scope, market segmentation and financial performance of key players is presented in the report.
- The report presents current trends in the industry and future scope of the Market in North America, Asia Pacific, Europe, Latin America and Middle East and Africa.
- The various parameters accelerating the growth of Market are incorporated in the research report.
- The report analyzes growth rate, market size and valuation of the Market during the forecast period.
What aspects regarding the regional analysis Market are included in this report?
- Geographical regions covered in the report include North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
- The report consists of detailed region-wise analysis of current and future market trends, providing information on product usage and consumption.
- The growth rate of the market in every region, including their countries over the forecast period is included in the market report.
Based on what factors are the key market players assessed in this report?
- The report offers detailed analysis of leading companies in the market across the globe.
- It provides details of the major vendors involved in the Market including Key Playes
- A comprehensive overview of each company including the company profile, generated revenue, pricing of goods and the manufactured products is incorporated in the report.
- The facts and figures about market competitors along with standpoints of leading market players are presented in the report.
- The recent developments, mergers and acquisitions related to mentioned key players are provided in the market report.
What is the key information extracted from the report?
- Extensive information on factors estimated to affect the Market growth and market share during the forecast period is presented in the report.
- The report offers the present scenario and future growth prospects Market in various geographical regions.
- The competitive landscape analysis on the market as well as the qualitative and quantitative information is delivered.
- The SWOT analysis is conducted along with Porter’s Five Force analysis.
- The in-depth analysis provides an insight into the Market, underlining the growth rate and opportunities offered in the business.
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