Wounds Measurement Devices Market Size to Grow at a CAGR of 4.7% During the Forecast Period 2021-2026

 Breaking News
  • No posts were found

Wounds Measurement Devices Market Size to Grow at a CAGR of 4.7% During the Forecast Period 2021-2026

April 08
16:03 2021
Wounds Measurement Devices Market Size to Grow at a CAGR of 4.7% During the Forecast Period 2021-2026

Wound Measurement Devices Market

Increasing Geriatric Population Is the Major Factor Driving the Growth of Wound Measurement Devices Market

Wounds Measurement Devices Market size is estimated at $1.7 billion in 2020, projected to grow at a CAGR of 4.7% during the forecast period 2021-2026. Wound measurement devices industry includes labels, flow stickers, skin markers, tracing materials. These are digital monitoring systems used in measurement and digital imaging and in documenting wounds. Wound is defined as an injury to the body in the form of surgery, violence, accident that causes laceration or breaking of surface of skin and mostly damage to underlying tissues. Wounds are classified into acute and chronic. Where acute wounds heal in a predicted amount of time without any complications like lacerations, minor cuts, abrasions, surgical wounds. Chronic wounds like Pressure ulcers (PUs) takes long time to heal with complications. Pressure in combination with friction causes localized ulcers known as pressure ulcers. Elderly population with diabetes, stroke, dementia and with impaired mobility are mostly prone to this type of ulcers. A prolonged sedentary stay in intensive care also develops PU in healthy patients. It is estimated that in the United States 2.5 million people develop PU annually, these are mostly unpreventable. Wound treatment is indeed dependent on the type and location of wound. In certain situations, wound areas have to be properly understood in order to provide that region with appropriate treatment. Doctor’s measure wounds to accurate their treatment approach. The clinical documentation of wound through digital imaging with various software application has improved from past decade. By measuring the wounds, they gather the information to develop and modify a patient’s treatment plan. By knowing the width, size of wound doctors develops short-term and long-term health goals, resulting in fruitful approach of wound management. Moreover, it is a compulsory procedure to study the progress of wound healing, assessment of wounds and the regular follow-up of wound size are relevant in terms of reimbursements, insurance coverage.

The wounds that are open for longer period and not progressed through normal process of healing are termed as chronic wounds. These types of wounds are most seen in elderly population. In the United States, around 3% of the population above 65 years of age are having open wounds. According to Centers for Diseases Control and Prevention (CDC) recent released study 100 million adults are living with diabetes or prediabetes in the United States. Worldwide this number is estimated to be 400 million. The prevalence of foot ulcers (FU) and Pressure ulcers is high in diabetic population. Chronic wounds are the major source of morbidity and mortality. Wound Electronic Medical Devices (WEMR) or Electronic Medical Records (EMR) or digital imaging are used to describe wound characteristics that are associated with wound emergency. Electronic medical record systems are the software programs that offer multi-faceted management tools for healthcare facilities. It helps to alert doctors or clinicians to subtle improvements in wounds that need aggressive care, preventing emergency room visits and hospital admissions.

Wound Measurement Devices Market Segment Analysis – By Wound Type:

Based on wound type, Wounds Measurement Devices Market is segmented into Acute and Chronic Wounds. Chronic Wounds are classified into diabetic foot ulcers, pressure ulcers, arterial ulcers and venous leg ulcers. Acute wounds are further segmented into surgical wounds, burns and trauma. Chronic wounds segment is accounted for the largest revenue market share in 2020 owing to its huge prevalence worldwide. The wounds that take longer period of time and not progressed through normal process of healing are termed as chronic wounds. Elderly population is mostly prone to chronic wounds, thus generating demand for contactless technologies for digital imaging of wounds. The population of 65 years and old grew by over a third during past decade, and by 3.2% during 2018 to 2019. People with various chronic diseases like diabetes, heart diseases are more susceptible to such wounds. The prevalence of diabetes is predicted to rise to 10.2% by 2030. This is higher in urban regions than that of rural areas. According to Indian data, the prevalence of chronic wounds is estimated to be 4.5/1000 population and the global data shows that around 17.2 million hospital visits are owing to wounds, including inpatient surgical visits and outpatient visits. Acute wounds segment is poised to grow with the fastest CAGR of 5.3% in the forecast period 2021-2026 owing their growing prevalence at the rate of 9% annually. According to American Burn Association (ABA) National Burn Respiratory 2019 reports, it is stated that overall burns are 41% that majority of injuries in the U.S.

Request for Sample Report @ https://www.industryarc.com/pdfdownload.php?id=16928

Report Price: $ 4500 (Single User License)

Wound Measurement Devices Market Segment Analysis – By Product Type:

Based on product type, Wounds Measurement Devices Market is segmented into Contact Wound Measuring Devices and Non-Contacting Wound Devices. Non-Contact wound measuring devices segment is accounted for the largest revenue market share in 2020 owing to its effective and contact-less way of measuring surface area and volume of the wounds. This are majorly used for pressure ulcers and diabetic foot ulcers. The software allows processing and analyse the digital imaging and leaving the original copy untouched for visual examination. Digital imaging takes very less time and the device allows to take photograph to take anywhere. Once the image is captured the processing of the photograph takes less than 5 minutes. It provides a 2D or 3D assessment of a wound with an Electronic medical record that are the digital paper charts in clinics and hospitals that contains information collected by clinicians for clinicians in the clinics or hospitals. Contact wound measuring devices segment is poised to grow with the fastest CAGR of 4.9% in the forecast period 2021-2026 owing its accurate way of measuring the wounds and able to monitor their healing progression particularly in first 4 weeks. Also, it has a significant impact on personalised treatment plans for patients.

Wound Measurement Devices Market Segment Analysis – By Geography:

Based on Geography, North America Wounds Measurement Devices Market accounted for the 43% revenue share in 2020. This is majorly attributed to the rising prevalence of chronic wounds in this region. The U.S. government predicts that elderly population is around 55 million, and says that the chronic wounds continue to be the persistent problem in this population. The impact of chronic wounds is worsening worldwide. For an instance, according to wales report it is estimated that 6% prevalence of chronic wounds with 5.5% cost to the National Health Services (NHS). Moreover, technological advancements such as digital imaging and electric medical records in this region is major factor attributed to the growth of Wounds Measurement Devices Market in this region. Asia-Pacific market is poised to grow with the fastest CAGR in the forecast period 2021-2026 owing its increase in geriatric population, high prevalence of chronic wounds coupled with advancements in healthcare infrastructure. According to Asian Diabetes Prevention Initiative, around 60% of world’s diabetic population is in Asia. This offers a significant growth opportunity to the wound measurement devices market in this region.

Wounds Measurement Devices Market Drivers

Increasing Geriatric Population:

Increasing geriatric population is the major factor driving the wound measurement devices markets growth. In the year of 2020, the worldwide geriatric population that are aged 65 above are 727 million. This number is estimated to double by 2050. There is an increase of 6% to 9% of aged population from the year 1990 to 2019. Geriatric population are mostly prone to diabetes that accounts for around 463 million region according to International Diabetes Federation (IDF). Among that 88 million belong to Southeast Asia, and 77 million of population are in India. Further, according to IDF, the prevalence of diabetes is estimated to be 8.9%. Geriatric population are mostly prone to chronic wounds like as pressure ulcers, foot ulcers, diabetic ulcers, venous and arterial ulcers thus fueling the industry growth.

Wounds Measurement Devices Market Challenges

Complexity of Devices:

The complexity involved in these devices hinder the wounds measurement device market growth. Owing to their inability to provide proper information on wounds like as moistness or exudation impacts the market’s growth. Moreover, the high cost of digital imaging devices coupled with poor reimbursement policies for the medical devices is another factor that is estimated to hider the market growth.

Wounds Measurement Devices Industry Outlook:

Product launches, mergers and acquisitions, joint ventures and geographical expansions are key strategies adopted by players in the Wounds Measurement Devices Market. Wounds Measurement Devices Market top 10 companies are ARANZ Medical Ltd, Tissue analytics, EKare, Inc, WoundMatrix, Inc, WoundZoom, Inc., Kent Imaging, Inc., WoundVision, LLC, WoundRight Technologies, LLC, Hitachi Healthcare Americas and Smith & Nephew Plc.

Acquisitions/Product Launches:

In July 2020, ARANZ Medical has released the Silhouette Version 4.9 that includes an improvised range of data analysis features, like a percentage reduction figure, determining effectiveness of wound healing

In June 2020, Perceptive Solutions, Inc has launched WoundZoom Wound Centric EMR system and a 3D Wound-imaging software solution.

In 2019, 3M has acquired Acelity Inc, in order to expand its presence in advanced surgical and wound care segment.

Key Takeaways

The wound measurement devices industry is rapidly growing owing to the increasing geriatric population coupled with growing diabetic population that are most susceptible to the wounds.

Geographically, North America Wounds Measurement Devices Market held the largest revenue share of 43% in 2020 owing to the highest disposable income and growing geriatric population in this region.

Increased demand for R&D made by the key players in different region of the world are driving the market

Detailed analysis on the Strength, Weakness and Opportunities of the prominent players operating in the market is provided in the Wounds Measurement Devices Market

Related Reports :

A. Wound Care Market

https://www.industryarc.com/Research/Wound-Care-Market-Research-502020

B. Wound Care Treatment and Management Market

https://www.industryarc.com/Report/18339/wound-care-treatment-management-market.html

For more Lifesciences and Healthcare Market reports, please click here

About IndustryARC: IndustryARC primarily focuses on Cutting Edge Technologies and Newer Applications market research. Our Custom Research Services are designed to provide insights on the constant flux in the global supply-demand gap of markets. Our strong team of analysts enables us to meet the client research needs at a rapid speed, with a variety of options for your business. Any other custom requirements can be discussed with our team, drop an e-mail to [email protected] to discuss more about our consulting services.

Media Contact
Company Name: IndustryARC
Contact Person: Mr. Venkat Reddy
Email: Send Email
Phone: 1-614-588-8538 (Ext: 101)
Address:Madhapur
City: Hyderabad
Country: India
Website: http://industryarc.com/

Categories