The digital wound measurement devices market size is increasing rapidly. The market is primarily driven by the increasing prevalence of chronic wounds and diabetic wounds, which are severe, and often the process of healing is very long, eventually leading to amputations. Hence, growing diabetic patients, rising geriatric population, and an increasing number of surgeries are some of the key factors accelerating the market.
According to the report launched by Market Research Future (MRFR), the global digital wound measurement devices market is booming and projected to witness significant growth by 2023, registering a steady CAGR throughout the forecast period (2018-2023). Rising awareness for the benefits of these devices and increasing investments by the public & private sector boost market growth. Moreover, growth in the biotechnology sectors drives the growth of the market exponentially.
Rising government support for the research and development of medical technologies is a key driving force escalating the market growth, increasing the efficacies of digital wound measurement devices. Additionally, factors such as the proliferation of smartphones, rapid adoption of advanced digital tools, and the advent of telehealth for wound care are expected to substantiate the market growth.
On the other hand, the complexity of these devices, due to which they can’t provide additional information on wounds such as moistness or exudation, restricts the growth of the market. The high costs of digital devices, alongside the poor reimbursement policies for the medical devices, are estimated to act as significant headwinds for the market growth. Nevertheless, the growing demand for quality wound care would support market growth.
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Digital Wound Measurement Devices Market - Segments
MRFR has segmented the report into four main dynamics to widen the scope of understanding,
By Wound Type: Diabetic Ulcers, Incisional, Traumatic, Chronic, and others.
By Product: Contact Wounds and Non-Contact Wound Measuring Devices
By End-user: Hospital, Clinics, Ambulatory Surgical Centers, and others.
By Regions: Americas, Europe, Asia-Pacific, Middle East & Africa, and Rest-of-the-World
Digital Wound Measurement Devices Market - Regional analysis
North America leads the global digital wound measurement devices market with the largest market share. The market growth attributes to the rising prevalence of chronic wounds and technological advancements in the healthcare sector. Besides, factors such as favorable reimbursement scenarios and substantial healthcare expenditure, support market growth. The rising government support for R&D provides impetus to market growth.
The US, with the wide uptake of new technologies, accounts for the leading market in the region. The digital wound measurement devices market in North America is estimated to accrue exponentially by 2023, posting a modest CAGR over the forecast period (2018 to 2023).
Europe is expected to emerge as the second-largest market for digital wound measurement devices. Increasing technological advancement and research for wound care along with government support, drive the European digital wound measurement devices market. Similarly, the growing economy in the region acts as a significant driving force for the market growth. Furthermore, the availability of funds for R&D activities alongside the well-proliferated healthcare sector impacts market growth positively. With the increasing awareness about the availability of these drives, this market is estimated to register phenomenal growth records.
The digital wound measurement devices market in the Asia Pacific devices is emerging as a profitable space globally. The market growth is expected to be led by China and India due to the vast patient population and the availability of low-cost treatment procedures in these countries. Additionally, growing diabetic patient pool, high incidences of chronic wounds, and developing healthcare infrastructure provides favorable backgrounds for the regional market growth.
Moreover, the rapidly growing healthcare sector and the large unmet needs will foster market growth over the forecast period. Besides, the increasing penetration of healthcare insurance is expected to drive the digital wound measurement devices market in the Asia Pacific region.
Digital Wound Measurement Devices Market - Competitive Analysis
Fiercely competitive, the global digital wound measurement devices appear to be well-established with the presence of many notable players. They incorporate strategies such as mergers & acquisitions, collaboration, expansion, and product/technology launch. Substantial investments are transpired in the development and clinical trials of these instruments. The market attracts many entrants, demonstrating high growth potential, which intensifies the competition further. Matured players emphasize on expanding their network through product distribution in developing economies.
Players leading the digital wound measurement devices market include Parable Health, WoundRight Technologies Tissue Analytics, ARANZ Medical Limited, KCI, eKare, Inc, an Acelity Company, WoundZoom Inc., WoundMatrix, Inc., Kent Imaging Inc., WoundVision, LLC, WoundRight Technologies, LLC, Smith & Nephew plc., and Hitachi Healthcare Americas, among others.
Industry/Innovation/ Related News:
July 02, 2019 ---- Smith & Nephew plc. (The UK), a multinational medical equipment manufacturing company, announced the completion of Atracsys Sarl (Switzerland), a producer of optical tracking technologies to support its digital surgery system. Atracsys Sarl’s optical tracking technology is intended for use in computer-assisted surgery, which will be leveraged by Smith & Nephew for its multi-asset digital surgery & robotics ecosystem.
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