The Digital Wound Measurement Devices Market is Estimated To Witness High Growth Owing To Increased Adoption of Advanced Wound Care Products
Digital wound measurement devices help in measuring chronic and acute wounds in an objective and accurate manner. These devices provide quantitative assessment of wound dimensions, area, depth and volume. The digital measurements allow for more precise evaluation and documentation of wound healing over time. With increasing incidences of chronic wounds such as diabetic foot ulcers and pressure ulcers, the demand for digital wound measurement devices is growing substantially.
The Digital Wound Measurement Devices Market is estimated to be valued at US$ 75.51 Mn in 2023 and is expected to exhibit a CAGR of 6.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The digital wound measurement devices market size is witnessing high growth owing to increased adoption of advanced wound care products. Rising geriatric population and increasing incidences of diabetic foot ulcers and pressure ulcers are promoting the adoption of digital wound measurement devices. Furthermore, technological advancements in wound measurement, integration of artificial intelligence, and availability of portable and handheld devices are further fueling the market growth. However, high costs associated with digital wound measurement devices and lack of reimbursement policies in developing nations may restrain the market to a certain extent.
Porter’s Analysis
Threat of new entrants: New entrants face high capital requirements to develop technologically advanced products which act as a barrier.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes however switching costs are low.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power as there are many raw material suppliers.
Threat of new substitutes: Substitutes like traditional wound measurement techniques pose minimal threat as digital devices offer advanced features.
Competitive rivalry: Intense competition exists among existing players.
SWOT Analysis
Strength: Digital devices offer accuracy, consistency and reduce dependency on human errors.
Weakness: Higher costs of systems compared to traditional methods and need for trained professionals.
Opportunity: Increasing incidence of chronic wounds and diabetic foot ulcers.
Threats: Data privacy concerns and technological advancements introducing substitutes.
Key Takeaways
The global Digital Wound Measurement Devices Market is expected to witness high growth, exhibiting CAGR of 6.5% over the forecast period, due to increasing prevalence of diabetes and chronic wounds.
North America dominates the market owing to advanced healthcare infrastructure and favorable reimbursement policies. The regional market is expected to reach US$ 43.17 Mn by 2030. Asia Pacific exhibits highest growth potential due to rising healthcare spending and healthcare reforms.
Key players operating in the Digital Wound Measurement Devices market are Smith & Nephew plc, Aranz Medical Limited, eKare Inc., and WoundMatrix Inc. Smith & Nephew leads the market with its advanced Pico system offering precise measurements and 3D imaging. Aranz medical offers affordable cellphone-based solutions suitable for low resource settings. eKare has developed AI integrated systems for automatic wound tracking. WoundMatrix focuses on chronic and surgical wound management with advanced software.
Get more insights on this topic: https://www.newswirestats.com/digital-wound-measurement-devices-market-size-and-opportunity-analysis-2023-2030/
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