Warehouse Racking Market Worth $10.5 Billion By 2025

The global warehouse racking market size is expected to reach USD 10.5 billion by 2025, ascending at a CAGR of 3.6% over the forecast period, according to a new report by Grand View Research, Inc. Optimized utilization of warehouse space and structural storage of objects in racking systems is expected to propel their demand. High load-bearing capacity and rigidity of rack structures are expected to be the key factors propelling their demand in heavy duty applications.

These systems are commercially available in various structures, patterns, and designs, thus are gaining high consumer traction. Racking offers easy handling of materials and optimized way of product selection, thus are popular in large-scale storage facilities. Forklifts and conveyer mechanisms are used in racks to provide access to every object stored in racking structure.

Systematic storage of stock in warehouse and easy accessibility provided by racks are considered beneficial for applications such as retail and food & beverage. These systems are widely used in large warehouses where heavy, fragile, and ductile objects are stored. Developments in the industry have introduced enhanced racking with improved durability and lifespan of pallets used in the systems.

Prominent players in the warehouse racking industry are focusing on providing installation and maintenance services to the customers. The market is characterized by multinational and a large number of domestic players engaged in production and distribution of racking systems. Major players in the market include Daifuku Co., Ltd.; AK Material Handling Systems; Hannibal Industries, Inc.; and Mecalux, S.A.

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https://www.grandviewresearch.com/industry-analysis/warehouse-racking-market

Further key findings from the report suggest:

  • Selective pallet system is expected to grow at the fastest CAGR of 4.2% over the forecast period owing to provision of easy accessibility to materials and less complicated structural rack design
  • In 2018, retail applications for warehouse system dominated the market with a share of over 30% and is anticipated to progress with the highest CAGR over the forecast period on account of increasing e-commerce applications
  • In Europe, the revenue for drive-in racking system in 2018 stood at USD 228.3 million and is likely to grow over the forecast period with growing acceptance of modern technology automation in racking systems in the region
  • North America registered the largest warehouse racking market for warehouse racking in 2018 owing to well-established distribution networks for retail, food & beverage, and automotive applications in the region
  • In 2019, Michelin North America, Inc. announced its operations of a new three million square feet distribution and warehouse, wherein the company installed racking systems and forklifts to smoothen the operations.

Morocco Argan Oil Market Worth $262.4 Million By 2025

The Morocco argan oil market size is expected to reach USD 262.4 million by 2025 progressing at a remarkable CAGR of 20.7% over the forecast period as per a new report by Grand View Research, Inc. Morocco is expected to witness an increase in the consumption of argan oil owing to high demand from medical industry. Rising demand for Morocco argan oil in cosmetics sector is directly contributing to growing product exports to different regions.

Furthermore, the market in Morocco is expected to develop on account of rising consumer preference for natural ingredients. Growing aging population in the U.S. is another major factor anticipated to drive the product consumption as it is used in anti-wrinkle creams. Other factors such as initiatives by medical research institutes to conduct argan oil-related studies are also projected to positively impact the overall demand over the forecast period.

Constant technological advancements are contributing to enhancing the chemical and microbiological qualities of the product. Ascending demand for argan oil in medical and food industries is pressurizing the key producing areas of Morocco to boost their production levels and bridge the demand-supply gap. However, this gap is expected to increase over the forecast period, thereby creating a need for the government to adopt initiatives and drive the overall production.

Manufacturers of personal care & cosmetic products are inclined toward increasing their argan oil consumption for advanced cosmetic solutions in order to ensure healthy skin and hair. Such initiatives are expected to drive the overall product demand in cosmetics application segment. The widening of product distribution channels has made these products easily accessible to consumers. Investments in R&D activities and technological advancements in the area of processing ingredients have been the key factors responsible for boosting the market growth in Morocco over the past few years.

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https://www.grandviewresearch.com/industry-analysis/morocco-argan-oil-market

Further key findings from the report suggest:

  • Organic segment is projected to ascend at the fastest CAGR of 22.0% over the forecast period with increasing demand for organic products in various sectors
  • The government of Morocco adopted the auto-entrepreneur framework in 2014, which has proven to be beneficial for entrepreneurs by providing easier access to loans and several tax benefits
  • The German Agency for International Cooperation (GIZ) GmbH is creating awareness among women cooperatives and emphasizing the need to preserve argan forests, which is restraining the market growth
  • As argan oil is expensive, some vendors sell diluted argan oil by mixing it with other oils. This unfair practice of trade is likely to impact the product sales to a large extent, thereby affecting the entire market in Morocco.

Superfoods Market Size Worth $205.2 Billion By 2025

The global superfoods market size is expected to reach USD 205.2 billion by 2025 ascending at a CAGR of 5.9% over the forecast period according to a new report by Grand View Research, Inc. Growing consumer inclination toward a healthy lifestyle, rising consumption of healthy foods, and increased popularity of nutritious diets are factors expected to propel the demand for superfoods over the forecast period.

Superfoods are termed as foods rich in nutrients such as antioxidants, fibers, minerals, and fatty acids. These products have more nutritional value as compared to regular foods and there is increased preference for them among customers in order to sustain a healthy lifestyle & diet and prevent health disorders. They also help reduce the risk of diabetes & cardiovascular diseases, increase metabolic rate, and are beneficial for weight loss.

A significant factor contributing to the growth of the market for superfoods is the rising number of health-conscious people across the globe. Consumers are ever more concerned about the ingredients they use & consume and are skeptical regarding the safety of processed ingredients & synthetic food additives. Superfoods improve health and offer wellness. Through many scientific research activities, it has been proven that superfoods are nutrient-dense, have antioxidant effects, have the capacity to prevent several diseases, help detoxify the body, and are the best food source for consumers who wish to maintain their weight at a constant level.

On the basis of type, fruits is expected to emerge as the largest segment over the forecast period owing to the high concentration of a group of antioxidant plant compounds and anthocyanins. Fruits have gained much prominence across retail stores worldwide. Moreover, companies are targeting numerous departmental stores and supermarkets to upsurge the shelf space for such products and to gain consumer attention.

On the basis of application, the superfoods market has been segmented into bakery & confectionery, snacks, beverages, and others. Bakery & confectionery is expected to remain the largest segment over the forecast period on account of product introduction and innovation in the existing and forthcoming products. For instance, producers are coming up with gluten-free confectionery and bakery superfoods such as brownies, pancakes, and cookies, which is expected to further boost the segment growth over the forecast period.

Geographically, North America is expected to account for a significant share in the market for superfoods over the forecast period. There is a growth in adoption of superfood ingredients in restaurants and rise in consumer awareness regarding their health benefits. Moreover, frequent product launches are among the major factors driving the growth of this regional market for superfoods. Distribution agreements, product innovations, and strong marketing strategies are key methods adopted by companies to expand their competitive position and visibility in the market.

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https://www.grandviewresearch.com/industry-analysis/superfood-market

Further key findings from the report suggest:

  • Fruits segment is likely to be valued at USD 58.4 billion by 2025, progressing at a CAGR of 5.5% from 2019 to 2025
  • Among applications, beverages segment is expected to progress at the highest CAGR of 6.5% over the forecast period
  • The superfoods market is characterized by product accreditation, capacity expansion, capital growth, and substantial investment decisions to improve the market share of manufacturers
  • Some of the prominent companies present in the market are Nature’s Superfoods LLP; Archer Daniels Midland; Del Monte Pacific Limited; Creative Nature Superfoods; Ocean Spray; Nutiva; The Green Labs LLC; Suncore Foods; Apax Partners; Bulk Superfoods; and Supernutrients.

Aqua Feed Additives Market Worth $2.5 Billion By 2025

The global aquafeed additives market size is expected to reach USD 2.5 billion by 2025, progressing at a CAGR of 3.2% over the forecast period, as per a new report by Grand View Research, Inc. Initiatives, such as Made in China by the government of China and Make in India by the government of India, are mainly beneficial for manufacturing sector and anticipated to boost the production of aquafeed in the domestic market. This is in turn anticipated to drive the demand for aquafeed additives.

In 2018, China emerged as the prominent producer of aquatic feed additives and importer of barley, fishmeal, rapeseed, soybeans, and sorghum, which are extensively utilized in producing aquafeed additives. In addition, increasing consumption of salmon, catfish, and crustaceans in food sector in Asia Pacific is anticipated to drive the demand for feed for these species. In February 2019, Olmix Group launched its Searup and Algimun from the Olmix’s Immunity range to establish a successful market presence, which is also likely to drive the growth of aqua feed additives market in the near future.

The requirement of nutrients varies with the diet and the life stage of animals. Addition of insect meal in the diet of fish helps improve their immune system as well as promote performance. Hence, several feed manufacturers are focusing on the production of insect meal. Increasing preference toward natural feed and organic feed products among aquafeed manufacturers is an evolving trend, which is anticipated to drive the use of plant-based feed additives.

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https://www.grandviewresearch.com/industry-analysis/aquafeed-additives-market

Further key findings from the report suggest:

  • Asia Pacific held the largest market revenue share in 2018 and is projected to ascend at the highest CAGR of 3.7% over the forecast period
  • In 2018, China emerged as the prominent producer of aquafeed additives and importer of barley, fishmeal, rapeseed, soybeans, and sorghum, which are extensively utilized in producing aquafeed additives
  • About 80% of the producers of aquafeed additives sell their products directly to fish farmers or feed manufacturers either on credit or in cash and the remaining 20% producers sell their products through intermediaries such as traders
  • Aquafeed additives, such as antiparasites, feed acidifiers, and palatants, are preferred while preparing aquafeed as they assist in diminishing bacteria present in the feed, enhance quality of the feed, and minimize the risk of diseases in fish
  • High fluctuations in raw material prices coupled with moderate prices of aquafeed owing to rising competition among manufacturers are anticipated to restrict the growth of the market.

Modular Construction Market Size Worth $174.6 Billion By 2025

According to a recent report published by Grand View Research Inc., increasing emphasis on enhancing safety at construction sites and growing focus in incorporating ‘greener’ building solutions are expected to drive the market over the forecast period.

According to a report, “Modular Construction Market Size, Share & Trends Analysis Report By Type (Permanent, Relocatable), By Application (Residential, Commercial, Industrial, Healthcare), By Region, And Segment Forecasts, 2019 – 2025”, published by Grand View Research, Inc. The global modular constructionmarket size is expected to reach USD 174.6 billion by 2025, registering a CAGR of 6.5%, as per a new report by Grand View Research Inc.

The modular construction process involves prefabrication of modules at an offsite location in a controlled environment, resulting in reduced time for the completion of building projects. This process allows limited wastage of raw materials and planned inventory usage thereby, significantly minimizing the investment required for building activities. Assembly lines for modular construction help producers streamline raw material purchasing and inventory management.

Modular constructions are supervised regularlyand can be easily recycled or replaced during renovation activities, thus, making them more user-friendly. Permanent modular construction segment in Sweden accounted for the largest revenue share of 69.1% of the overall market in 2018. This can be attributed to increased demand for residential wooden housing structures in the region.

The industry players are focused on targeting developing economies such as China, India, and Southeast Asian countries that have a vast population –base and to tap robust opportunities in the building sector. Increasing efforts by companies to adopt the latest technologies such as building information modeling (BIM) and 3D printing for optimizing offsite activities are projected to have a positive influence on the industry growth.

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https://www.grandviewresearch.com/industry-analysis/modular-construction-market

Modular Construction Market Report Highlights

  • The demand for offsite construction specialist has witnessed a strong progression in the past few years, owing to significant growth with modular apartments and particularly the development of rapid building solutions for homelesshousing
  • Despite the unstable market conditions in 2020 due to Covid-19, the modular construction industry has witnessed a steady growth and demand from key sectors of hospitality, technology advanced manufacturing, and healthcare. With end of Covid-19 restrictions in sight and the presence of a strong product pipeline the market will continue its growth in the coming years
  • The Middle East construction environment has witnessed a shift in the building methodologies. And modular construction has been touted as the future of constructing large scale building infrastructures. For instance, Amana DuBox’s projects in the regionhighly prefer prefabrication and modular construction
  • The Covid-19 pandemic has brought a heavy blow to the UK construction market and developers have been impelled to rethink the labour-intensive traditional construction activities. It requires 67% less energy unlike the conventional method and has a positive influence the carbon footprint 
  • The U.S. accounted for 79.3% of the regional market in 2018, owing to its extensive application in healthcare industry by public and private infrastructure
  • The residential application segmentis projected to advance at a CAGR of 6.9% during the forecast period due to surge in residential housing construction activities, particularly in Asia Pacific countries like India and China

Irrigation Controllers Market Worth $2.08 Billion By 2025

The continued proliferation of technology in agricultural activities around the globe, coupled with the growing demand at the farmers’ end for efficiency in the daily farming processes, has led to a large-scale growth in the irrigation controllers industry.

The globalirrigation controllers market is leading causes for market growth include the rising demand for gardens and lawn care facilities, which consequently require constant maintenance, coupled with the explosion in the residential projects sector, particularly in the emerging economies such as China, Brazil, and India. Recent years have seen a spurt in the number of tech-savvy farmers, brought about as a result of smartphone proliferation as well as government push towards economic growth, which has led to increasing demand for irrigation automation, control, and monitoring solutions, both in developed and developing regions.

As per data released by the U.S. Department of Agriculture’s National Agricultural Statistics Service (NASS) in 2018, the US had 231,474 farms with 55.9 million irrigated acres, which was an improvement over the 2013 data, when there were 229,237 farms with 55.3 million irrigated acres. As a result, there has been a marked increase in the demand for technological integration in the agricultural sector, thus driving the market growth. Irrigation controllers are also deployed in non-agricultural settings such as golf courses and sports grounds, thus widening their scope of application. Additionally, the growth in the number of residences with attached garden areas has also necessitated the presence of irrigation controllers, as a means of maintaining the aesthetic appeal.

With regards to product, the market has been segmented into smart controllers, tap timers, and basic controllers. The major irrigation types included are the sprinkler and drip methods, which are used universally. With respect to application, the irrigation controller market is classified broadly into non-agricultural, and agricultural fields and greenhouses. The major market players include Toro Company, Rachio, Hunter Industries, Valmont Industries, and Lindsay Corporation. These companies are investing heavily in research and development activities, with frequent innovations in product launches being commonly observed in recent years.

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https://www.grandviewresearch.com/industry-analysis/irrigation-controllers-market

Further key findings from the report suggest:

  • The United States witnesses the use of more than 34 billion liters of water per day for landscape irrigation purposes, with more than half of this water going to waste; smart irrigation controllers are projected to save up to 20% of this water, which acts as a major driver for increased adoption among consumers
  • The smart controllers are further classified into weather-based, and soil moisture-based irrigation controllers, with the former expected to contribute 35.1% on revenue basis by 2025 due to easy installation, savings on fertilizer and energy consumptions, and cost reduction
  • Tap timers are expected to witness substantial growth over the coming years at 14.9% CAGR, as they are easy to install, have a user-friendly interface, and optimally conserve water; these are available in mechanical, digital, and electric forms
  • Drip irrigation controllers are anticipated to witness a CAGR of 15.9% in terms of revenue over the forecast period owing to the high costs and increasing demand for cash crops in domestic and export markets
  • The demand for irrigation controllers in sports grounds and golf courses is expected to reach USD 401.7 million by 2025, aided by increased government initiatives on water conservation through conservation efforts
  • Asia Pacific is expected to register the highest growth over the forecast period as progressive economies such as South Korea, India and China are showcasing great leaps towards steady adoption of smart irrigation controllers
  • Countries such as the United States and Canada are technologically advanced and have seen healthy adoption of smart controllers among both agricultural and non-farming areas
  • According to the National Golf Foundation, by the end of 2019, the US had 16,300 golf courses at 14,300 golf facilities, while more than 24 million citizens played the sport; as such, proper maintenance of the courses has become more important, thus driving demand for irrigation controllers
  • Major companies are undertaking new product launches as well as partnerships to increase their geographic footprint. For example, in September 2020, Hunter released new cellular LTE communication modules for original ACC controllers that enable connection to IMMS central control software or IMMS online
  • Also, Valmont announced in September 2020, Valmont announced that it had entered into a supply agreement to provide irrigation products and services for a major agricultural development project in Africa

Video Management Software Market Worth $4.79 Billion By 2025

According to a report published by Grand View Research, the growing adoption of video surveillance and monitoring tools for applications such as building security, traffic control, and cross-border activities is a key driver for market growth.

According to a report, “Video Management Software Market Size, Share & Trends Analysis Report By Technology, By Deployment (On-Premise, Cloud), By Solution, By End Use, By Region, And Segment Forecasts, 2019 – 2025” published by Grand View Research, Inc., the global video management software market size is expected to reach USD 4.79 billion by 2025, growing at a CAGR of 18.8% from 2019 to 2025. The growing adoption of video surveillance and monitoring software for applications such as facility protection, traffic management, and cross-border activities is the key driver contributing to the market growth. The software is majorly used for the unified management of multimedia content including collection & storage, playback, and streaming functionalities.

The market is anticipated to witness significant growth owing to increasing awareness of the benefits offered by VMS and growing investments in city surveillance as part of the smart city projects. Moreover, the increasing adoption of High-Efficiency Video Coding (HEVC), also known as H.265 video compression standard, coupled with the rising trend of integrating VMS with emerging technologies such as built-in intelligence and deep learning for video analytics is expected to boost the video management software market growth. A unified VMS enables customers to merge analog and IP videos and offers a cost-effective approach to businesses for expanding and improving their surveillance capabilities.

VMS can be integrated with multiple digital cameras depending on the requirements of the customer. With the growing adoption of Closed-Circuit Television (CCTV) cameras and Internet Protocol (IP) network cameras in the security and surveillance market, the demand for VMS is also anticipated to witness significant growth over the forecast period. The software enables customers to enhance situational awareness and monitoring capabilities. High-resolution videos and imagery can also be used by government law enforcement agencies to identify, track, and arrest criminals.

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https://www.grandviewresearch.com/industry-analysis/video-management-software-market

Video Management Software Market Report Highlights

  • On the basis of technology, the hybrid video management software market segment dominated the market in 2018 led by the widespread introduction of traditional video monitoring systems by governments and companies to boost defense.
  • The IP-based video management software segment is expected to witness the fastest growth over the forecast period due to the rising trend of replacing conventional analog video monitoring and surveillance systems with IP-based cameras.
  • Based on the solution, the data integration segment dominated the market in 2018 owing to the wide-scale adoption in video surveillance and monitoring solutions.
  • The video analytics solution is anticipated to emerge as the fastest-growing segment over the forecast period. Video analytics plays a critical role in solutions such as traffic monitoring & management, transportation & logistics, and retail customer analytics.
  • On the basis of deployment, the on-premise segment enables users to integrate multiple cameras installed on a site and deploy the software at their workstations or servers within the facility. This segment dominated the market in 2018.
  • The cloud-based video management software segment is expected to witness high growth over the forecast period owing to the increasing use of cloud-based solutions by small, medium as well as large enterprises.
  • North America dominated the video management software market and can be attributed to the presence of key industry players and increased adoption of high-end IP-based monitoring and surveillance systems in the region.
  • The Asia Pacific is projected to emerge as the fastest-growing market for video management software owing to the rising adoption of cloud-based video management software in emerging markets such as China and India.

Big Data as a Service Market Size Worth $51.9 Billion By 2025

The global big data as a service (BDaaS) market is estimated to reach USD 51.9 billion by 2025, registering a CAGR of 38.7% over the forecast period, according to a new study by Grand View Research, Inc. The combination of big data analytics technologies and cloud computing platforms has led to the development of Big Data as a Service or BDaaS. BDaaS offers analyses of large and complex datasets over the Internet or as cloud-hosted services. The increasing requirement of structured data for analyses, which helps organizations achieve targets, coupled with the growing number of social media platforms and users accessing accessible multimedia content on the Internet, such as videos, audio, and text, are anticipated to drive the market growth over the forecast period.

Data-Driven Decision Making (DDDM) helps in addressing the problem of unstructured data analysis and enables organizations to make more informed decisions with transparency and accountability. It also offers increased capacity to scale changes and flexibility in modeling change scenarios, among others. For instance, Google has created a People Analytics Department that supports the organization in making decisions with fact-based data. In this department, Google has created a group called Information Lab, which includes social scientists who conduct innovative research that has changed the organizational practice within the company.

The growing adoption of social media analytics in BDaaS to monitor consumer preferences and offer personalization insights is anticipated to propel market growth over the forecast period. Moreover, the increasing importance of sentiment analysis has also encouraged enterprises to integrate social media into their business processes. This has resulted in a large amount of data being stored by organizations, which in turn, is expected to propel market growth over the forecast period.

Key market players are focusing on mergers & acquisitions to enhance their regional presence and target new customers across the globe. However, increasing privacy concerns coupled with the rapidly rising purchase costs and costs for installation, deployment, and maintenance may hamper the market over the forecast period.

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https://www.grandviewresearch.com/industry-analysis/big-data-as-a-service-bdaas-market

Big Data Market Report Highlights:

  • The global market is anticipated to witness substantial growth owing to the increasing requirement of structured data for analysis and long-term data retention over the forecast period
  • The hybrid cloud segment is expected to register a CAGR exceeding 40% over the forecast period owing to benefits it provides in terms of cost efficiency, scalability, flexibility, and security
  • Hadoop-as-a-Service emerged as the dominant segment in 2018 owing to the large number of companies frequently accessing virtual storage and analysis of data on the cloud across the globe
  • North America captured a significant share in the global BDaaS market owing to the increasing government funding to support big data projects in the U.S. and high penetration of e-commerce in the region
  • The APAC market is estimated to showcase significant growth over the forecast period owing to the high rate of penetration of smartphones and internet users in Brazil and Mexico
  • Key market players operating in the Big Data as a Service market, including Amazon Inc., IBM Corporation, and Dell Inc., are focused on expanding their market presence and targeting new customers through mergers and acquisitions.

U.S. Advanced Wound Care Market Size Worth $3.4 Billion By 2026

The U.S. advanced wound care market has witnessed substantial growth in recent years, aided by the expanding healthcare infrastructure in the region, government support and initiatives through a number of programs, and the presence of major players in the region.

The U.S. advanced wound care market is projected to be worth USD 3.42 billion by the year 2026, advancing at a CAGR of 4.2% over the forecast period, as per a study by Grand View Research, Inc. The primary factor for the industry growth is the continued rise in the number of surgeries in the country, coupled with the high number of incidences of chronic wounds in the region. Wound care products can be broadly classified into traditional and advanced, the major difference being that the former is used to treat simple wounds, while the latter finds use in complex wound cases. Some of the common advanced wound care products include hydrocolloids, hydrogels, film and foam dressings, and alginates. Increasing incidences of surgeries have also helped in positively shaping the advanced wound care industry in the region.

Recent years have witnessed a rise in the number of surgical procedures in the U.S., with data from 2014 estimating that around 51.4 million surgeries were performed in the region. Rising prevalence of chronic diseases, such as cancer, diabetes, and autoimmune diseases, is one of the key factors leading to an increase in the number of surgeries being performed in the country. As per data offered by the CDC in 2020, around 34.2 million people, amounting to 10.5% of the country’s population, are suffering from diabetes. Diabetes leads to slower healing of wounds, which can cause infections and risky health issues; advanced wound care products are used to address this issue, thus driving market growth. Additionally, there has been a continued growth in the incidences of infectious and non-communicable diseases, caused majorly by an unhealthy lifestyle pattern followed by a large population, coupled with a rise in the number of food-borne diseases. On the whole, wound care treatment accounts for a significant proportion of the nation’s healthcare expenditure.

The advanced wound care market in the United States can be broadly classified on the basis of product, end-use, and application. Advanced wound care products comprise a wide variety of treatments and dressings involving hydrocolloid, hydrogel, alginate, collagen, and film and foam dressings, among others. Major end-use segments include hospitals, home care, and specialty clinics, among others. Application areas for advanced wound care products cover chronic wounds (diabetic foot ulcers, pressure ulcers, and venous leg ulcers, among others) and acute wounds (burns, and surgical & traumatic wounds). The United States has a large number of domestic players competing for market dominance, with some notable names being Smith & Nephew, Mölnlycke Health Care AB, Acelity (KCI Licensing, Inc.), ConvaTec Group PLC, and Baxter, among other regional competitors.

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https://www.grandviewresearch.com/industry-analysis/us-advanced-wound-care-market

U.S. Advanced Wound Care Market Report Highlights

  • Wound care is a significant part of the healthcare infrastructure in the US, with a retrospective analysis of Medicare beneficiaries in 2018 finding that around 8.2 million people in the country had wounds, with or without infections
  • The estimates for Medicare costs involving chronic and acute wound treatments ranged from USD 28.1 billion to USD 96.8 billion, with surgical wounds and diabetic foot ulcers accounting for a significant portion of the spending
  • Type II diabetes is the most common type of diabetes, affecting 90% of the diabetic population. Diabetic foot ulcer, a common complication of diabetes, typically requires surgical intervention to prevent foot amputation
  • Cancer is a major cause for the presence of malignant or cancerous ulcers in a patient, which in many cases require appropriate dressings in order to treat them; this is a major factor driving growth of the advanced wound care industry
  • In terms of revenue, foam dressing segment held the largest share in 2018 owing to the rising incidence of chronic wounds in the region; these wounds affect 5.7 million patients in the country, accruing annual costs of around USD 20 billion
  • In the application segment, the chronic wound segment is expected to witness the fastest growth rate over the forecast period owing to the rising incidence of diabetes in the U.S.
  • Home healthcare segment is expected to witness fastest growth over the forecast period, as many surgeries require an elongated period of healing time, making the home setting a promising avenue for market players in the coming years
  • The global COVID-19 pandemic led to a drastic reduction in the number of physical visits for patients requiring wound care, with the US healthcare setup under huge stress owing to the exponential increase in coronavirus admissions
  • Home healthcare and telemedicine have been touted as effective measures to manage wound infections during the pandemic, with the system expected to witness wider application in the near future, thus driving market growth for advanced wound care
  • Major industry players have implemented strategies such as mergers and acquisitions, as well as new product launches, in order to garner higher market share
  • For instance, in January 2020, ConvaTec announced the release of ConvaMax superabsorber dressing to manage highly exuding wounds such as diabetic foot ulcers, leg ulcers, and pressure ulcers
  • In October 2019, 3M completed the acquisition of Acelity, Inc. along with its KCI subsidiaries globally, thus expanding their presence in advanced and surgical wound care areas

Enzymatic Wound Debridement Market Size Worth $1.10 Billion By 2026

According to a recent report published by Grand View Research Inc.,product approval initiativesis likely to accelerate market expansion.

According to a report, “Enzymatic Wound Debridement Market Size, Share, & Trend Analysis Report By Product (Papain Product, Collagenase Product), By End Use (Hospitals, Homecare), And Segment Forecasts, 2019 – 2026”, published by Grand View Research, Inc. The global enzymatic wound debridement market size is expected to reach USD 1.10 billion by 2026, registering a CAGR of 5.8%, as per a new report by Grand View Research Inc.The increasing incidence of chronic diseases and the introduction of technologically advanced products are factoring the enzymatic wound debridement market growth.

Researchers and industry players have undertaken several initiatives for developing technologically advanced products. Collagenase-based enzymatic wound debridement products are majorly used for chronic & acute wounds treatment. Such products are gaining acceptance and has fueled the introduction of several technologically advanced products are being introduced in the market. For instance, NexoBrid (NXB), previously referred to as Debriding Gel Dressing (DGD)—which is derived from pineapple Bromelain group of enzymes-was introduced in 2017. NXB is an enzymatic wound debriding drug that can be effectively used in treating deep burn wounds.

New products are receiving government approvals for further commercialization.  For instance, in May 2019, Vericel Corporation entered into a supply agreement and exclusive license with Medi Wound Ltd. to capitalize their product called Nexo Bridin North America. The Nexo Bridreceived approval in the U.S., European Union, and other international markets.

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https://www.grandviewresearch.com/industry-analysis/enzymatic-wound-debridement-market

Enzymatic Wound Debridement Market Report Highlights

  1. According to the WHO, an estimated 180 000 deaths occur every year due to severe burns in middle- and low-income countries and 30,000 people suffer new burns globally, some are severe enough to warrant immediate medical attention. Increasing number of accidents has resulted in a considerable growth of the market products
  2. Market giants have entered into strategic alliances to enhance product innovation capabilities and stay ahead of the market competition. In June 2019, MediWound launched EscharEx® under the U.S. Clinical Development Program as the company’s topical biological drug candidate for hard-to-heal wounds. The company followed the pre-defined interim assessment of enzymatic and autolytic debridement to ensure the efficacy, safety, and clinical benefit of EscharEx
  3. The acute wounds segmentaccounted for the highest revenue share in 2018. They include lacerations, burns abrasions, incisions, puncture wounds, etc. and is driven by the increasing number of burn injuries worldwide
  4. Collagenase-based enzymatic wound debridement product segment dominated the market in 2018. Collagenase-based creams, ointments, and gels are widely used for debridement of necrotic tissue from pressure ulcers, venous leg ulcers, burn wounds, and partial-thickness burns
  5. North America led the global market in 2018 due to rise in sports-related injuries and road accidents