South Korea Wound Care Management Market - Growth, Trends, and Forecasts (2020 - 2025)

The South Korean wound care management market will show rapid growth due to the increase in diabetes and the obese population and the rising incidence of chronic wounds and an increase in the number of surgeries.

• Diabetes is a significant global public health issue, and its burden is projected to increase. In South Korea, diabetes is a major contributor to the disease's burden, affecting approximately 5 million Korean adults in 2016. The increase in diabetes has, consequently, increased diabetes-related morbidity, thus becoming a socioeconomic burden.
• Therefore, there is also an incidence of chronic wounds, especially foot ulcers, increasing among the diabetic population. Therefore, the number of diabetic patients is expected to grow with the increasing geriatric population, which, in turn, will drive the growth of the wound care management devices in South Korea.

Key Market Trends

Wound Dressing is Expected to Dominate the South Korea Wound Care Management Market

• Dressings are considered as an effective tool for moist wound healing and are specifically useful in preventing dressing-related trauma, managing exuding wounds, and reducing dressing discomfort and pain. Its flexibility can be cut to fit specific body parts, like toes, fingers, or ears. There are also thermal properties associated with the foam dressings that can be used on a wound, and that needs insulation to keep it warm.
• Furthermore, foam dressings can help protect the skin on top of bony prominences or high friction areas. Furthermore, many new advancements are specifically designed for wounds with moderate to high levels of exudate. These advancements have thus helped in the growth of the overall market.

Competitive Landscape

The market players are committed to developing innovative healing solutions for customers and patients across the care continuum, generating proven clinical outcomes. The companies are also showing continuous growth and are developing new and differentiated products and services, which address the evolving healthcare needs among patients, providers, and consumers. These key players are involved in adopting strategies such as mergers and acquisitions and entering into partnerships to strengthen their position in the market.

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TABLE OF CONTENTS

1 INTRODUCTION

• 1.1 Study Deliverables
• 1.2 Study Assumptions
• 1.3 Scope of the Study

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS

• 4.1 Market Overview
• 4.2 Market Drivers
  • 4.2.1 Increase in Diabetes and Ageing Population
  • 4.2.2 Rising Incidence of Chronic Wound and Increase in the Number of Surgeries
• 4.3 Market Restraints
  • 4.3.1 High Cost of Procedures and Reimbursements Issues
  • 4.3.2 Stringent Regulations
• 4.4 Porter's Five Force Analysis
  • 4.4.1 Threat of New Entrants
  • 4.4.2 Bargaining Power of Buyers/Consumers
  • 4.4.3 Bargaining Power of Suppliers
  • 4.4.4 Threat of Substitute Products
  • 4.4.5 Intensity of Competitive Rivalry

5 MARKET SEGMENTATION

• 5.1 By Product
  • 5.1.1 Wound Care
    • 5.1.1.1 Dressings
    • 5.1.1.2 Bandages
    • 5.1.1.3 Wound Care Devices
    • 5.1.1.4 Topical Agents
  • 5.1.2 Wound Closure
    • 5.1.2.1 Suture
    • 5.1.2.2 Surgical Staplers
    • 5.1.2.3 Tissue Adhesive, Sealant, and Glue
• 5.2 By Wound Type
  • 5.2.1 Chronic Wound
    • 5.2.1.1 Diabetic Foot Ulcer
    • 5.2.1.2 Pressure Ulcer
    • 5.2.1.3 Other Chronic Wound
  • 5.2.2 Acute Wound
    • 5.2.2.1 Surgical Wounds
    • 5.2.2.2 Burns
    • 5.2.2.3 Other Acute Wounds

6 COMPETITIVE LANDSCAPE

• 6.1 Company Profiles
  • 6.1.1 Johnson and Johnson
  • 6.1.2 Smith and Nephew
  • 6.1.3 Medtronic PLC
  • 6.1.4 Coloplast Ltd
  • 6.1.5 Molnlycke Health Care
  • 6.1.6 Convatec Inc.
  • 6.1.7 Beiersdorf AG
  • 6.1.8 Paul Hartmann AG

7 MARKET OPPORTUNITIES AND FUTURE TRENDS