Philippines Nutraceuticals Market Outlook to 2022 : Ken Research

The report titled “Philippines Nutraceuticals Market Outlook to 2022 – Composite Herbal Dietary Ingredients, Ginseng, Garlic and Ginkgo Biloba Based Herbal Supplements will Drive the Growth” provides a comprehensive analysis of the nutraceuticals market in Philippines. The report covers the overall market size in terms of revenue, segmentations on the basis of product category and channels of distribution for vitamins & dietary supplements, functional beverages and functional foods, trends and developments, issues and challenges, regulatory landscape in Philippines, entry barriers and pre-requisites to enter the market, competitive scenario and company profiles. The report concludes with market projection for future market described above and analyst recommendations highlighting the major opportunities and cautions for the nutraceuticals market.

Philippines Nutraceuticals Market Overview and Size

The nutraceuticals market of Philippines is presently in its early growth stage due to the dependence on traditional pharmaceutical medicine system by growing middle class population. The middle class consumers accounted for majority of the Filipino population. The nutraceuticals market within the Philippines showcased a robust year-on-year progress in terms of revenues during the review period of 2012-2017.

Philippines Nutraceuticals Market Segmentation: Functional beverages segment within the Philippines nutraceuticals market established itself as the market leader in 2017. Increasing awareness regarding health and fitness among Filipino consumers has boosted the demand for functional beverages in the Philippines. The functional foods segment witnessed an elevated consumption of processed food in the country, allowing Filipino users to purchase premium health products thereby driving the demand for functional foods across the region. Lastly, vitamins and dietary supplements segment captured the remaining market share in the year 2017. Filipino consumers’ desire to improve mental and physical health has led to increased consumption of vitamin, skin nourishing and beauty supplements in the country.

Vitamins and Dietary supplements: Vitamins segment within the Philippines V&D supplements market clearly established itself as the market leader in the year 2017. The growth of vitamins can be majorly attributed to the consumer’s desire to maintain and improve their health in order to cope up with daily stress, long queues in transportation and traffic, lack of nutritional diet and daily life problems. Dietary supplements segment was observed to follow with a lesser revenue share owing to the increasing ability of consumers to include several nutritional products in their regular diets. Pediatric vitamins and dietary supplements grabbed third position in the country’s V&D supplements market in the year 2017. Lastly, tonics were observed to capture the remaining minimal revenue share in the Philippines vitamins and dietary supplements market.

Combination of herbal / traditional dietary ingredients clearly established itself as market leader with a massive revenue share in Philippines herbal dietary supplements market in 2017. Multi-herb formula usually comprise of numerous herbs in a one single formula, thereby providing benefits to the overall body. Ginseng, garlic, ginkgo biloba and other herbal dietary supplements collectively captured the remaining revenue share in the Philippines herbal dietary supplements market in 2017.

Functional Beverages: Functional Beverages segment in the Philippines grew at a CAGR of 4.5% during the period 2012-2017. The major players in this segment include Coca Cola, Mondelez International, PepsiCo, Del Monte and others. Among functional beverages, the leading category was carbonated and energy drinks in the year 2017. An increase in the price of high-sugar has shifted the market demand from sweetened carbonated beverages to energy drinks. The emergence of domestic companies like Asia Brewery has led to significant growth of this segment. Powder concentrates and hot drinks held the second highest revenue share of in 2017. They remained not as popular in comparison with ready-to-drink products as convenience continues to be a prime area of for Filipino customers. Fruit and vegetable juices followed with the next highest revenue share as they offer healthier alternatives to carbonated beverages. Sports drinks and bottled water collectively accounted for the least revenue share in the market as compared to above mentioned functional beverages.

Functional Foods: Functional Foods dominated the Philippines nutraceuticals market as revenue generated during the period 2012-2017 grew at a CAGR of 6.3%. Majority of the revenue share in this segment was held by baby food products in the year 2017. In spite of growing awareness among new Filipino mothers to feed mother’s milk to their children, the working female population has no choice but to rely on baby food products leading to such a high market share. The second highest revenue share was held by dairy based functional foods in Philippines. The soaring domestic demand for fermented milk drinks and yogurts in the country helped this category to acquire such a high market share. The least revenue share was held by confectionary, sweet biscuits and breakfast cereals in the year 2017.

Competitive Landscape

Philippines Vitamins and Dietary Supplements Market: Competition within the Philippines vitamins and dietary supplements market was witnessed to be moderately fragmented with top 4 players capturing majority of the market share by revenue, namely United Laboratories Inc, USANA Health Sciences Inc, Pfizer Inc and Tynor Drug House Inc in the year 2017. One of the biggest influences of the market is the customers’ personal disposable income and their allotted budgets for vitamins and dietary supplements.

Philippines Functional Beverages Market: Increased penetration of foreign companies made the country’s functional beverages market fragmented. In addition to that, domestic firms such as Asia Brewery Inc. along with its Cobra brand was observed to gain popularity in the energy drinks segment thereby giving tough competition to its international rivals operating within Philippines.

Philippines Functional Foods Market: Competition within the Philippines functional foods market was noted as fragmented in nature owing to the presence of international and domestic local manufacturers in this segment. Over the years, the competition has increased as the companies are focusing towards improving the quality of their products. Some of the major players operating within the country’s functional foods market include Nestle, Reckitt Benckiser Group, Yakult Honsha Co Ltd, San Miguel Corp and others who sell functional foods belonging to various segments such as baby food, dairy, confectionery items, breakfast cereal, sweet biscuits, snack bars and fruit snacks and others.

Philippines Nutraceuticals Market Future Outlook

Philippines nutraceuticals market revenues are further expected to increase at a stable CAGR during the forecasted period 2017-2022E. The expected growth and popularity of this industry can be directly linked along with consumers’ rising inclination towards health and wellness. Distribution Channels available for Nutraceutical Companies in the Philippines will play a vital role in their future growth. Apart from daily/regular retail store formats, rising number of players have been adopting direct selling distribution model. In the forecast period, high growth opportunities are likely to be perceived in functional food ingredients including lutein, lycopene, omega-3 fatty acids, probiotics; soy protein nutrients; essential minerals such as calcium and magnesium; herbal extracts including garlic, green tea and non-herbal extracts including chondroitin, glucosamine and coenzyme Q10 in the Philippines.

Key Segments Covered

·         Vitamins and Dietary Supplements:

Ø  By Type (Vitamins, Dietary Supplements, Paediatric Vitamins and Dietary Supplements and Tonics)

Ø  By Type of Distribution Channel (Drugstores / Parapharmacies, Direct Selling and Internet Selling, Other Healthcare Specialist Retailers, Supermarkets and Hypermarkets)

Ø  By Type of Fish Oils/Omega Fatty Acids (Plant Based Oils, Cod Liver Oil and Other Marine Based Oils)

Ø  By Type of Vitamins (Multivitamins and Other Vitamins)

Ø  By Positioning of Multivitamins (Teenagers, Men, Women, Pregnancy, Elderly and Others)

·         Functional Beverages:

Ø  By Product Category (Carbonates and Energy Drinks, Concentrates and Hot Drinks, Fruit/Vegetable Juices, Sports Drinks and Others and Bottled Water)

Ø  By Channel of Distribution (Hypermarkets & Supermarkets, Independent Small Grocers, Convenience Stores, Forecourt Retailers and Other Grocery Retailers)

·         Functional Foods:

Ø  By Sale of Functional Foods (Baby Food, Dairy, Confectionery, Sweet Biscuits, Snack Bars and Fruit Snacks; and Breakfast Cereals),

Ø  By Channel of Distribution (Hypermarkets & Supermarkets, Independent Small Grocers, Non Grocery Specialists, Convenience Stores, Direct Selling, Forecourt Retailers and Other Grocery Retailers)

Key Target Audience

·         Nutraceuticals Manufacturers

·         Nutraceuticals Distributors

·         Government Agencies

·         Vitamins and Dietary Supplements Companies

·         Functional Foods Companies

·         Functional Beverages Companies

Time Period Captured in the Report:

·         Historical Period: 2012- 2017

·         Forecast Period: 2018- 2022

Companies Covered:

·         Vitamins and Dietary Supplements:

Ø  United Laboratories Inc.

Ø  USANA Health Sciences Inc.

Ø  Pfizer Inc.

Ø  DMI Medical Supply Co. Inc.

Ø  Tynor Drug House Inc.

Ø  Abbott Laboratories Inc.

Ø  Pascual Pharmaceuticals Corporation

Ø  Natrapharm Inc.

Ø  ATC Health Care

Ø  Hovid Berhad Philippines

Ø  Daewoong Pharma

Ø  Others (Menarini, Trianon Inc., Merck Inc. and Hi Eisai Pharm)

·         Functional Beverages:

Ø  Coca Cola Co.

Ø  Mondelez International Inc.

Ø  PepsiCo Inc.

Ø  Del Monte Pacific Ltd.

Ø  Asia Brewery Inc.

Ø  Zest-O Corporation

·         Functional Foods:

Ø  Nestle SA

Ø  Reckitt Benckiser

Ø  Yakult Honsha Co. Ltd.

Ø  San Miguel Corporation

Ø  JG Summit Holdings Inc.

Ø  Fonterra Co-operative Group Ltd.

Ø  Mondelez International Inc.

Key Topics Covered in the Report

·         Executive Summary

·         Research Methodology

·         Philippines Nutraceuticals Market Overview and Genesis

·         Philippines Nutraceuticals Market Size

·         Philippines Nutraceuticals Market Segmentation

·         Philippines Vitamins & Dietary Supplements Market

·         Philippines Functional Beverages Market

·         Philippines Functional Foods Market

·         Trends and Developments in Philippines Nutraceuticals Market

·         Issues and Challenges in Philippines Nutraceuticals Market

·         Regulatory Landscape in Philippines Nutraceuticals Market

·         Entry Barriers and Pre-Requisites to Enter in Philippines Nutraceuticals Market

·         Philippines Nutraceuticals Market Future Outlook and Projections, 2017-2022E

·         Analyst Recommendations

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https://www.kenresearch.com/philippines-nutraceuticals-market-future.html

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Dynamic Landscape Of The Nutritional Supplements In The Asia Pacific Market Outlook: Ken Research

According to the report analysis, ‘Asia-Pacific Nutritional Supplement Market (2018-2023)’ states that there are several key players which are presently functioning in this market more actively for acquiring the huge market share in Asia Pacific region by doing more developments in the quality of the product includes Amway Corporation, GlaxoSmithKline, Amway Asia-Pacific Ltd., Bayer AG, Arkopharma Laboratories and several others. Moreover, the key players of this market are establishing the e-commerce platform for leading the highest market share and accomplishing the growing demand of potential buyers across the globe. Not only has this, many of the key players are benefiting with the joint ventures and mergers and acquisitions for ruling across the globe which further proved to be beneficial for leading the fastest growth in the reviewed period.  The Asia-Pacific region nutritional supplement market was valued USD 44.02 Billion in 2017. This market is predictable to observe the fastest growth at a CAGR of 14.63% from the period of 2018 to 2023. Personalized nutrition is developing more significantly as a major trend in this market. Growing awareness related to the requirement for nutritional supplements in China and India is acting in favor of the market.

The present scenario and significant development in the nutritional supplement has represent the effective growth in the present era. As the consumer of this trend is become more health conscious and demand for nutritional supplement. In the Asia pacific region, the disposable income of a consumer is rising more actively which further lead the fastest market in the forecasted period. Whereas the nutritional supplements are manufactured products which intended to supplement the diet as they facilitate nutrients either extracted from food sources or synthetic in order to increase the quantity of their consumption. Moreover, the nutritional supplements can also encompasses the ingredients that have not been confirmed as being indispensable to life, but are advertised as having a beneficial biological impression which includes polyphenols and pigments. Not only has this, with the effective applications of nutritional supplement in China the market will lead to the growth more positively in near future.

Lack of awareness related the dosage of nutritional supplements and limited government regulations and guidelines is measured to be one of the challenges for this market. Whereas, the key players of this market are working more significantly for facing the challenges more actively and removing the restraints as they both hamper the market growth and limit the efforts of the key players for leading the handsome amount of share. Augmented consumer awareness related to the benefits of these supplements and high product obtainability are some of the major drivers in Asia-Pacific region. Growth in the disposable income enable the populace to spend more from the additional amount of income on nutritional supplements. The usage of traditional herbal supplements such as tulsi, aswagandha and turmeric because of their medicinal advantages is also a key driver for this market. Therefore, in the near future it is expected that the market of nutritional supplement in the Asia Pacific region will increase more significantly in the upcoming few years.

To know more, click on the link below:

https://www.kenresearch.com/healthcare/pharmaceuticals/asia-pacific-nutritional/172312-91.html

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Changing Dynamics Of The Nutritional Supplement In China Market Outlook: Ken Research

According to the report analysis, ’NUTRITIONAL SUPPLEMENT MARKET IN CHINA (2018-2023)’ states that there are several key players which are presently functioning in this market more actively for dominating the highest market share with the growing demand for nutritional supplements in the country includes Swisse, Blackmores, Amway Corporation, Abbott Nutritionals, Nestle Nutritionals, Nu Skin and several others.  The market of nutritional supplement in China is predicted to reach USD 40 Billion by 2023 growing at a CAGR of 14%. According to a research it is stated that the China may soon overhaul the U.S.A. as the most momentous nutritional supplement market in the world. Moreover, many of the key players of this industry are performing further developments in the quality of the product for increasing the demand and attaining the huge market share in China.

The market of China with pharmaceuticals category has grown more actively in the recent trend. Whereas, the nutritional supplement market in China has lead the effective market growth in the present era more significantly as the focused key player of this market in the region is doing an effective working with the techniques technology of product making. Moreover, the nutritional supplement are the supplement which are manufactured ingredient intended to supplement the nourishment when take by mouth. The category of nutrient compounds involves fiber, fatty acids, amino acids, vitamins and minerals. Furthermore, the nutrition supplements are substances that serve satisfactory amounts of essential nutrients needed for the effective performing of the human bodies in the real life. Nutritional supplement are effectively utilized in the diet to boom up the overall energy and health, serve provision to the immune system and decrease the peril of sickness. Not only has this, the focused key players of this market are playing an important role for dominating the highest market share in China with the significant developments in the technology of product making.

Additionally, the key players of this market are performing their duty more significantly for removing the restraints from the market for leading the handsome amount of share in the short span of time. Meanwhile, the rigorous legal regulations or framework, related to the registration of the ingredients under China Food and Drug Administration (CFDA), competition from the domestic brands are some of the challenges. For instance, the growing health conscious behavior, growing incidence of lifestyle diseases, the region’s rising per capita GDP, moving trend towards preventive healthcare, significant increase in e-commerce platform and usage of botanicals because of their medicinal advantages have contributed to the requirement for these nutritional products.

The market of nutritional supplement market in China is split differently into the market basis on the ingredients and end users. While, based on the end user the market is further sub-divided into infants and adults whereas, vitamin supplements grasp the huge market revenue among the nutritional ingredients because of the growing penetration of internet and infant’s supplements. Therefore, in the forecast period it is expected that the market of nutritional supplement in China will increase positively with the effective investment by the existing key players in enhancing facilities of e-commerce platform.

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New Technology and Rise in Health Care Concerns to Drive the Advanced Visualization in Latin America Region: Ken Research

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Advanced visualization refers to 3D & 4D performance and analysis software for post-processing of images from clinical imaging equipment. It comprises of full-field digital mammography imaging tools. It also includes sophisticated clinical applications of sectors such as oncology, cardiology, neurology, and orthopedics. Advanced visualization refers to computer-aided detection (CAD) expertise that is based on composite pattern recognition. AV system includes products of implantation service products, hardware products, post-scale products, software products, and preservation services.

Some of the key characteristics of advanced visualization are direct data communication, improved operational & industry activities, improved adaptation of industry information, rapid identification of latest trends, rapid access to appropriate business insights, and easy data comprehension.

According to study, “Latin America Advanced Visualization (AV) Market (2018-2023)” some of the major companies that are currently working in the Latin America Advanced Visualization (AV) market are General Electric Company, Toshiba Corporation, Fujifilm Holdings Corporation, Siemens AG, Ziosoft, Terarecon Inc., Agfa-Gevaert Group, Conmed, Koninklijke Philips N.V. These key players provide insight into their market position, financial performance, and development strategies.

Based on the solutions, AV market is segmented into standalone and terminal based solution and enterprise broad client-based solution. Some of the major benefits are enterprise broad client based solution are enhanced data storage capacity, multi-user interface, data transfer capabilities, centralized post-processing solutions, and streamlined analysis. Additionally, the AV market includes imaging methods like-ray, positron emission tomography (PET), ultrasound, nuclear medicines, computed tomography (CT) and magnetic resonance imaging (MRI).

The Latin America AV is primarily driven by rising predominance of target problems, increasing disposable income, the enhanced symptomatic understanding with AV apparatuses, increasing in awareness about advanced diagnostics, expansion of internet speed, increasing chronic diseases (cancer, strokes, heart attacks, and diabetes), increasing aging population, and developing interest for cutting-edge indicative systems.

Some of the major challenges are the high cost of products of the system. Hospitals are not able to pay due to high cost and financial constraints associated with installing clinical imaging modalities. Some of the major restraint factors are lack of specialized personnel, lack of funding due to economic instability, short-sightedness, lack of skilled professionals, failures of previous projects and limited compromise of the government with electronic health (E-health) etc.

Countries like Argentina, Brazil are coming out of recessions. As well as inflation is controlled at sub-Nominal levels which provide a favorable opportunity for the advanced visualization of the industry? Moreover, the Inter-American Development Bank has developed several commercial strategies for better healthcare development. Therefore, it is expected that the market is expected to grow fast due to rise in income levels followed by growth in the gross domestic product (GDP).

Brazil is one of the major AV market in Latin America, followed by Argentina, Mexico, and Columbia. All these countries are increasing their savings in the diagnostic imaging technology market. In 2018, the value of Latin America AV market was US$0.2 billion. It is projected that this market is expected to reach US$ 0.4 billion, at a CAGR of 10.0 %, by 2023. In near future, it is predicted that the AV market is expected to reach a higher level in the coming years.

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Growing Landscape Of The Digital Gaming In South Korea Market Outlook: Ken Research

Digital games are played at both commercial and educational level. Meanwhile, these games can serve a virtual environment where students are not limited by physical space. Moreover, digital games can effectively develop the knowledge of embedded subject matter and develop the student enjoyment and interest with content. Every day, millions of teenagers, young adults and kids devote their time at dedicated gaming cafes called PC bangs and they take this activity very extremely. For instance, digital gaming in South Korea region is an immense part of the culture, and over 50% of the country's populace appreciates gaming as a part of their dose of daily entertainment. Hence, The South Korea Digital Gaming market is anticipated to develop at a significantly high CAGR through the estimated period of 2018-2023. Not only has this, the key players of this region is playing an important role by doing effective developments in the technology of gaming for attaining the fastest growth in the market in the short span of time.

According to the report analysis, ‘South Korea Digital Gaming Market (2018-2023)’ states that some of the major key player which are recently functioning in this market more actively for leading the highest market share in the South Korea by doing new innovations in the digital gaming includes NCsoft, Eyedentity Games, GungHo Online, Activision Blizzard, Electronic Arts and several others. In addition, large administrations in telecommunications, media and entertainment and gaming in South Korea inspire professional gamers by developing eSports arenas. Thus, eSports gaming as a part of the Digital Gaming market is unloading huge amounts of investments in the country and thereby, enhancing digital gaming in South Korea. On the basis of platforms, the market is divided into PC games, mobile games, and console games. Among these sectors, mobile games are the wildest rising sector while PC games hold an effective portion of the revenues.

The gamers in South Korea are very fond of PC gaming monitored by mobile games. Meanwhile, Console gaming is increasing in a niche fashion in the country. The gamers in South Korea have a special inclination for competitive gaming thus, eSports is the most favored digital gaming in South Korea region. Rising gaming addiction in South Korea is a very big research to the growth of the Digital Gaming market of the country. Moreover, technologically, South Korea is a very progressive country and has one of the uppermost internet dissemination rates in the world with almost 100% of the households having xDSL, cable modem, LAN, or other types of internet access. Not only has this, South Korea is an important country in Asia-Pacific region with affections to smartphone adoption, and it is one of the most wired countries fully organized for 5G adoption. Hence, South Korea is anticipated to become a force to reckon with in the global gaming industry. Additionally, it is expected that in the coming years the market of digital gaming will rise more actively in South Korea over the recent few years.

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https://www.kenresearch.com/media-and-entertainment/gaming-and-gambling/south-korea-digital/172565-94.html

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Landscape of the Advanced Driver Assistance Systems in Europe Market Outlook: Ken Research

Advanced driver assistance systems are the supportive systems which support the drivers for avoiding the accidents and collisions. Moreover, they are acting as a complement or substitute the driver of the vehicle. ADAS is a combination of systems used in vehicles to serve a comfortable driving experience and intelligent. They use radar and cameras to support the drivers by serving real-time information related to the environment. The key players of this market in Europe are adopting the effective market strategies and policies for dominating the huge market share in the region. In addition, the effective working of the key players make the market more competitive and extensively force the new investors for making the investment in the research and development programs related to the systems. Not only has this, the market of the advanced driver assistance system is divided into three primary sectors based on the sensor, vehicle and component. Therefore, with the classification and applications the market of advanced driver assistance systems in Europe will rise more actively in the reviewed period.

According to the report analysis, ‘Europe Advanced Driver Assistance Systems (ADAS) Market (2018-2023)’ states that some of the major key players which are recently functioning in this market more positively for acquiring the huge market share by doing effective developments with the support of attractive equipment includes Continental AG, Autoliv Inc., Delphi Technologies, Bosch, BMW AG, Aisin Seiko Co., Mobileye, Denso Corporation, Magna International, Ford Motor Company and several others. In addition, ADAS making an effective way for autonomous vehicles. These systems are just as wish come true for the next-generation automotive electronic protection systems and autonomous cars. A vehicle's ADAS can smell the objects, prepared the driver of hazardous circumstances or approaching danger. The Europe ADAS market is estimated to reach USD 7.88 Billion by 2023 with a CAGR of 17.2% during 2018-2023.

Basis on the countries, the market is divided into the European Union Five (EU5) and the Rest of European Union (EU). Moreover, widespread implementation of these systems in small cars is predicted to further boost the market requirement. The growing government initiatives for authorizing driver assistance system in instruction to lower road accidents is anticipated to proliferate market growth. For instance, rapid increase in the vehicle automation and ADAS market, the wide challenge is to recover system accuracy and performance without climbing the price. Moreover, active safety systems and ADAS are principally delivered as optional packages in vehicles in Europe which are comparatively luxurious. Increasing levels of technological modernization as well as increasing initiatives towards vehicle automation and self-drive cars have elevated the requirement for driver protection and assistance systems over the past decade. The acceptance of ADAS applications such as ACC, BSD, LDW and night vision are principal to decrease in number of accidents. Therefore, in the coming years, it is expected that the market of advanced driver assistance system in Europe will rise more positively over the recent few years with the huge investment by the focused players.

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Increase in Health Care Facilities Coupled With Rising Demand of Self Care Development to Drive Wound Care Product Market in European Region: Ken Research

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Wound care products are defined based on specific types of a cure for skin ulcers, pressure infections and other wounds that halt the skin. Pressure infections are also called bed sores include adhesives, hydrocolloids, pressure relief, negative pressure wound therapy (NPWT), silver dressings, debridement, staples, collagen, and sutures.

According to the study, “Europe Wound Care Product Market (2018-2023)” some of the major companies that are currently working in Europe wound care product market are Coloplast Corporation, Johnson & Johnson Pvt. Ltd, Smith, and Nephew Plc., Biotronik, Medtronic/Covidien, Livanova, Cardia Science, Nihon Kohden Corporation, Beiersdorf AG, Molnlycke Health Care AB, Schiller Ag, St Jude Medical, Zoll Medical Corporation, ConvaTec Plc., Boston Scientific, Medtronic Public Limited Company.

The European Wound Management Association (EWMA) and European Tissue Repair Society (ETRS) and European Pressure Ulcer Advisory Panel (EPUAP) are government regulatory authorities that have several initiatives for innovative therapies in wound care & management with the purpose of making.

Some of the major applications of the wound care product market are acute and chronic wound care. An acute wound is segmented into proliferation or migration, inflammatory phase, hemostasis, and remodeling. Chronic wounds are defined as infection or biofilm, impaired angiogenesis, elevated MMPs, hyperproliferation epidermis, fibrin cuffs, fibroblast senescence, and persistent inflammation. In addition, trauma, radiation induces surgical and demarche categories of chronic wounds. Moreover, some of the major consumers are home healthcare, facilities, hospitals & specialty wound care clinics and long-term care facilities. Home healthcare is the rapidly growing segment in the EU as a consequence of rising demand for self-treatment at home followed by the large percentage of the aging population.

In Europe wound care products market have led to increasing in healthcare facilities innovative products, increasing demand of products, increasing disposable income, increasing awareness about affordable advanced wound therapies, developments in wound care research area, rising in the geriatric population, better access to improved healthcare, rise in number of chronic diseases and government regulations etc. The complex regulatory approval processes are one of the major challenge apart from this some of the new opportunities are potential application are therapy in the wound care, emerging economies, the growing popularity of active wound care products and increasing research in the field of advanced wound care.

Europe is the second largest wound care product market in the world. Based on the countries, region’s wound care market is segmented into EU5 and rest of EU5. EU5 holds the major market share in the region due to some countries such as Germany, the United Kingdom, and France that are creating significant funds in wound care. In 2018, Smith & NephewPlc, launched PICO 7wound care product in order to make stronger its position in European wound care market. By the end of 2018, in EU5, many wound care companies have plans to launch new innovative wound care products across the respective countries. It is estimated that Europe wound care product market to reach US$ 6.2 billion, at a CAGR of 6.0 %, by 2023. In near future, it is expected that the market to grow increasingly owing to the rising incidence of chronic diseases such as ulcers, diabetes, and trauma etc.

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