Advanced Wound Care Market 2023: Predicted to Grow at CAGR of 4.6% by 2030, AMR

Increase in the geriatric population, rise in incidences of diabetes, obesity, and chronic conditions, and developments in technology to deal with complex wounds have boosted the growth of the global advanced wound care market. However, high cost of advanced wound care products hinders the market growth. On the contrary, untapped opportunities in developing countries are expected to unlock new opportunities for the market players in the future.

What is the market for advanced wound care? The global advanced wound care market in terms of revenue was estimated to be worth $8.97 billion in 2020 and is expected to reach $14.19 billion by 2030, growing at a CAGR of 4.6% from 2023 to 2030.

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 Key Takeaways:

Growing Prevalence of Chronic Wounds: The advanced wound care market is driven by the increasing prevalence of chronic wounds such as diabetic foot ulcers, venous leg ulcers, and pressure ulcers. These wounds often require specialized treatment due to their complexity and slow healing nature.

Technological Advancements: Technological innovations have led to the development of advanced wound care products that promote faster and more effective wound healing. These include products like hydrogels, foams, films, alginates, and wound dressings with antimicrobial properties.

Rise in Aging Population: The aging population is prone to chronic conditions and slower wound healing due to reduced skin elasticity and diminished immune responses. As the global population continues to age, the demand for advanced wound care products is expected to increase.

Increase in Surgical Procedures: Surgical procedures, including complex surgeries, elective surgeries, and trauma surgeries, often result in surgical wounds that require specialized wound care for optimal healing. This drives the demand for advanced wound care products and services.

Impact of Covid-19 on Advanced Wound Care Market-

• The Covid-19 pandemic negatively affected the market due to countrywide lockdown and canceled or postponed elective surgeries. Moreover, the prolonged lockdown disrupted the supply chain and increased the prices of medical equipment and raw materials.
• However, the increase in skin injuries in medical care providers is expected to boost the demand for advanced wound care.

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Market Segmentation:

Product Type:

• • Dressings: These include foam dressings, hydrocolloid dressings, hydrogel dressings, alginate dressings, and collagen dressings. They provide a barrier to protect the wound and promote healing.
  • Therapy Devices: Negative pressure wound therapy (NPWT) devices, electrical stimulation devices, and ultrasonic wound therapy devices are examples of advanced wound care therapy devices.
  • Active Wound Care: This includes products with antimicrobial properties, growth factors, and biological dressings that actively promote wound healing.
  • Others: Enzyme preparations, tissue-engineered skin substitutes, and cell-based therapies.

Wound Type:

• • Diabetic Foot Ulcers: Wound care products tailored to address complications in diabetic patients.
  • Venous Leg Ulcers: Often caused by poor blood circulation, requiring specialized wound care.
  • Pressure Ulcers: Result from prolonged pressure on the skin, common in immobile patients.
  • Surgical Wounds: Wound care products for incisions resulting from surgeries.
  • Traumatic Wounds: Injuries from accidents or trauma that require specialized care.
  • Burns: Wound care solutions for various degrees of burns.
  • Others: Chronic non-healing wounds, arterial ulcers, etc.

End User:

• • Hospitals and Clinics: Major consumers of advanced wound care products due to the prevalence of surgical wounds and chronic ulcers.
  • Home Healthcare Settings: Increasing trend of managing wounds at home with the help of caregivers or trained professionals.
  • Long-term Care Facilities: Care centers for patients requiring extended wound care.
  • Others: Ambulatory surgical centers, wound care centers, and specialized wound clinics.

Geography:

• • North America: A mature market with high adoption of advanced wound care products.
  • Europe: Similar to North America, with a strong emphasis on wound care research and development.
  • Asia-Pacific: Rapidly growing market due to increasing healthcare awareness and improving healthcare infrastructure.
  • Latin America: Emerging market with growing demand for advanced wound care products.
  • Middle East and Africa: Increasing healthcare investments contributing to market growth.

Regional Growth Dynamics:

The global advanced wound care market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across North America held the largest share in 2020, accounting for more than two-fifths of the market. However, the market across Asia-Pacific is expected to register the highest CAGR of 5.7% during the forecast period.

Competitive Landscape:

The global advanced wound care market report includes an in-depth analysis of the prime market players such as 3M (Acelity Inc.), B Braun Melsungen AG, Adynxx, Inc., ConvaTec Group plc, Coloplast A/S, Integra Lifesciences (Derma sciences), Essity AB (BSN Medical GmbH), Johnson & Johnson, Investor AB (Mölnlycke Health Care AB), Medtronic plc., Medline Industries, Inc., Smith & Nephew Plc., and Organogenesis Holdings Inc.

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• Powered with Complimentary Analyst Hours and Expert Interviews with Each Report
• Comprehensive quantitative and qualitative insights at segment and sub-segment level
• Covid 19 impact trends and perspective
• Granular insights at global/regional/country level
• Deep-rooted insights on market dynamics (drivers, restraints, opportunities) and business environment
• Blanket coverage on competitive landscape
• Winning imperatives
• Exhaustive coverage on ‘Strategic Developments’ registered by leading players of the market

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