The advanced wound care market size at a global level to grow at USD 11.8 billion by 2025 from USD 9.4 billion in 2020, growing at a CAGR of 4.52% during the forecast period.
Advanced wound care is developing as a standard solution for the treatment of chronic wounds. Advanced wound care products are increasingly replacing traditional wound care products due to their efficiency and effectiveness in managing wounds by enabling faster healing. Advanced wound care products are intended to treat more complicated wounds and typically require a doctor's prescription to be protected by insurance. This includes hydrogels, hydrocolloids, alginates, film, and foam dressings. Advanced treatment for wounds is based on the principle of moisture therapy, which provides moisture to the wound site to encourage natural cell repair while giving the wound room to breathe. Products used in moist wound care are generally better suited to different shapes and sizes of the wound and are more resistant to environmental inhibitors and foreign particles.
MARKET DRIVERS:
The growing geriatric population worldwide and increasing incidence of chronic diseases such as diabetes & obesity are significantly contributing to the growth of the global advanced wound care market.
Almost half of all high blood glucose deaths occur before the age of 70. According to World Health Organization (WHO) estimates diabetes to be the seventh leading cause of death in 2016. Between 2000 and 2016, the prematurity mortality rate due to diabetes increased by 5%. Diabetes prevalence has risen tremendously in low-and middle-income countries than in high-income countries. An estimated 1.6 million deaths were directly caused by diabetes in 2016. Over 1.9 billion adults, 18 years of age and older, were overweight in 2016. Of these, more than 650 million were obese. Over 340 million children and adolescents aged 5-19 years were overweight or obese in 2016, reported by WHO.
The rising incidence of road traffic injuries due to accidents globally accelerates the growth rate of the global advanced wound care market.
According to WHO, about 5.8 million people die every year as a result of injuries. Approximately 1.35 million people die each year as a result of road traffic accidents. Between 20 and 50 million more people suffer non-fatal injuries, with many incurring disabilities resulting from their injuries. Growing cases of burn injuries and invasive surgery. According to WHO, an estimated 180 000 burns death each year – the vast majority in low-and middle-income countries. Additionally, growing prevalence to have a speedy recovery and preventing infection is considered a significant factor in global advanced wound care market growth.
Technological advancement in the wound care industry in developed regions is further expected to drive the advanced wound care market.
The number of surgical procedures is increasing. Also, increasing awareness of advanced wound care products will boost the market growth in the coming years, while technological advancement and innovation of effective products will create lucrative market opportunities. People demand effective treatment procedures with growing knowledge over the benefits of advanced wound care products. Growing support from the government through investments in hospitals is further estimated to drive market growth for advanced wound care. Advanced wound care therapy is also highly applicable for diabetic patients to treat foot ulcers, and this factor is escalating the advanced wound care market.
Favorable conditions from the public and private organizations over the treatment of complex wounds and the rise in the capital income in developed and developing countries provide growth opportunities for the companies operating in the global advanced wound care market. Growing concern towards healthcare among individuals and to have quality therapeutic procedures for wounds is creating chances for the market to grow. Increasing the elderly population worldwide is making the demand for the market to move forward. Rising disposable income in urban areas and people's interests in innovative products in the medical sector elevates the growth rate of the advanced wound care market.
MARKET RESTRAINTS:
Wound repair and regeneration are a highly complex combination of destruction and reorganization of the matrix. The treatment of burn surgery and wound injury require high cost is hampering the advanced wound care market. However, strict regulatory policies and the high cost of medical devices are limiting factors for the market. Simultaneously, the risk of chronic and surgical wound infection will be a challenging factor for the market. Some groups are at higher risk of developing foot ulcers, including Native Americans, African Americans, Hispanics, older adults, insulin-dependent diabetics, and people with diabetes-related kidney, eye, and heart disease. The high cost of advanced wound care products-The high cost of chronic wound care and advanced wound care products may have a negative impact. Active therapy restricts the adoption of the market.
Impact of COVID-19 on advanced would care market.
COVID-19 is an infectious disease caused by the most recent novel coronavirus. The World Health Organization (WHO) declared that COVID-19 was a pandemic on 11 March 2020. The outbreak of COVID-19 will impact the advanced wound care market in the initial phase of the forecast period.
Clinicians usually treat chronic wounds at least once a week to assess the progress of the wound, provide debridement, and/or apply CTPs (skin substitutes). Hospital outpatient (HOPD) wound clinics have been the primary site of care for the treatment of these wounds, but with the closure of several of these facilities during the initial COVID surge, many patients with chronic wounds have not been seen, have been delayed, or have begun to be transferred to the medical office for treatment. The most significant market impact occurred in April/May 2020 when several states were locked down, and most, if not all, elective procedures were canceled. Due to nationwide lockdowns, ignorance of wound care services, cancelation or postponement of elective surgery, and an increase in skin injuries among COVID-19 health care providers, the advanced wound care market is anticipated to witness some decline during the forecast period. However, the demand for advanced wound care products is expected to rise dramatically during the latter half of the forecast period.
REPORT COVERAGE:
|
REPORT METRIC |
DETAILS |
|
Market Size Available |
2019 to 2025 |
|
Base Year |
2019 |
|
Forecast Period |
2020 to 2025 |
|
Segments Covered |
By Type, Application, End-User, Region |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, Drivers, Restraints, Opportunities, Challenges, PESTLE Analysis, Porter's Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
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Regions Covered |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
This research report on the global advanced wound care market has been segmented and sub-segmented into the following categories:
Advanced Wound Care Market - By Type:
The Dressing type segment holds the highest shares of the global advanced wound care market based on the type. Rising awareness over the feasibility of the advanced wound care treatment process is propelling this segment's growth. The growing scale of research centers introducing new techniques and manufacturing quality products is elevating the market demand.
Advanced Wound Care Market - By Application:
The Skin ulcer application category leads with the largest shares of the advanced wound care market by application. The rise in the demand to have effective treatment procedures at any cost is prompting the market's growth.
Advanced Wound Care Market - By End User:
Based on end-user, the In-patient services category has the fastest growth rate from the past decade and hit the highest CAGR in foreseen years. The growing prevalence for faster healing treatment procedures is surging the demand for the advanced wound care market.
Advanced Wound Care Market - By Region:
In 2019, the global advanced wound care market was led by North America due to the acceptance of the latest technologies and innovative products. The Asia Pacific is next to North America to lead dominant shares of the market with the rise in the elderly population and growing demand for proper diabetes health management. The growing potential of emerging economies, emerging economies such as India, Brazil, China, and South Africa are increasing market players in the advanced wound care market due to growing populations, rising chronic diseases, advances in the healthcare sector, and rising government initiatives.
Europe will have the highest growth rate from the past decade by increasing investments in developing new products favoring the patient's health condition. The Middle East and Africa are inclined to grow at a faster rate in the coming years.
KEY MARKET PARTICIPANTS:
Notable companies dominating the global advanced wound care market are Acelity, Coloplast, 3M Healthcare, Medtronic, Integra Lifesciences, Derma Sciences, ConvaTec, Smith & Nephew, Molnylcke, and Organogenesis.
MAJOR HAPPENINGS IN THE ADVANCED WOUND CARE MARKET IN THE RECENT PAST:
1.Introduction
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2. Research Methodology
2.1 Introduction
2.2 Analysis Design
2.3 Research Phases
2.3.1 Secondary Research
2.3.2 Primary Research
2.3.3 Econometric Modelling
2.3.4 Expert Validation
2.4 Study Timeline
3. Overview
3.1 Executive Summary
3.2 Key Inferences
3.3 New Developments
4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5. Market Segmentation
5.1 By Type
5.1.1 Dressings
5.1.2 Therapy Devices
5.1.3 Active wound care
5.2 By Application
5.2.1 Skin ulcers
5.2.2 Surgical wounds
5.2.3 Burn Wounds
5.3 By End User
5.3.1 In-patient services
5.3.2 Out-patient services
6. Geographical Analysis
6.1 North America
6.1.1 United States
6.1.2 Canada
6.2 Europe
6.2.1 United Kingdom
6.2.2 Germany
6.2.3 France
6.2.4 Italy
6.2.5 Spain
6.3 Asia-Pacific
6.3.1 China
6.3.2 India
6.3.3 Japan
6.4 Latin America
6.4.1 Brazil
6.4.2 Rest of Latin America
6.5 Middle East & Africa
6.5.1 Middle East
6.5.2 Africa
7.Strategic Analysis
7.1 PESTLE analysis
7.1.1 Political
7.1.2 Economic
7.1.3 Social
7.1.4 Technological
7.1.5 Legal
7.1.6 Environmental
7.2 Porter’s Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
8.Market Leaders' Analysis
8.1 Acelity
8.1.1 Overview
8.1.2 Product Analysis
8.1.3 Strategic Evaluation and Operations
8.1.4 Financial analysis
8.1.5 Legal issues
8.1.6 Recent Developments
8.1.7 SWOT analysis
8.1.8 Analyst View
8.2 Coloplast
8.3 3M Health care
8.4 Medtronic
8.5 Integra Lifesciences
8.6 Derma Sciences
8.7 ConvaTac
8.8 Smith & Nephew
8.9 Molnylcke
8.10 Organogenesis
9.Competitive Landscape
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, collaborations, and Joint Ventures
9.4 New Product Launches
10.Expert Opinions
10.1 Market Outlook
10.2 Investment Opportunities
Appendix
a) List of Tables
b) List of Figures
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