Advanced Wound Care Market

Global Advanced Wound Care Market Size (2023 to 2028)

The global advanced wound care market size at a global level is to grow to USD 12.80 billion by 2028 from USD 10.26 billion in 2023, growing at a CAGR of 4.52% during the forecast period.

Global Advanced Wound Care Market Share Insights:

• Based on the type, the dressing segment had a 40% share of the global advanced wound care market in 2022.
• The North American advanced wound care market dominated in 2022.
• The Asia-Pacific advanced wound care market is anticipated to grow at a healthy CAGR from 2023 to 2028.

Advanced wound care is a standard solution to treat chronic wounds. Advanced wound care is increasingly replacing traditional wound care due to its efficiency and effectiveness in managing wounds by enabling faster healing. Advanced wound care products that treat more complicated wounds require a doctor's prescription to be protected by insurance, including hydrogels, hydrocolloids, alginates, film, and foam dressings. Advanced wound treatment is based on 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 better suited to different shapes and sizes of the wound and are more resistant to environmental inhibitors and foreign particles.

Impact of COVID-19 on the advanced wound care market:

COVID-19 is an infectious disease caused by the most recent novel coronavirus. The World Health Organization (WHO) declared the COVID-19 pandemic on the 11^th of March 2020. The COVID-19 pandemic has impacted the advanced wound care market since the beginning. Clinicians usually treat chronic wounds at least once a week to assess the progress of the wound, provide debridement, and apply CTPs (skin substitutes). Hospital outpatient (HOPD) wound clinics have been the primary site of care for treating these wounds. Still, 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 increased skin injuries among COVID-19 healthcare providers, the advanced wound care market is anticipated to witness some decline during the forecast period. However, owing to the reduced impact of the COVID-19 pandemic and the growing habituation of new normalization by the people, the global market for advanced wound care is anticipated to register a healthy CAGR during the forecast period.

MARKET DRIVERS:

The growing geriatric population worldwide and increasing incidence of chronic diseases such as diabetes & obesity propel the growth of the global advanced wound care market.

Almost 50% of deaths due to high B.P. worldwide have occurred in the aging population. The World Health Organization (WHO) estimates that diabetes was 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 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, as reported by WHO.

The growing number of road traffic injuries due to accidents promotes the advanced wound care market growth.

According to the statistics published by Word Health Organization (WHO), an estimated 5.8 million people die from injuries due to accidents each year, and 1.35 million people die from road traffic accidents. In addition, between 20 and 50 million more people suffer non-fatal injuries, with disabilities resulting from their injuries. Growing cases of burn injuries are favoring the advanced wound care market growth. According to WHO, an estimated 180,000 deaths result from burns yearly, and most incidents are witnessed in low-and middle-income countries. In addition, the growing prevalence of a speedy recovery and prevent infection is considered a significant factor in global advanced wound care market growth.

The growing adoption of technological advancements in the wound care industry promotes the market's growth rate.

The rising number of surgical procedures and increasing awareness of technologically well-advanced advanced wound care products among healthcare providers and people favor the growth rate of the advanced wound care market. People demand effective treatment procedures with growing awareness of the benefits of advanced wound care products. In addition, growing government support in terms of hospital investments is estimated to drive market growth for advanced wound care.

Furthermore, the growth of the advanced wound care market is anticipated to be driven by the increasing investments from public and private organizations to conduct R&D around advanced wound care and bring innovative and effective products to the market. The growing disposable income in developed and developing countries enhance the advanced wound market growth rate. The growing concern towards healthcare among people and the availability of quality therapeutic procedures for wounds favor the market growth.

MARKET RESTRAINTS:

The high cost of advanced wound care products is hampering the market growth. Due to these high costs, the accessibility and affordability of these products to the people who have buying capacity. Unfavorable reimbursement policies for advanced wound care products in some countries are diluting the growth rate of the worldwide market. Poor awareness levels among healthcare providers and people in underdeveloped and developing countries hinder the global market growth. The lack of proper infrastructure, including hospitals and wound care centers in some countries, is anticipated to impact the market's growth rate negatively.

REPORT COVERAGE:

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:

• Dressings
• Therapy Devices
• Active Wound Care

The dressing segment held the largest share of the global advanced wound care market in 2022 based on the type. Rising awareness over the feasibility of the advanced wound care treatment process, the growing scale of research centers introducing new techniques, and the manufacturing of quality products propel segmental growth. In addition, factors such as the growing prevalence of chronic wounds, the increasing aging population worldwide, rapid adoption of technological developments in treatment procedures, and the rising number of product launches are promoting the segment's growth rate.

Advanced Wound Care Market - By Application:

• Skin Ulcers
• Surgical Wounds
• Burn Wounds

Based on application, the skin ulcer segment is projected to hold a major share of the global advanced wound care market during the forecast period owing to the growing demand for effective treatment procedures. Various factors, such as diabetes, venous insufficiency, and arterial insufficiency, could result in skin ulcers. Advanced wound care is popular as one of the effective treatments to promote healing and prevent infections in skin ulcers.

During the forecast period, the surgical wounds segment is estimated to hold a substantial share of the worldwide market. The segment's growth is primarily driven by the increasing number of surgeries performed worldwide, the rising adoption of minimally invasive surgeries, and the growing patient population suffering from chronic diseases.

The Burn wounds segment is anticipated to witness a healthy CAGR during the forecast period. Factors include the growing number of people suffering from burns and the rapid adoption of advanced wound care technology.

Advanced Wound Care Market - By End User:

• In-patient services
• Outpatient services

Based on end-user, the In-patient services segment is anticipated to grow the fastest in the worldwide advanced wound care market during the forecast period owing to the growing prevalence of faster healing treatment procedures. In addition, the growing aging population suffering from chronic wounds and the increasing number of hospitals worldwide are anticipated to boost the segment's growth.

Advanced Wound Care Market - By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• The Middle East and Africa

The North American advanced wound care market captured the most significant share worldwide in 2021. The region's dominance is expected to continue during the forecast period owing to the adoption of the latest technologies and innovative advanced wound care products. In addition, the need for more advanced wound care products is growing rapidly in the North American region owing to factors such as the growing aging population and increasing number of people suffering from chronic wounds among the North American population. Key market participants such as 3M Healthcare, Acelity L.P. Inc., B. Braun Melsungen AG, Coloplast A/S, ConvaTec Group Plc, Mölnlycke Health Care AB, Smith & Nephew plc have a strong presence in the North American region, which is one of the major factors propelling the regional market growth. In addition, these companies invest considerable amounts in R&D and enter into strategic partnerships to strengthen their position in the market. The U.S. led the North American market in 2021, followed by Canada, and the domination of the U.S. in this region is estimated to continue during the forecast period.

On the other hand, the APAC advanced wound care market held a considerable share of the global market in 2021 and is estimated to grow at a healthy CAGR in the coming years. The growing geriatric population and increasing need for proper diabetes health management majorly drive the growth of the APAC market. In addition, the presence of emerging economies such as India and China, rising investments by the market participants in this region, growing incidence of chronic diseases, increasing adoption of technological advancements, and an increasing number of government initiatives are favoring the regional market growth. Japan. China and India are anticipated to hold a major share of the APAC market during the forecast period. The Japanese advanced wound care market had the major share of the APAC market in 2021.

The advanced wound care market in Europe accounted for a substantial share of the global market in 2021 and is predicted to witness a promising CAGR during the forecast period owing to the increasing investments to develop innovative advanced wound care products. Europe is one of the promising regional markets for advanced wound market worldwide. The growing awareness among healthcare providers regarding available advanced wound care products and technologies in the European region is one of the key factors driving the regional market growth. Countries such as the UK, Germany, and France are predicted to occupy a major share of the European market during the forecast period. The U.K. advanced wound market led the European region and captured the leading share of the European market in 2021.

The Latin American advanced wound care market is predicted to hold a considerable share of the world market during the forecast period. Factors such as increasing healthcare spending and rising incidence of chronic wounds are primarily driving the Latin American advanced wound care market. Brazil held the major share of the Latin American advanced wound care market in 2021.

The advanced wound care market in MEA is estimated to grow at a moderate share of the global market in the coming years.

KEY MARKET PARTICIPANTS:

Acelity, Coloplast, 3M Healthcare, Medtronic, Integra Lifesciences, Derma Sciences, ConvaTec, Smith & Nephew, Molnylcke, and Organogenesis are few of the noteworthy companies in the global advanced wound care market.

RECENT HAPPENINGS IN THE MARKET:

• In February 2019, GEMCORE360ES was introduced by Gemco medical, an Ohio-based company.
• In February 2019, In Rensselaer, USA, Franciscan Health Rensselaer inaugurated an advanced wound healing center.
• In 2018, the USFDA approved Axio Biosolutions to introduce a hemostatic dressing called Maxiocel.
• In July 2018, Mölnlycke Health Care, one of the key players in the advanced wound care market, acquired SastoMed GmbH. SastoMed GmbH is a German-based wound care company. As part of the deal, SastoMed GmbH offered their award-winning and innovative wound care products, which are Granulox® and Granudacyn®, to the wound care product portfolio of Mölnlycke Health.
• In June 2018, Acelity, one of the major players in the advanced wound care market, bought Crawford Healthcare to expand its wound care product portfolio.