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.
Chronic wounds take a longer time to heal and are more expensive to treat. Advanced wound care is a standard solution for treating chronic injuries. Advanced wound care products are increasingly replacing traditional wound care products to manage wounds by accelerating healing. Additional benefits include maintaining a hydrated environment, maintaining a constant temperature, flowing oxygen, protecting the site from exogenous infections, and reducing the pain associated with changing dressings. Advanced wound care products include hydrocolloids, hydrogels, film and foam bandages, alginate, etc.
MARKET DRIVERS:
The growth of the global advanced wound care market is primarily driven by the rapidly increasing geriatric population, increasing incidence of diabetics, increasing funding & investments by the government, and various private organizations for research & development activities. Moreover, creating awareness among the people about wound care management is propelling the market growth of the advanced wound care market. There has been an increase in chronic wounds over the past decade due to the increasing geriatric population. The rising prevalence of obesity and diabetes are influencing the market growth. The increasing overall incidence of and complexity of wounds such as ulcerations, infections, and surgical wounds can result from diabetes and obesity.
Additionally, growing prevalence to have a speedy recovery and preventing infection is considered a significant factor for the global advanced wound care market growth. The rise in severe injuries due to road accidents or others is another significant accelerating demand for advanced wound care.
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:
The high price of advanced wound care products is one of the vital factors challenging the growth of the advanced wound care market. Lack of sufficient knowledge over the advanced wound care products available, especially in rural areas, is slowly restraining the global advanced wound care market demand. The shortage of skilled labor in treating complex wounds with advanced products has remained a challenging factor for the advanced wound care market players.
Impact of COVID-19 on advanced would care market.
The World Health Organization announced the COVID-19 as a pandemic on March 11, 2020. The COVID-19 is an infectious disease caused by the recently discovered novel coronavirus. The emergence of COVID-19 has negatively affected the advanced wound care market at the initial phase of 2020. Due to nationwide lockdown, many wound care services have been stopped or postponed. The rising number of people with diabetes is slightly to propel the demand for the wound care market in this lockdown period. However, the market is expected to have better growth by 2021.
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 |
|
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 |
|
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:
Based on the type, the Dressing type segment holds the highest shares of the global advanced wound care market. Rising awareness over the feasibility of the advanced wound care treatment process is propelling this segment's growth. The growing scale of research centers to introduce new techniques and manufacture quality products is elevating the market demand.
Advanced Wound Care Market - By Application:
By application, the Skin ulcer application category leads with the largest shares of the advanced wound care market. 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 is also to 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. Europe will have the highest growth rate from the past decade by increasing investments in the development of 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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