Advanced Wound Care Industry Overview
The global advanced wound care market size was valued at USD 6.7 billion in 2021 and is projected to expand at a compound annual growth rate (CAGR) of 5.4% from 2022 to 2030. The demand for advanced wound care products is increasing owing to the rising prevalence of chronic diseases across the globe. Furthermore, the increasing geriatric population is expected to impel market growth, as the geriatric population has slow healing capabilities. For instance, according to the WHO, in 2017, the proportion of people aged 60 or above was 9.8% and is expected to increase up to 13.7% and 20.3% by 2030 and 2050, respectively. Similarly, elderly people (aged ≥65) are currently the fastest-growing group of the general population in the U.S. The National Population Projections by the U.S. Census Bureau 2017, states that nearly one in four U.S. citizens are likely to be an older adult by 2060, which is expected to propel market growth.
Advanced wound care products help to cure diabetic foot ulcers, which are prevalent in diabetic patients. For instance, according to ScienceDirect, diabetic foot ulcers may affect more than 25% of the diabetic population and may lead to amputation of the foot in 20% of patients. Thus, an increase in the number of diabetic patients is expected to increase the use of advanced wound care products. These products help in moisture retention and allow rapid healing of wounds internally as well as externally. Moreover, these products help in the absorption of necrotic tissues, which are effective in cases of surgical site infections. Thus, healthcare professionals prefer to use advanced wound care products, which is anticipated to propel market growth over the forecast period.
Gather more insights about the market drivers, restraints and growth of the Global Advanced Wound Care Market
Moreover, technological advancements in advanced wound care products are projected to have a significant impact on the market for advanced wound care. Some of the major technological advanced products in this field are expected to be commercialized soon. For instance, nanoparticle-based wound healing and skin regeneration bioactive molecules over the applied area, maintain the drug release and specifically improve the therapeutic effects of drugs. Similarly, gene therapy which induces wound healing by introducing normal healthy genes into cells is expected to be commercialized. Thus, with such advancements in advanced wound care products, the market for advanced wound care is expected to propel during the forecast period.
Even though advanced wound care is a crucial part of healthcare, it experienced low demand in the market owing to the surge in COVID-19 cases. Due to the COVID-19 outbreak, healthcare facilities such as hospitals have been exhausted with a large number of COVID-19 patients; therefore, many countries have postponed elective surgeries and other healthcare procedures for an indefinite period. Moreover, the outbreak of COVID-19 has created large-scale opportunities for local manufacturers. Due to the restrictions on movement at international borders, the supply chain of major players has been disrupted. This created an opportunity for local players to enter the market for advanced wound care and meet the unmet demands of the end-users.
Countries have opened their international borders, with the development of vaccines, as a result, the supply chain is expected to normalize during the post-pandemic period. Due to the increase in the number of diabetic foot ulcers and earlier postponement of elective surgeries, the market for advanced wound care is expected to grow at a moderate pace during the post-pandemic period. Furthermore, many companies are opting for mergers and acquisitions, new product launches, and increasing their distribution network. For instance, in December 2021 Mölnlycke announced the launch of a new U.K. distribution center. Thus, the market for advanced wound care is expected to propel during the post-pandemic period.
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Advanced Wound Care Industry Segmentation
Grand View Research has segmented the global advanced wound care market on the basis of product, application, end-use, and region:
Advanced Wound Care Product Outlook (Revenue, USD Million, 2018 - 2030)
- Moist
- Antimicrobial
- Active
Advanced Wound Care Application Outlook (Revenue, USD Million, 2018 - 2030)
- Chronic Wounds
- Acute Wounds
Advanced Wound Care End-use Outlook (Revenue, USD Million, 2018 - 2030)
- Hospitals
- Specialty Clinics
- Home healthcare
- Others
Advanced Wound Care Regional Outlook (Revenue, USD Million, 2018 - 2030)
- North America
- Europe
- Asia Pacific
- Latin America
- MEA (Middle East Africa)
Key Companies profiled:
Some prominent players in the global Advanced Wound Care Industry include
- Smith Nephew
- Mölnlycke Health Care AB
- ConvaTec Group PLC
- Baxter International
- URGO Medical
- Coloplast Corp.
- Medtronic
- 3M
- Derma Sciences Inc. (Integra LifeSciences)
- Medline Industries
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