The global advanced wound care market size is expected to reach USD 16.85 Billion in 2030 and register a revenue CAGR of 6.7% over the forecast period, according to latest report by Reports and Data. Rising incidence of acute diseases and increasing preference of physicians and patients for advanced wound care dressings, owing to their effectiveness, are factors driving advanced wound care market revenue growth.
Increasing prevalence of chronic diseases, such as diabetic venous leg ulcers, foot ulcers, obesity, cardiovascular disease, and others, is driving growth of the advanced wound care market. Chronic diseases such as cancer, coronary artery disease, and peripheral vascular disease can compromise wound healing capabilities of a patient, especially in older adults, where it can cause complexity in disease treatment. For instance, in 2019, prevalence of diabetic foot ulcers among diabetes patients is estimated to be around 13%. Thus, increasing prevalence of conditions such as diabetic foot ulcers is creating high demand for advanced wound care products.
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Key companies profiled:
- 3M
- Smith+Nephew
- ConvaTec Group PLC
- Coloplast Group
- Molnlycke Health Care AB
- Paul Hartmann AG
- B. Braun Melsungen AG
- Organogenesis Inc.
- Medtronic
- DermaRite Industries, LLC.
According to latest analysis by RnD, increasing number of product launches, product approvals, extensive RD activities, entry of novice players, and recent strategic alliances in the market such as mergers acquisitions, collaborations, partnerships, and deals, among others are some key factors that will drive the market revenue growth over the forecast period 2022-2030. Entry of new players and start-ups and the advent of advanced technologies are expected to further intensify the competition in the market.
Based on the application, application 2 is expected to account for a substantially large revenue share of more than 50% during the forecast period owing to increasing demand for advanced products to improve patient outcomes, improvements in healthcare facilities, rising number of investment and funding to accelerate medical and scientific research, increasing focus on personalized medicine, and rapid progress in drug research and development.
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Some Key Highlights from the Report
- In March 2020, Smith+Nephew, the global medical technology company, launched PICO 14 Single Use Negative Pressure Wound Therapy System (sNPWT). PICO 14 requires less user intervention, and it has enhanced pump duration of 14 days. It is built on the features and advantages of previous PICO pumps and is suitable for patients where the risk of Surgical Site Complications (SSCs) and consequences of getting them are high, such as in abdominal surgery, cardiothoracic surgery, and Coronary Artery Bypass Graft Surgery (CABG).
- Infection management segment accounted for largest revenue share in 2021, owing to rising incidence of burn injuries and increasing spending on surgical wounds. Technological advancements in the healthcare sector and improvement in diagnostics are other factors contributing to growth of the segment.
- Chronic wound segment accounted for largest revenue share in 2021, owing to growing prevalence of post-operative surgical wounds. Increasing awareness regarding advanced diagnosis and rapid technological advancements in healthcare are driving growth of the segment. Chronic wounds are treated by often removing inflamed or dead tissues known as debridement. Instruments such as curettes, tweezers, or scalpels are used to clean the wound by removing dead tissues.
- Hospitals segment accounted for largest revenue share in 2021, owing to the large number of treatment procedures and surgeries performed in hospitals. A large section of patients prefer to visit hospitals for treatment of diseases and wounds, such as surgical wounds, ulcers, and burns.
- Market in North America accounted for largest revenue share in 2021, which can be attributed to development and innovation in advanced wound care products. Rising prevalence of acute wounds and increasing costs of medical treatments associated with diabetic foot ulcers are driving growth of the advanced wound care market in this region.
For this report, Reports and Data has segmented the global advanced wound care market based on product, wound type, end-use, and region:
Product Outlook (Revenue, USD Billion; 2019–2030)
- Infection Management
- Silver Wound Dressings
- Non-silver Wound Dressings
- Collagen Dressings
- Exudate Management
- Hydrocolloids Dressings
- Foam Dressings
- Alginate Dressings
- Hydrogel Dressings
- Active Wound Care
- Skin Substitutes
- Growth Factors
- Devices and Accessories
- NPWT Devices and Accessories
- Debridement Devices and Accessories
- Wound Assessment and Monitoring Devices
- Other Devices and Accessories
- Grafts and Matrices
- Topical Agents
Wound Type Outlook (Revenue, USD Billion; 2019–2030)
- Acute Wounds
- Burns and Traumatic Wounds
- Surgical Wounds
- Chronic Wounds
- Diabetic Foot Ulcers
- Pressure Ulcers
- Venous Legs Ulcers
- Other Wounds
End-use Outlook (Revenue, USD Billion; 2019–2030)
- Hospitals
- Wound Care Centers
- Homecare Settings
- Others
Regional Outlook (Revenue, USD Billion; 2019–2030)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Sweden
- BENELUX
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East Africa
- Saudi Arabia
- UAE
- South Africa
- Israel
- Rest of MEA
Asia-Pacific market revenue is expected to grow at the fastest rate during the forecast period, due to increase in population in the region and rising cases of venous leg ulcers. Moreover, rising cases of chronic wounds and increasing incidents of road accidents are playing a major role in growth of this regional market.
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Increasing demand to treat chronic and rare diseases to drive market growth
The global Advanced Wound Care Market is majorly driven by a rapidly rising demand for personalized therapy and precision medicine to treat a wide range of rare and chronic diseases such as diabetes, cancer, hypertension, cardiovascular diseases, neurological disorders, and genetic disorders. Rapid progress in the field of precision medicine and growing application of customized therapies are significantly contributing to the revenue growth of the market.
Inaccessibility to advanced medical facilities in developing regions might hamper market growth
The steady revenue growth of the pharmaceutical and healthcare industry can be restrained due to some external factors. Limited access to proper medical facilities in low- and middle-income regions, shortage of skilled professionals, and lack of knowledge about certain treatments, drugs, and diseases can hamper market growth over the forecast period.
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However, the global Advanced Wound Care Market is set to recover with significant revenue growth over the forecast period majorly attributed to the emergence of COVID-19 pandemic, rapid growth of telemedicine and teleconsultation services, availability of robust drug and therapeutics pipelines, and establishment of advanced clinical and healthcare facilities.
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