The exclusive COVID-19 impact analysis report by Axiom MRC provides a 360 degree analysis of micro and macro-economic factors on the global Advanced Wound Care market. In addition, complete analysis of changes on the global Advanced Wound Care market expenditure, economic and international policies on supply and demand side. The report also studies the impact of pandemic on global economies, international trade, business investments, GDP and marketing strategies of key players present in the market. Even though the impact of COVID-19 on the advanced wound care market is moderate compared to other medical device markets, the timely development and implementation of contingency plans for business operations and the main imported raw materials are crucial. In the post-COVID-19 world, it is expected that new growth opportunities will be available and the advanced wound care market is anticipated to have an emerging demand in upcoming years.

MARKET OVERVIEW- GLOBAL ADVANCED WOUND CARE MARKET

MARKET DRIVERS 

The global advanced wound care market is driven by various factors such as rise in geriatric population, traumatic wounds, overall increase in number of surgical procedures carried out, etc. As the affordability and access to surgical care increases worldwide, the number of surgical procedures performed is expected to increase. With an increase in the prevalence of chronic diseases and an increase in surgical procedures, the incidence of surgical wounds and associated infections has increased. This will increase the demand for advanced wound care treatment procedures.

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MARKET OPPORTUNITY

The advanced wound care market is expected to have growing new growth opportunities especially in the developing nations. This is due to improvement of healthcare infrastructure, low regulatory barriers and a business-friendly atmosphere. This is the reason why various players in the advanced wound care market are working to increase their presence in these regions. Emerging markets such as India, Malaysia, South Korea, Vietnam and other developing nations offer significant growth opportunities to major market players.

MARKET SEGMENTAL OVERVIEW

The global advanced wound care market comprises of different market segment like product, type, application, end-user, and geography. 

ADVANCED WOUND CARE MARKET BY PRODUCT 

By product, the advanced wound care includes key segments of dressings, grafts matrices, devices accessories, topical agents and others. The dressings segment is expected to grow at the highest rate for the projected period, mainly due to rise in number of healthcare associated infections and growing patient awareness. Factors such as the increasing cases of diabetic ulcers, venous ulcers and pressure ulcers are driving the growth of this market. Also products like grafts matrices and topical agents are anticipated to witness growth at a high pace over the estimated time period. 

ADVANCED WOUND CARE MARKET BY TYPE

By type, the advanced wound care includes surgical traumatic wounds, diabetic foot ulcers, burns other wounds, pressure ulcers, venous leg ulcers, and others. The surgical traumatic wounds segment is anticipated to lead in the global advanced wound care market from 2022 to 2028. The growth in surgical traumatic wounds segment is driven by various factors like the rise in cases of various surgical sites infections and also an overall increase in various surgical procedures around the globe.

ADVANCED WOUND CARE MARKET BY APPLICATION

The advanced wound care market finds its major application in chronic wounds and acute wounds. The chronic wounds is the application which is anticipated to have highest growth rate over the forecast period. This is due to a rise in cases of diabetic foot ulcers, pressure ulcers, and venous leg ulcers among the general population especially in developing nations. Along with this, a rise in healthcare expenditure and improvement in the healthcare infrastructure in developing nations is expected to propel growth for the chronic wound management application. 

ADVANCED WOUND CARE MARKET BY END-USER

The advanced wound care market is significantly studied for end-users like hospitals clinics, home-care settings and others. The hospitals and clinics segment is anticipated to lead in the global market from 2022 to 2028. The increasing number of hospitalizations for chronic wounds (such as pressure ulcers, diabetic foot ulcers and venous leg ulcers) and the increasing incidence of pressure ulcers and related infections are the main market drivers for the growth for the hospital segment. Hospitals and clinics provide advanced care to their patients and offer reimbursements at some point of surgeries, accordingly witnessing exceptional growth. Also, there is a huge rise in number of multispecialty hospitals which are dedicated towards treatment of wounds. 

ADVANCED WOUND CARE MARKET BY GEOGRAPHY

The advanced global wound care market is studied for the following region North America, Europe, Asia-Pacific and Rest of the world (RoW). North America is anticipated to lead in the wound care market during the forecast period (2022-2028). The region is likely to have highest growth due to increase in per-capita healthcare expenditure Also, there is a rise in cases of diabetic foot ulcers, pressure ulcers, venous leg ulcers in countries like Canada and the US which has propelled the demand for treatment of these wounds. The growing number of acquisitions and the presence of many progressive wound care companies in North America is supporting the market growth in this region. 

COMPETITIVE LANDSCAPE ANALYSIS

The competitive landscape analysis of advanced wound care market is majorly focused on expanding the global growth of advanced wound care with new product launches, partnership/ agreement and merger acquisitions which has boosted the market growth at highest pace. Besides, presence of wide range of manufacturer operating in the market offers range of products in different application to fulfill the required demand has further contributed healthy growth in the market. 

The key players studied in market are Smith Nephew, 3M Company, Coloplast A/S, ConvaTec Group Plc, Baxter International, URGO Medical, B. Braun Melsungen AG, Cardinal Health, Inc., Kerecis, DermaRite Industries, Medline Industries, Inc., Mil Laboratories Pvt. Ltd., Advancis Medical, Hollister Incorporated, DeRoyal Industries, Inc.,Pensar Medical, LLC and Shield Line among others.

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