New York, Feb. 20, 2023 (GLOBE NEWSWIRE) -- According to The Insight Partners, “Advanced Wound Care Market Size, Share, Growth, Trends and Global Forecasts to 2028 - Global Analysis and Forecasts by Product (Dressings, Devices, and Bioactives), Wound Type (Surgical, Trauma, Burns, Ulcers, Diabetic Foot, and Others), and End User (Hospitals & Clinics, Ambulatory Surgical Centers, Wound Care Centers, and Others)”; the global advanced wound care market size is expected to reach USD 13.24 billion by 2028 from USD 10.13 billion in 2022, growing at a CAGR of 4.6% from 2022 to 2028.
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Global Advanced Wound Care Market – Report Scope:
| Market Size Value in | US$ 10,133.2 million in 2022 |
| Market Size Value by | US$ 13,241.8 million by 2028 |
| Growth rate | CAGR of 4.6% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
| No. of Pages | 212 |
| No. of Tables | 115 |
| No. of Charts & Figures | 77 |
| Historical data available | Yes |
| Segments covered | Product, Wound Type, and End User |
Global Advanced Wound Care Market: Competitive Landscape and Key Developments
Smith & Nephew, Acelity L.P., Braun Melsungen AG, Integra Lifesciences Corporation, ConvaTec, and 3M are among the leading companies in the global advanced wound care market. The market is anticipated to flourish with the development of new innovative products by market players.
In March 2020, Smith & Nephew plc (UK) launched the PICO 14 Single-use NPWT System (NPWT) and dressing in the US. The system is portable and clinically effective in the treatment of chronic, acute, traumatic, subacute, and dehisced wounds; partial thickness burns; ulcers (such as diabetic or pressure); flaps and grafts; and closed surgical incisions. The same is primarily used in home care and hospital settings.
In October 2022, Healthium Medtech, launched a new wound dressing portfolio Theruptor Novo to treat chronic wounds like leg ulcers and diabetic foot ulcers. With the launch of Theruptor Novo, the company will strengthen its existing portfolio of patented products in the advanced wound dressing segment.
In January 2022, Convatec Group Plc, one of the global medical solutions companies focused on the management of chronic conditions, announced that it had entered into a definitive agreement to acquire Triad Life Sciences Inc. to address unmet clinical needs in surgical wounds, chronic wounds, and burns.
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Global Advanced Wound Care Market – Regional Overview:
In terms of revenue, North America dominated the advanced wound care market share. Moreover, Europe occupies second position in the global advanced wound care market and is expected to register robust growth rate over the forecast period. The advanced wound care market in Europe is growing due to rising ageing population and increasing prevalence of venous ulcer and foot ulceration in the region
Factors such as increasing focus of market players in the Germany and France, grants & funds by government and rising number of conferences in the UK are likely to boost the growth of advanced wound care market in Europe. The need for chronic disease management helps to upsurge the advanced wound care solutions adoption in the region.
Moreover, the increasing initiatives by government healthcare, and increasing prevalence of venous ulcer and foot ulceration also contribute to increase the adoption of advanced wound care solutions across the Europe.
The report highlights trends prevailing in the market and factors driving its growth. The market's growth is attributed to the rising geriatric population, increasing incidence of diabetic ulcers, and rising prevalence of chronic diseases across the globe. However, high costs of wound care dressing products are hindering the growth of the global advanced wound care market.
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Global Advanced Wound Care Market Growth Trends include Research Activities and Product Innovations:
Chronic wound products are a major requirement in the wound care industry. The advancement and development in the industry is increasing in the last few years. Hence, over the years, researchers have been carrying out research activities which have resulted to product innovations.
In 2017, Department of Fiber Science and Technology have launched the new bandage developed from sea life: crab shells. Believed to be the world’s first, the bandage is made from chitosan, a mineral that’s found in most crustacean shells. Though the university admits that crab shells have been used for other purposes, this is the first set of fibers strong enough to serve as wound dressing. Moreover, researchers from Australia recently developed the latest vacuum plaster. The vacuums are used in wound healing since last few years. The latest plaster, called Nanova, is small and lightweight, and connects to a vacuum pump that’s the size of a standard smartphone. The plaster works by creating an area of negative pressure that removes dead tissue and other debris.
Further, researchers at Stanford University have been testing technologies to develop advance wound care products. The researchers have developed a smart bandage to actively assist the healing process. The smart bandage consists of a thin and flexible printed circuit. It has a small, coiled antenna that draws power wirelessly from a nearby source. The bandage provides electrical stimulation to injured tissue which has been shown to boost the wound healing process.
The research activities as well as product innovations are expected to provide impetus for the growth of the advanced wound care market during the forecast period.
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