Chicago, April 07, 2023 (GLOBE NEWSWIRE) -- The advanced wound care industry is expected to continue to grow in the near future due to a number of factors. The aging population is likely to be one of the main drivers of growth due to the increased incidence of chronic conditions, such as diabetes, which increases the risk of developing wounds. Advances in technology, such as the development of bioactive dressings, which can help to reduce healing time and improve outcomes, are also likely to contribute to the growth of the industry. The demand for cost-effective wound care solutions is expected to rise, as healthcare providers look to reduce costs while still providing quality care. Finally, increased awareness of the need for proper wound care is likely to lead to more individuals using advanced wound care products and services.
Advanced Wound Care market in terms of revenue was estimated to be worth $11.3 billion in 2022 and is poised to reach $17.7 billion by 2027, growing at a CAGR of 9.4% from 2022 to 2027 according to a latest report published by MarketsandMarkets™. The rise in the chronic wound spending, the prevalence of diseases and disorders that impair wound healing, and technical advancements are the key drivers of market growth.
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Advanced Wound Care Market Scope:
| Report Coverage | Details |
| Market Revenue in 2022 | $11.3 billion |
| Estimated Value by 2027 | $17.7 billion |
| Growth Rate | Poised to grow at a CAGR of 9.4% |
| Market Size Available for | 2020–2027 |
| Forecast Period | 2022–2027 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product, wound type, end user, and region |
| Geographies Covered | North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunity | Growth potential of emerging economies |
| Key Market Drivers | Increasing number of surgical procedures across the globe |
Based on products, the advanced wound care market is segmented into dressings, devices & accessories, grafts & matrices, and topical agents. In 2021, dressings accounted for the largest share of the advanced wound care market. The large share of this segment can mainly be attributed to factors such as the increasing number of chronic, surgical, and traumatic wounds in patients; increasing happenings of burn injuries; technological evolution in dressings; and increasing spending on chronic and surgical wounds by people.
Based on wound type, the advanced wound care market is segmented into surgical & traumatic wounds, diabetic foot ulcers, pressure ulcers, venous leg ulcers, and burns & other wounds. In 2021, the surgical & traumatic wounds segment accounted for the largest share of the advanced wound care market. The large share of this segment can be attributed to the growing chronic cases and the growing number of surgeries performed.
Based on end users, the advanced wound care market is segmented into hospitals, ASCs, and wound care centers; home care settings; and other end users. In 2021, the hospitals, ASCs, and wound care centers segment accounted for the largest share of the advanced wound care market. The large share of this segment can be attributed to the need for advanced wound care products in hospitals, ASCs, and wound care centers, high number of treatment procedures taking place in hospitals, growing patient inflow in this care setting, and availability of reimbursement scenario.
The global advanced wound care market has been segmented into five major regions—North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. North America is the largest regional market for advanced wound care in 2021. The large share of North America in this market can be attributed to the incidences of regular chronic disorders, increasing healthcare spending, the increasing need for advanced wound treatment options like advanced wound care products, and the highly progressed healthcare system in the US and Canada.
Key Market Players:
The major players operating in this market are 3M Company (US), Smith & Nephew (UK), ConvaTec Inc. (UK), Coloplast A/S (Denmark), Mölnlycke Health Care AB (Sweden), Integra LifeSciences (US), PAUL HARTMANN AG (Germany), B. Braun SE (Germany), Cardinal Health Inc. (US), Organogenesis Holdings Inc. (US), Bioventus LLC (US), MIMEDX GROUP, INC.(US), Zimmer Biomet Holdings, Inc. (US), Lohmann & Rauscher GMBH & CO. KG (Germany), DeRoyal Industries, Inc. (US), Medline Industries, LP (US), DermaRite Industries, LLC (US), Kerecis (Iceland), Advancis Medical (UK), Winner Medical Co., Ltd. (China), Hollister Incorporated (US), Mil Laboratories Pvt. Ltd. (India), Shield Line (US), ZENIMEDICAL (US), Carilex Medical (Germany), Pensar Medical, LLC (US), Wuhan VSD Medical Science & Technology Co., Ltd. (China), and HAROMED B.V. (Belgium).
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Hypothetic Challenges of Advanced Wound Care Market in Near Future:
- Increasing competition from generic products: As generic products become more widely available, they can offer a cheaper alternative to advanced wound care products, threatening their market share.
- Rising costs of raw materials: The cost of raw materials required for advanced wound care products is increasing, making it difficult for manufacturers to keep prices competitive.
- Rigorous regulatory requirements: Advanced wound care products must meet strict regulatory requirements that can be costly and time-consuming for manufacturers to comply with.
- Lack of patient awareness: Many patients are unaware of the advanced wound care products that are available to them, and may be reluctant to try something new or unfamiliar.
- Shortage of skilled personnel: Healthcare facilities are often understaffed, making it difficult to find qualified personnel to administer advanced wound care treatments.
Top 3 Use Cases of Advanced Wound Care Market:
- Chronic Wound Healing: Advanced wound care is used in the treatment of chronic wounds, such as those caused by diabetes, vascular insufficiencies, or pressure ulcers. This type of wound care uses advanced technologies such as hydrogels, foams, and alginates to promote healing and reduce the risk of infection.
- Traumatic Wound Treatment: Advanced wound care is also used to treat traumatic wounds, such as those sustained in accidents or during surgery. This type of wound care often includes the use of artificial skin, wound dressings, and tissue adhesives to promote healing and reduce the risk of infection.
- Post-Surgical Wound Care: Advanced wound care is also used to provide post-surgical wound care. This type of wound care may involve the use of advanced technologies such as negative pressure wound therapy, topical antiseptics, and dressings to reduce the risk of infection and promote healing.
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Recent Developments:
- In June 2022, Smith & Nephew (UK) announced that it will be building a new R&D and manufacturing facility for its Advanced Wound Management franchise on the outskirts of Hull, UK. The new facility is expected to support more than USD 10 billion worth of sales in its first ten years of operation.
- In March 2022, ConvaTec Inc. (UK) acquired Triad Life Sciences (US), a company that develops biologically derived products to address unmet clinical needs in surgical wounds, chronic wounds, and burns.
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