Pune, India, Jan. 25, 2022 (GLOBE NEWSWIRE) -- The global advanced wound care market size is anticipated to grow from USD 10.84 billion in 2021 to reach USD 15.92 billion by 2028, exhibiting a CAGR of 5.7% during the forecast period. Rising surgical procedures globally and the emergence of active wound care therapies are expected to propel the market growth. Fortune Business Insights™ provides this information in its report titled "Advanced Wound Care Market, 2021-2028." The market stood at USD 10.03 billion in 2020.
Industry Development
- January 2020: ConvaTec Group PLC launched its new superabsorber wound dressing solution, ConvaMax. This product was designed to manage high exuding wounds such as diabetic foot ulcers, pressure ulcers, leg ulcers, and others.
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Presence of Feasible Medical Reimbursement Policies to Boost Growth in North America
North America is projected to dominate the advanced wound care market share due to the presence of feasible medical reimbursement policies in Canada and the U.S. The market in North America stood at USD 4.15 billion in 2020 and is projected to rise substantially during the forecast period. Further, the increasing prevalence of acute and chronic wounds and high treatment costs may fuel the product demand. As per the Agency for Healthcare Research and Quality estimations, the medical pressure ulcer management ranges from USD 9.1 to USD 11.6 billion annually. These factors may boost industry development.
In Europe, increasing awareness regarding advanced wound care advantages and robust demand for wound care devices are expected to fuel product sales. In addition, increased medical spending may lead to the growth of the market.
In Asia Pacific, rising per-capita income and significant investment by major players are expected to fuel advanced wound care solutions' adoption. In addition, rapid development of medical facilities in emerging economies may propel the market growth.
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Segmentation
By product, the market is segmented into active wound care, wound care devices, and advanced wound dressings. As per indication, it is classified into surgical wounds, pressure ulcers, diabetic foot ulcers, and others. Based on the end-user, it is categorized into home care settings, clinics, hospitals, and others. Geographically, it is studied across Europe, North America, Asia Pacific, Latin America, and the Middle East & Africa.
Report Coverage
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the key players of the market.
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Prominent Companies Launch Novel Products to Boost Brand Image
The prominent companies operating in the market launch novel products to satisfy consumer demand and boost their brand image. For example, in September 2020, MIMEDX announced a placental tissue allograft, EpiCord Expandable. The product's innovative design enables healthcare providers to cover double the surface and cater to patient's advanced wound care demands in regards to hard-to-heal, chronic, and huge wounds.
This strategy may enable the company to satisfy consumer demand and boost its brand image. Further, the adoption of research and development may enable companies to launch innovative products that satisfy an extensive range of wound care solutions. This strategy may enable companies to boost their sales and strengthen market footing.
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List of Key Market Players Profiled in the Market Report:
- Smith & Nephew (London, U.K.)
- 3M (Minnesota, U.S.)
- MiMedx (Marietta, Georgia)
- Coloplast Corp (Humlebaek, Denmark)
- ConvaTec Inc. (England, U.K.)
- Tissue Regenix (West Yorkshire, U.S.)
- Derma Sciences Inc. (New Jersey, U.S.)
- Mölnlycke Health Care AB (Gothenburg, Sweden)
- Organogenesis Inc. (Massachusetts, U.S.)
- Integra LifeSciences (New Jersey, U.S.)
Table of Contents
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Prevalence of Key Indications, By Key Countries, 2020
- New Product Launch, By Key Players
- Key Industry Developments – Mergers, Acquisition and Partnership
- Impact of COVID-19 on Advanced Wound Care
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