Dublin, Aug. 06, 2024 (GLOBE NEWSWIRE) -- The "Advanced Wound Care (AWC) - Market Insights, Competitive Landscape, and Market Forecast - 2030" report has been added to ResearchAndMarkets.com's offering.
The global Advanced Wound Care (AWC) market is poised for significant growth, as the latest market analysis projects an expansion from USD 10.44 billion in 2023 to an impressive USD 19.29 billion by 2030, with a Compound Annual Growth Rate (CAGR) of 10.82%
This growth is primarily driven by an increased prevalence of chronic wounds, heightened awareness of wound care management, and advances in wound care technologies.
Drivers Fuelling the Advanced Wound Care Market
The AWC market is experiencing increased demand, particularly due to the rise in chronic wound cases related to diabetes, cancer, and various other chronic conditions. Technological advancements and continuous research have also facilitated the development of innovative products like Smith & Nephew's PICO 14, a single-use negative pressure wound therapy system, contributing to market expansion. Despite these advancements, challenges such as occasional device inaccuracies and lack of standardized guidelines remain minor obstacles in the industry.
Segmentation Insights
In 2023, dressings, especially foam dressings, are anticipated to constitute the largest share in the AWC product market, contributing to an environment conducive to wound healing. The North American region, particularly the United States, is expected to maintain its dominance through 2030 thanks to robust healthcare infrastructure, increased healthcare spending, and the presence of leading market players.
The United States sees a significant incidence of burns as well as chronic wounds, including diabetic foot ulcers, which are prevalent due to the rising instances of diabetes. According to the American Burn Association and the National Diabetes Statistics Report, these complications are prominent, driving up the demand for innovative wound care solutions.
Key Market Players & Developments
The Advanced Wound Care market is competitive with major entities like Smith & Nephew Plc., Mölnlycke Health Care AB, and ConvaTec Group leading the frontier of wound care solutions. Notable achievements such as 3M's 2019 acquisition of Acelity, and the recent acquisition of Acell Inc. by Integra LifeSciences, highlight the commitment to advancing the field and expanding the product pipeline — indicating a future rife with innovation and improved patient outcomes in wound management.
Anticipated Market Evolution
With a profound understanding of market dynamics and tailored strategies, players in the AWC market are well-positioned to leverage opportunities for growth. As the demand for advanced wound care solutions remains robust, the industry outlook is optimistic, with an assurance of progressive advancements and enhanced quality of care for patients with acute and chronic wounds worldwide.
A selection of companies mentioned in this report includes, but is not limited to:
- Smith & Nephew plc.
- Acelity L.P. Inc.
- Mölnlycke Health Care AB
- Convatecgroup
- Coloplast
- Paul Hartmann AG
- Medtronic plc.
- 3M Company
- Integra LifeSciences Holding Corporation
- Lohmann & Rauscher International GmbH & Co. KG, and others.
For more information about this report visit https://www.researchandmarkets.com/r/6f4yp5
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