Visiongain has published a new report on Advanced Wound Care Management Market Report to 2031: Forecasts By Product Type (Dressings {Foam Dressings, Hydrocolloid Dressings, Film Dressings, Alginate Dressings, Hydrogel Dressings, Collagen Dressings, Hydrofiber Dressings, Wound Contact Layers, Superabsorbent Dressings, and Other Advanced Dressings}, Devices & Accessories {NPWT Devices & Accessories, Debridement Devices & Accessories, Wound Assessment & Monitoring Devices, and Other Devices & Accessories}, Grafts & Matrices, and Topical Agents), By Wound Type (Surgical & Traumatic Wounds, Diabetic Foot Ulcers, Pressure Ulcers, Venous Leg Ulcers, and Burns & Other Wounds), By End User (Hospitals, ASCs and Wound Care Centers, Homecare Settings, and Other End Users) PLUS COVID-19 Recovery Scenarios.
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COVID-19 Impact on Advanced Wound Care Management Market
The impact of the COVID-19 virus outbreak on certain medical products is estimated to be more prominent due to a decline in non-emergency medical care services and procedures. Over 2 million non-emergency procedures were canceled in the United Kingdom to free up healthcare resources to battle against this virus outbreak. Likewise, the hospitals witnessed a 30-60% drop in hospital visits after the declaration of the pandemic in the United States. As per the statistics published by Tissue Analytics, Inc., from March to April 2020, around a 40% decline has been seen in the hospital visits in wound centers compared to 2019.
Countries altogether have moved healthcare resources such as nurses, hospital beds, medical devices, and essential personnel for the management of patients with coronavirus. This has caused the exception of wound care from the crucial procedures list in most countries. Healthcare facilities with hospitals with dedicated wound care departments and specialized wound care clinics have been shut with the number of beds available in this situation as they are being used for COVID-19 patients. This has affected the patient visits to wound care centers, and casualty departments, mainly in the United States and European countries.
Market Drivers
Increasing Incidence of Chronic Wounds
The occurrence of chronic and surgical wounds has amplified considerably in the past decade, mainly owing to the increasing old population across the world and the growing incidence of diabetes and obesity-related diseases. Diabetes and obesity can cause the prevalence rate and difficulty to heal wounds such as ulcerations (leg or foot ulcers), infections, and surgical wounds, which need cures and sustain overpriced medical expenditures.
Worldwide, the growing incidence of chronic wounds including traumatic and surgical wounds is likely to upsurge the number of patients go through wound care treatment. According to the group purchasing organization – Prime Source, around 6.5 million people are with chronic wounds in the U.S. The total cost burden of wounds in the U.S. is $39 billion annually.
Similarly, as per the CDC, in the U.S., the total incidence of surgical wounds was nearly 2.8% in 2018. Thus, the rising incidence of hard-to-heal wounds upsurge the demand for these products for its treatment and consequently, pushing the global advanced wound care management market growth in the forecasted period.
Growing Awareness in Diabetic-Related Risks
People are looking for an imperative and effective cure for chronic wounds such as diabetic ulcers, vascular ulcers (e.g., venous and arterial ulcers), and pressure ulcers (PUs). Growing awareness is associated with the prevention of sepsis in people with diabetes. People are at high risk to develop sepsis and thus, it will create a lucrative opportunity for the global players to introduce new products into the market.
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Market Opportunities
The Rising Potential of Developing Economies
Developing nations such as Brazil, China, India, and South Africa offer lucrative opportunities for the global key players operating in the target industry. The region such as the Asia Pacific and South America are still intact markets as compared to developed nations that have immense growth potential for these products. Due to this, most of the key players are focusing on these regions to tap into the emerging market.
Competitive Landscape
Key players operating in the global advanced wound care management market are Johnson and Johnson, Kinetic Concepts, Baxter International, Coloplast, 3M Company, Integra Life Sciences, Medtronic, Hematris Wound Care GmbH, Leap Therapeutics, and Smith & Nephew Plc.
The key players have adopted new product development, product launches, product approval, agreement, partnerships, and merger as its key business development strategies to tap into the global Advanced Wound Care Management market. For instance, on 3rd March 2020, Smith+Nephew introduced the PICO 14 Single-use NPWT device and bandages in the U.S. In addition to this, on 28th February 2020, the company announced its new high-technology manufacturing facility in Malaysia.
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