Dubai, UAE, Sept. 12, 2023 (GLOBE NEWSWIRE) -- As per the latest report published by Extrapolate, the Global Advanced Wound Care Market size is expected to reach USD 19.63 billion by 2032 from USD 9.87 billion in 2022 at a CAGR of roughly 7.12% during the forecast period of 2023-2032. The demand for wound care products is being driven by the rising incidences of infections and viruses around the world. Additionally, as elderly people have weak healing abilities, the market is expected to develop as the geriatric population grows.
Modern therapies have proven to be more effective than conventional treatments for both acute and chronic wounds, and advanced wound care products are frequently employed in their treatment. Slivers and alginates are used in surgical and chronic wound dressings to avoid infection, while skin grafts and biomaterials are used to treat wounds that cannot heal on their own. The advanced wound care market is anticipated to grow in the upcoming years due to the introduction of new and innovative products.
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Competitive Landscape
The advanced wound care market consolidation is a result of major companies having strong product portfolios and effective distribution networks in both emerging and developed countries. Companies enhance their market positions through strategies such as introducing innovative products and making substantial investments in the development of bioactive therapies for treatment. For instance, PolarityTE, Inc. submitted an investigational new drug application (IND) in July 2021 to the U.S. FDA in order to request permission to start clinical studies for the SkinTE product in the management of chronic cutaneous ulcers.
Prominent companies in the global advanced wound care market include:
- Braun SE
- Coloplast Corp
- Convatec Group PLC
- Essity Aktiebolag
- Integra Lifesciences
- Johnson & Johnson Private Limited
- Medline Industries, Inc.
- Medtronic
- Organogenesis Inc.
- Smith+Nephew
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By Type
- Advanced Wound Dressing
- Wound Therapy Device
- Active Wound Care Products
Advanced Wound Dressings to Gain Traction Due to its Efficiency in Reducing Wound Exudate
As per type, the advanced wound dressings segment led the global advanced wound care market in 2022 and is expected to grow significantly in the near future. The lower cost of wound dressings and their exceptional effectiveness in reducing wound exudate is expected to bolster product demand. The segment is also growing due to growing usage of active therapies, such as skin grafts and biologics, for treating chronic wounds that have a slow healing process.
Additionally, there is an increase in the prevalence of different ulcer types, such as pressure ulcers, venous ulcers, and diabetic ulcers, which is fueling market expansion. This type of dressing fosters a moist microenvironment, facilitates gaseous exchange, and prevents infection to promote healing.
By Application
- Acute Wounds
- Chronic Wounds
Rising Surgical Cases Globally to Stimulate Product Demand for Treating Acute Wounds
In terms of application, the acute wound segment is anticipated to dominate the global advanced wound care market through the projected period. The key factor driving the segment's progress is the increase in traumatic injuries, notably those caused by car accidents. Additionally, non-fatal injuries requiring medical attention have increased in number in the US. The rise in demand for products to treat acute wounds is due to the growth in surgical cases across the globe, supporting market growth.
For instance, according to the American Society of Plastic Surgeons, 15.6 million cosmetic procedures were performed worldwide in 2020. The market is expected to grow steadily in the upcoming years as acute wound products aid are significant in the healing of surgical wounds.
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Rise in Hospital Visits for Wound Treatment to Drive Advanced Wound Care Market Growth
Mounting adoption of advanced wound care is expected to accelerate due to a significant increase in hospital visits for wound care. Hospital spending is expected to rise as a result of widespread efforts to enhance patient care. This increase is likely to boost the growth of the segment, with a significant number of therapeutic interventions taking place in hospitals. The demand for better wound care is also growing as a result of the rising prevalence of pressure ulcers developed in hospital settings, which is boosting market expansion.
Furthermore, supportive government initiatives to increase public awareness are anticipated to have a substantial impact on market growth. Another significant factor boosting the industry's growth is the advancement of technology. Moreover, the expansion of the industry will be accelerated by the surging healthcare expenditure as well as improvements in the healthcare infrastructure.
High Costs on Device and Active Therapy Adoption to Restrain Advanced Wound Care Market Expansion
Even though chronic and acute wounds are prevalent around the world, a number of factors are impeding market growth. One of them is the high price of modern wound care treatments and the insufficient reimbursement for these products in developing nations. Based on an economic analysis of negative pressure wound therapy (NPWT) and wound dressings, NPWT pumps in the U.S. have an average cost of approximately USD 90, whereas wound dressings cost around USD 3 on average.
Even though numerous studies have shown that the overall cost of treatment by wound dressings is higher than NWPT, these costs are higher when compared to regular wound dressings. Advanced wound care devices, such as skin grafts and negative pressure wound therapy, are more expensive to use as a form of treatment, and the cost is higher for chronic wounds.
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Key Industry Developments:
- November 2022 - ActiGraft+, an innovative wound care management system, is now commercially available in Puerto Rico through Redress Medical, a private wound care company with offices in the United States and Israel.
- October 2022 - Theruptor Novo, a cutting-edge wound care solution for the treatment of diabetic foot ulcers and leg ulcers, was introduced by Healthium Medtech Limited.
Robust Healthcare Infrastructure in North America to Aid Revenue Generation
North America is projected to be the largest region in the advanced wound care market due to several factors, including a robust healthcare infrastructure, increasing demand for quality healthcare, favorable reimbursement policies, and healthcare industry regulatory reforms. Additionally, the rising geriatric population in this region is likely to propel the demand for acute wound care solutions.
Table of Content
Chapter 1. Executive Summary
Chapter 2. Research Methodology
2.1. Research approach
2.2. Scope, definition, and assumptions
2.3. Data sources
2.3.1. Secondary sources
2.3.1.1. Preliminary data mining
2.3.2. Primary sources
2.3.2.1. Statistical Model
2.3.2.2. Data Triangulation
2.3.2.3. Research Objective
Chapter 3. Market Outlook
3.1. Introduction
3.2. Key trends
3.2.1. Technological Advancements in Advanced Wound Care Products Are Projected to Have a Significant Impact On the Market
3.3. Market drivers
3.3.1. Rise in the Number of Hospital Visits for Wound Treatment is Propelling the Market Growth
3.4. Market restraints
3.4.1. The High Price of Modern Wound Care Solutions Will Limit Market Expansion
3.5. Market opportunities
3.5.1. Better Market Potential in Developing and Emerging Countries
3.6. Market Challenges
3.6.1. Risks Linked with the use of Advanced Wound Care Products and the Dearth of Awareness Will Pose a Major Challenge for Advanced Wound Care Market
3.7. Porter’s Five Forces Analysis
3.7.1. Bargaining Power of Suppliers
3.7.2. Bargaining Power of Buyers
3.7.3. Threat of New Entrant
3.7.4. Threat of Substitutes
3.7.5. High Competitive Rivalry
3.8. Value chain analysis
Chapter 4. COVID-19 Impact on Advanced Wound Care Market
Chapter 5. Global Advanced Wound Care Market Overview, By Type, 2018 - 2032 (USD Million)
Chapter 6. Global Advanced Wound Care Market Overview, By Application, 2018 - 2032 (USD Million)
Chapter 7. Global Advanced Wound Care Market Overview, By End User, 2018 - 2032 (USD Million)
Chapter 8. Global Advanced Wound Care Market Overview, By Geography, 2018 - 2032 (USD Million)
...
Chapter 14. Competitive Landscape
14.1. Competitive environment, 2022
14.2. Strategic framework
14.2.1. Partnership/agreement
14.2.2. Expansion
14.2.3. Mergers & Acquisitions
14.2.4. Recent development
Chapter 15. Key Vendor Analysis
15.1. Organogenesis Inc.
15.1.1. Company overview
15.1.2. Financial Performance
15.1.3. Product Benchmarking
15.1.4. Recent initiatives
15.2. B. Braun SE
15.2.1. Company overview
15.2.2. Financial Performance
15.2.3. Product Benchmarking
15.2.4. Recent initiatives
15.3. Convatec Group PLC
15.3.1. Company overview
15.3.2. Financial Performance
15.3.3. Product Benchmarking
15.3.4. Recent initiatives
15.4. Essity Aktiebolag
15.5. Integra Lifesciences
15.6. Johnson & Johnson Private Limited
15.7. Medline Industries, Inc.
15.8. Medtronic
15.9. Coloplast Corp
15.10. Smith+Nephew
15.11. Others
Chapter 16. Sourcing Strategy and Downstream Buyers
16.1. Advanced Wound Care Market Industrial Chain Analysis
16.2. Downstream Buyers
Chapter 17. Marketing Strategy Analysis, Distributors/Traders
17.1. Marketing Channel
17.1.1. Direct Marketing
17.1.2. Indirect Marketing
17.1.3. Marketing Channel Development Trend
17.2. Market Positioning
17.2.1. Pricing Strategy
17.2.2. Brand Strategy
17.2.3. Target Client
17.3. Distributors/Traders List
Chapter 18. Market Effect Factors Analysis
18.1. Product Progress/Risk
18.1.1. Substitutes Threat
18.1.2. Product Progress in Related Size
18.2. Consumer Needs/Customer Preference Change
18.3. Economic/Political Environmental Change
Chapter 19. Future Outlook of the Market
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