Pune, Sept. 18, 2023 (GLOBE NEWSWIRE) -- “The SNS Insider report indicates that the Advanced Wound Care Market reached a valuation of USD 11.35 billion in 2022 and is anticipated to achieve USD 22.81 billion by 2030, driven by a rising compound annual growth rate (CAGR) of 9.12% during the forecast period spanning from 2023 to 2030.”
Market Overview
Advanced wound care refers to a specialized and innovative approach to treating wounds, particularly chronic or non-healing wounds, that goes beyond traditional wound care methods. These advanced techniques and technologies aim to promote faster and more effective wound healing while minimizing the risk of complications and infections. Advanced wound care is essential for patients with complex or slow-healing wounds, such as diabetic ulcers, pressure ulcers, venous ulcers, and surgical wounds.
Market Analysis
The advanced wound care market has been experiencing significant growth in recent years, primarily driven by several key factors that are reshaping the healthcare landscape. The prevalence of chronic diseases such as diabetes, obesity, and cardiovascular diseases is on the rise. These conditions can lead to chronic wounds, which require advanced wound care solutions for effective management and treatment. Advances in wound care technologies have led to the development of innovative products and therapies. These include advanced dressings, negative pressure wound therapy systems, and bioengineered skin substitutes, which offer better wound healing outcomes and reduced healing times. Growing awareness among healthcare professionals and patients about the benefits of advanced wound care is boosting market growth. As knowledge about these solutions spreads, more patients are seeking advanced wound care treatments early in their disease progression.
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Major Players Included in this Report are:
- Mölnlycke Health Care AB
- ConvaTec Group PLC
- Coloplast Corp
- Medtronic
- 3M
- Derma Sciences Inc
- Medline Industries, Inc.
- Smith & Nephew PLC
- Baxter International and other players
Advanced Wound Care Market Report Scope:
| Report Attributes | Details |
| Market Size in 2022 | US$ 11.35 Bn |
| Market Size by 2030 | US$ 22.81 Bn |
| CAGR | CAGR of 9.12% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2019-2021 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
Key Takeaway from Advanced Wound Care Market Study
- The dental accessories segment's rise to prominence in the market is driven by the growing awareness of oral health's integral role in overall well-being, the development of innovative wound care products, and an aging global population. As dental professionals and patients alike embrace these advanced solutions, the future looks bright for this segment.
- The dentistry segment's ascendancy in the market is a testament to the evolving landscape of healthcare and the growing recognition of oral health's significance. The integration of advanced technologies and the aging population further solidify its position as a dominant force.
Recent Developments
- Coloplast, a leading global provider of medical devices and services, has announced its strategic expansion in the field of wound care through the acquisition of Kerecis, a pioneering company specializing in fish skin-based tissue regeneration technology. This acquisition marks a significant step forward in Coloplast's mission to enhance its wound care offerings
- Leading healthcare solution providers InfuSystem and Sanara MedTech have joined forces to advance wound therapy solutions, marking a significant milestone in their commitment to improving patient care and outcomes. The strategic partnership, announced, combines the strengths of both companies to offer innovative wound care products and services that promise to revolutionize the field of wound management.
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Market Dynamics Analysis
The advanced wound care market is characterized by a dynamic interplay of various drivers, restraints, challenges, and threats. On the driver's side, the increasing prevalence of chronic wounds, such as diabetic ulcers and pressure ulcers, coupled with a rapidly aging population, has propelled the demand for advanced wound care products and solutions. Additionally, the growing awareness among healthcare professionals and patients about the benefits of advanced wound care therapies, which promote faster healing and reduce the risk of infections, has further fueled market growth. However, the market is not without its restraints and challenges. The high cost associated with advanced wound care products, limited reimbursement policies, and stringent regulatory requirements pose significant obstacles for market expansion. Moreover, the ongoing economic uncertainty and budget constraints in healthcare systems worldwide can hinder the adoption of advanced wound care solutions. Furthermore, the threat of competition is always looming, with new entrants continually innovating and challenging established players.
Advanced Wound Care Market Segmentation:
By Product
- Moist
- Foam Dressings
- Hydrocolloid Dressings
- Film Dressings
- Alginate Dressings
- Hydrogel Dressings
- Collagen Dressings
- Other Advanced Dressings
- Antimicrobial
- Silver
- Non-silver
- Active
- Biomaterials
- Skin-substitute
By Application
- Chronic Wounds:
- Diabetic Foot Ulcers
- Pressure Ulcers
- Venous Leg Ulcers
- Other
- Acute Wounds:
- Surgical & Traumatic Wounds
- Burns
By End-use
- Hospitals
- Specialty Clinics
- Home Healthcare
- Others
Key Regional Developments
North America has been a dominant player in the advanced wound care market, driven by a well-established healthcare infrastructure and a high prevalence of chronic diseases like diabetes and obesity. Europe's aging population is contributing to an increased demand for advanced wound care solutions as elderly individuals are more prone to chronic wounds. The Asia-Pacific region is experiencing robust growth due to rising healthcare expenditures, improving healthcare infrastructure, and increasing awareness about wound care. Countries like China and India are witnessing a surge in demand for advanced wound care products, driven by their large populations and expanding middle-class segments.
Impact of Recession on Advanced Wound Care Market Growth
A recession can have several complex and interconnected effects on the advanced wound care market. While the exact outcomes will depend on various factors, including the depth and duration of the recession, the adaptability of healthcare systems, and government policies, it's clear that economic downturns can pose challenges and opportunities for both providers and manufacturers in this sector. Adapting to changing market dynamics and focusing on cost-effective, innovative solutions may be key strategies for success during a recession.
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Table of Contents
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Advanced Wound Care Market Segmentation, By Product
9. Advanced Wound Care Market Segmentation, By Application
10. Advanced Wound Care Market Segmentation, By End-use
11. Regional Analysis
12. Company Profiles
13. Competitive Landscape
14. Conclusion
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