Pune, July 02, 2024 (GLOBE NEWSWIRE) -- “The Advanced Wound Care Market is valued USD 4.9 Billion in 2023 and anticipated to surpass USD 15.7 Billion, with a compound annual growth rate at 4.8% over the forecast period 2024-2031.”
The Perfect Storm Of Patient Demand And Technological Breakthroughs In Diabetic Foot Ulcers Rejuvenate The Advanced Wound Care Market
The growth of the advanced wound care market is being driven by a number of factors like for one, more health systems are moving toward utilization of evidence-based treatments for chronic wounds. Suggesting the proper care for patients means they will get better sooner and without potential complications. In addition, the use of more sophisticated therapy devices such as negative pressure wound therapy (NPWT) may expand management options.
Furthermore, demand for a geriatric population is fueling the advanced wound care market expansion. As people grow old, they become popular targets for chronic wounds that are more common such as diabetic foot ulcers and pressure sores. This leads to high demand for new age wound care solutions. Moreover, the burgeoning incidences of chronic diseases such as diabetes and obesity fuel advanced wound care market growth. That is a staggering number, like so of other 37.3 million according to CDC diabetes figures alone in the United States as per their National Diabetes Statistics Report from 2022. Effect of high prevalence on treatment demand When there are so many potential cases, it is very likely that this translates into people with diabetic foot ulcers and correspondingly higher requirements to find effective treatments.
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Major Players Listed 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
- Other Players
The global trends are further supported by increasing disposable income in emerging economies. This has allowed for more traditional advanced wound care options to be available where low-cost formulae were previously used due to the lack of affordability. And it keeps moving upwards in the upcoming years as well.
Segmentation Dynamics
Advanced wound care is a product-segmented space where therapy devices account for the leading position in the market. Key contributors include the introduction of superior product offerings such as wireless NPWT systems and e-stim devices by leading market participants with strong foothold in North America. With this in mind, as well as the increasing awareness for obtainable wound solutions regulatory approvals and expansion of these device usage is also escalating their market fraction. However, active wound care part seems a sunshine segment in the future. The introduction of these products has led to their significant advantages, with this segment growing at the fastest rate among different product types and likely will continue to do with technological advancements in skin substitutes (and other advanced wound care) products.
By Application, includes Chronic Wounds, Acute Wounds and Others; these chronic wounds are leading the segment due to higher output by revenue generation. The increasing prevalence of chronic diseases including diabetes and obesity is one of the key drivers to this market growth leading an expansion in patient pool demanding advanced wound care solutions. In addition, increase in geriatric population prone to chronic wounds (diabetic foot ulcers) drive the growth of advanced wound care market.
Advanced Wound Care Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 10.8 Bn |
| Market Size by 2031 | US$ 15.7 Bn |
| CAGR | CAGR of 4.8% From 2024 to 2031 |
| Base Year | 2023 |
| Forecast Period | 2024-2031 |
| Historical Data | 2020-2022 |
| 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 Growth Drivers | • Advanced wound care products are available • Diabetes is becoming more common, and the senior population is growing. |
Advanced Wound Care Market Key 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 Chronic Wounds
- Acute Wounds
- Surgical & Traumatic Wounds
- Burns
By End-use
- Hospitals
- Specialty Clinics
- Home Healthcare
- Others
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The end user segment which is leading in advanced wound care market are hospitals and this excellence comforts in their top technology, professional workmen and longer for each couple of injuries that are more complex to cure. This is likely not shocking given this makes hospitals the primary recipient of heavy-duty wound care. News for alternate care settings better Wound-care centers, specialized clinics and even home care barely register when compared to the growth in this "others" portion of the mix. This transition also reflects the general trend toward certain types of specialty care being moved out of traditional hospital settings.
Regional Analysis
North America is advanced wound care market holds a dominating position with all this power comes from the variety of roots that run on our system. For a start, it is an endemic region with high burden of chronic wounds like diabetic foot ulcers. In addition, North America has better healthcare infrastructure including specialized wound care centers and dedicated diabetic clinics. Early detection and holistic management of diabetic foot ulcers is another factor which has generated high interest. Large financial investments also have increased healthcare infrastructural and facilities, leading to better availability of advanced wound care products & services for diabetic population.
US has the largest market share in North America with the high share of chronic disease cases and surgical procedures accounts for this pre-eminence. This burden is underscored by a scary statistic in 2023 National Center for Chronic Disease Prevention and Health Promotion report 6 out of 10 people live with at least one chronic condition. The high disease burden, in turn, reflects a huge demand for advanced wound care solutions that will drive the market growth in the US.
Nevertheless, the Asia-Pacific region is preparing to claim that top growth spot in coming years. Fueling this surge are the rapid increase in diabetes diagnoses, rapidly expanding healthcare spending and increased focus on early detection and treatment of diabetic foot ulcers.
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Table of Contents – Major Key Points
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
4.3.1 Introduction
4.3.2 Impact on major economies
4.3.2.1 US
4.3.2.2 Canada
4.3.2.3 Germany
4.3.2.4 France
4.3.2.5 United Kingdom
4.3.2.6 China
4.3.2.7 Japan
4.3.2.8 South Korea
4.3.2.9 Rest of the World
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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