Advanced Wound Care Market

Market Synopsis:

The Global Advanced Wound Care Market was valued at USD 9.50 Billion in 2022 and is forecast to reach a value of USD 14.69 Billion by 2030. In the forecast period, the Global Market is anticipated to grow to exhibit a CAGR (Compound Annual Growth Rate) of 5.60%.

Products for treating chronic and acute wounds, such as burns, ulcers, and post-operative wounds, are included in advanced wound care. Hydrogels, alginates, hydrocolloids, film and foam dressings, and other cutting-edge wound care remedies keep the wound moist and encourage healing without slowing it down. The Advanced Wound Care sector can help patients with chronic wounds by offering them readily available, reasonably priced products that they can use whenever convenient. In the past few years, there has been an increase in the prevalence of acute, chronic, and surgical wounds due to factors including an expanding global elderly population, rising traumatic injuries, surgeries, and an increase in the occurrence of diseases, including obesity and diabetes. Diabetes and obesity can significantly increase the frequency and complexity of wounds, including infections, ulcerations (such as leg or foot ulcers), and chronic wounds. These wounds all require treatment (advanced wound management), which raises the cost of healthcare. The demand for Advanced Wound Care will increase further due to the sharp increase in hospital visits for wound treatment. Growing healthcare spending to provide better patient care and a significant number of therapeutic operations carried out in hospitals will boost the expansion of the hospital industry.

Furthermore, the prevalence of pressure ulcers in hospitals is rising, increasing the need for better wound care and raising the industry's worth. The government's growing efforts to raise public awareness will significantly impact the growth rate of the Advanced Wound Care Market. Technology development is another essential aspect contributing to the expansion of the industry. Government initiatives favoring the development of the healthcare infrastructure and increasing research and development efforts will create favorable conditions for expanding the Advanced Wound Care Market.

Market Segmentation:

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The Advanced Wound Care Market is segmented on Product, Wound Type, End User, and Region. Based on the Product, the market is further segmented into Dressings, Devices & Accessories, Grafts & Matrices, and Topical Agents. Furthermore, based on the Wound Type, the market is further bifurcated into Surgical & Traumatic Wounds, Diabetic Foot Ulcers, Pressure Ulcers, Venous Leg Ulcers, and Burns & Other Wounds. In addition, based on the End User, the market is further divided into Home Care Settings, Hospitals ASCs & Wound Care Centers, and Other End Users.

Based on Product:

Dressings category dominated the market in 2021

The Dressings segment is anticipated to have the largest market share during the projection period, primarily due to rising Healthcare-Associated Infections (HAI) incidence and growing patient awareness. In addition, this market is expected to expand due to the rising prevalence of diabetic, venous, and pressure ulcers, further bolstering the market growth.

Based on End Users:

Hospitals, ASCs, & Wound Care Centers category dominated the market in 2021

The Hospitals, ASCs, & Wound Care Centers segment dominated the market in 2021 and is expected to continue to dominate in the projection period. An increase in surgical procedures and a rise in hospital admissions are responsible for this segment's growth. It is anticipated that rising hospital enrollment rates and the number of hospitals would support market expansion during the projected period. Similarly, increased surgeries performed globally to fuel the market's growth. In addition, the evolution of the Advanced Wound Care Market may be further driven by a rise in the use of Advanced Wound Care products due to increased surgical procedures.

Based on Regional Analysis:

Asia Pacific is projected to grow at the highest CAGR during the forecast period

The Asia Pacific is accounted to grow at the highest CAGR (Compound Annual Growth Rate) during the forecast period. This development can be ascribed to the region's growing geriatric population, and rising incidence of chronic diseases brought on by changing lifestyles. The elderly population could raise the demand for Advanced Wound Care products because they are more likely to suffer from various illnesses and disabilities. Additionally, it is forecast that an increase in medical tourism will assist the expanding market. The Asia Pacific is expected to experience the quickest growth throughout the projection period due to the above factors.

Recent Developments:

• In March 2020, Smith & Nephew announced the introduction of PICO 14, a single-use negative pressure wound therapy system (sNPWT) with a pump life of up to 14 days in the United States. The features and benefits of earlier PICO SNPWT systems were incorporated into this new pump, which includes an improved pump that requires less user involvement.
• In September 2020, a placental tissue allograft called EpiCord Expandable was introduced to the market by MIMEDX. In order to meet the needs of patients with more significant, persistent, and difficult-to-heal wounds, this allograft's novel shape enables medical professionals to cover up to twice the surface.

Competitive Landscape:

The key players in the Global Advanced Wound Care Market include- 3M Company (US), Smith & Nephew PLC (UK), ConvaTec Group PLC (UK), Coloplast A/S (Denmark), Molnlycke Health Care AB (Sweden), Integra LifeSciences Holdings Corporation (US), PAUL Hartmann AG (Germany), B. Braun Melsungen AG (Germany), Cardinal Health Inc. (US), Organogenesis Holdings Inc. (US), Misonix, Inc. (US), MiMedx Group Inc. (US), Zimmer Biomet Holdings Inc. (US), Lohmann & Rauscher GmbH & Co. KG (Germany), DeRoyal Industries Inc. (US), Medline Industries Inc. (US), DermaRite Industries LLC (US), Kerecis (Iceland), Advancis Medical (UK), Winner Medical Co. Ltd. (China), Hollister Incorporated (US), Mil Laboratories Pvt. Ltd. (India), Shield Line (US), ZENI Medical (US), Carilex Medical (Germany), Pensar Medical LLC (US), Wuhan VSD Medical Science & Technology Co. Ltd. (China), Haromed B.V. (Belgium) and others.

Segmentation of the Global Advanced Wound Care Market: