Global Advanced Wound Care Market Overview
A constant rise in wounds' cause economic, clinical, and social impact and asks for a more structured approach and proportionate investment in wound care. Wounds are caused due to many reasons: surgical intervention, the result of injury, and other consequences such as diabetes or vascular disease. Patients with acute and chronic wounds are susceptible to infection and other complications that hinder healing. Treatment of wounds of different causes constitutes a major part of the total health care budget. The patients suffering from wounds report physical, mental, and social consequences of their wounds. Slow healing time, increased frequency of dressing change, and complications are three vital cost drivers. The wounds also result in pain, distress, social isolation, anxiety, extended hospital stay, chronic morbidity, or even mortality. Many of these issues are preventable with advanced wound care, thus driving the market. With modern, advanced technology for more rapid wound healing, all these cost drivers can be substantially minimized.
According to Value Market Research, the global advanced wound care market size was valued at about USD 6 billion in 2020 and is estimated to grow at a CAGR of around 6 % during the forecast period 2021 to 2027.
Wounds, either acute or chronic, poses a significant burden on human health. Of the total wounds identified, 22 % are acute wounds, and 78 % are chronic wounds. Of the acute wounds, surgical wounds are the most prevalent. Growing wound burden, expanding aging population, increasing spending on healthcare industry, and rising number of surgeries and injuries due to major accidents are foreseen to drive demand for advanced wound care. The rising prevalence of diabetes and infections, which results in slow healing of the wounds, will be propelling the market demand. The world is aging rapidly. Aging is associated strongly with the higher prevalence of wounds. The exponential growth of geriatric people is, thus, parallel, followed by the exponential growth of the advanced wound management market. However, high-cost concerns with advanced wound care products and low awareness among the patients are predicted to restrain the market growth. Patients and physicians opt for less-expensive traditional and basic wound care products limiting demand for high-cost but cost-effective advanced wound care products.
Acelity Inc., Adynxx, Inc., B Braun Melsungen AG, Coloplast A/S, ConvaTec Group plc, Essity AB, Integra Lifesciences, Investor AB, Johnson & Johnson, Medline Industries, Inc., Medtronic plc., Organogenesis Holdings Inc., and Smith & Nephew Plc. are key players operating in the global advanced wound care market.
In this research report, the advanced wound care market is segmented by product, wound type, end-user, and region.
Analysis, By Product
Based on product, the market is divided into antimicrobial wound care, active wound care, moist wound care, and others. Moist wound care grabbed the maximum share in the global advanced wound care market. Moist wound healing promotes faster healing, three to five times quicker than the other ways. With moist healing, keratinocytes can easily travel across the wound surface more quickly and easily. It works by trapping endogenous proteolytic enzymes in the wound. Besides, it preserves growth factors in wound fluid, stimulates collagen synthesis, reduces pain, and reduces scarring.
By Wound Type
Based on wound type, the market is segmented into surgical & traumatic wounds, diabetic wounds; pressure ulcers; venous leg ulcers; and burns & other wounds. The surgical & traumatic wounds segment acquired a major share. The growing burden of severe diseases and an increasing number of surgeries performed worldwide is estimated to drive the segment growth. Diabetic foot ulcers and venous leg ulcers are also projected to grow at a healthy rate due to rising diabetic risk among the aging population.
Analysis, By End User
By end user, the global advanced wound care market is segmented into hospitals & clinics, community health service centers, and others. Hospitals & clinics accounted for major revenue contributions. The segment will remain dominant by the end of the forecast and is estimated to grow at the highest pace during the forecast period. Patients are more likely to go to hospitals and clinics to get wound cured than other healthcare points. Patients commonly prefer visiting hospitals for different surgical wounds, burns, surgeries, and ulcers. This because hospitals are more extensive in number and known to serve suitable treatments service for wounded patients.
Analysis, By Region
Based on region, the market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America held a major share in the global advanced wound care market. The regional growth is driven by the growing prevalence of chronic conditions resulting in chronic, surgical, and traumatic wounds, the increasing incidence of burn injuries, rising spending on surgical and chronic wounds, and technological advancements in this region. The region is blessed with highly skilled specialists, the base of many prominent players, and Americans are more likely to opt for high-performing wound solutions.
Market Segmentation covered in the Report:
By Wound Type
- Infection Management
- Exudate Management
- Active Wound Care
- Therapy Devices
- Moist Wound Care
- Surgical & Traumatic Wounds
- Diabetic Foot Ulcers
- Pressure Ulcers
- Venous Leg Ulcers
- Burns & Other Wounds
- Hospitals & Clinics
- Community Health Service Centers
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
This market research report has been produced by gathering information on the basis of primary and secondary research. Secondary research has been done by using various sources which include (but not limited to) Company Websites, Paid Data Sources, Technical Journals, Financial Reports, SEC Filings, and other different industry publications.
If specific information is required which is not currently within the scope of the report, it can be provided as a part of customization.