Increase in the geriatric population, rise in incidences of diabetes, obesity, and chronic conditions, and developments in technology to deal with complex wounds have boosted the growth of the global advanced wound care market. However, high cost of advanced wound care products hinders the market growth. On the contrary, untapped opportunities in developing countries are expected to unlock new opportunities for the market players in the future.
Surge in geriatric population, increase in incidences of diabetes, obesity and chronic conditions, and high-end technological advancements to deal with complex wounds fuel the growth of the global advanced wound care market. On the other hand, high cost of advanced wound care products impedes the growth to some extent. Nevertheless, untapped opportunities in developing economies is expected to create a number of opportunities for the key players in the industry.
The global advanced wound care market was pegged at $8.97 billion in 2020 and is expected to reach $14.19 billion by 2030, growing at a CAGR of 4.6% from 2021 to 2030.
The major factors that boost the growth of the global advanced wound care market include rise in adoption of evidence-based treatments for chronic wounds and rapid rise in geriatric population. In addition, advanced wound care products promote faster wound healing, and hence are gaining an edge over traditional wound care and closure products, which significantly contributes toward the growth of the market. Continuous advancements in advanced wound care & closure products are further expected to boost the market growth during the forecast period. Moreover, increase in prevalence of chronic diseases such as diabetes & obesity and rise in disposable income in developing economies fuel the adoption of advanced wound care therapies. Furthermore, rise in awareness toward advanced wound care treatment & management boosts the demand for infection management products such as silver wound dressings, non-silver dressings, and collagens. However, low income and lack of proper medical attention in the developing countries hamper the growth of the advanced wound care market.
What is considered advanced wound care?
Advanced wound care therapies included collagen, biological dressings, biological skin equivalents, platelet-derived growth factors, platelet-rich plasma, silver products, negative pressure wound therapy, hyperbaric oxygen therapy, and ozone-oxygen therapy.
The global advanced wound care market report includes an in-depth analysis of the prime market players such as 3M (Acelity Inc.), B Braun Melsungen AG, Adynxx, Inc., ConvaTec Group plc, Coloplast A/S, Integra Lifesciences (Derma sciences), Essity AB (BSN Medical GmbH), Johnson & Johnson, Investor AB (Mölnlycke Health Care AB), Medtronic plc., Medline Industries, Inc., Smith & Nephew Plc., and Organogenesis Holdings Inc.
