Advanced Wound Care Market, by Product (Wound Dressings, Active Wound Care, Therapy Devices, and Other Advanced Wound Care Products), Wound Type (Chronic Wound and Acute Wound), and region (North America, Europe, Asia-Pacific, Middle East and Africa and South America).
Advanced Wound Care Market Overview
The Advanced Wound Care market size was estimated at USD 11.20 billion in 2023 and is projected to reach USD 20.41 billion in 2030 at a CAGR of 7.79% during the forecast period 2023-2030.
Advanced Wound Care refers to a specialized approach in the management and treatment of complex or chronic wounds that do not heal through traditional methods. It involves using advanced techniques, therapies, and medical products, to promote optimal wound healing and prevent complications. This type of wound care is typically used for wounds that are difficult to heal such as diabetic ulcers, pressure ulcers, venous ulcers, and surgical wounds.
Advanced wound care is often provided by healthcare professional specializing in wound management, such as wound care nurses, dermatologists, plastic surgeons, and specialists in wound care clinics. The goal of advanced wound care is to promote faster healing, reduce the risk of infection, and minimize scarring, and improve the overall quality of life for individuals with chronic or difficult to heal wounds.
The advanced wound care market is expected to grow in the forecast years. The growth is being driven by factors such as increasing prevalence of chronic diseases that affect wound healing such as diabetes, obesity as well as increasing number of hospital visits for wound treatment. Moreover, increasing research and development in the area and favourable government policies are expected to drive the market during the forecast period.
However, there are certain factors such as the high cost of advanced wound care products might hamper the growth of the market during the forecast period.
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COVID-19 pandemic had a significant impact on the advanced wound care market. Due to the COVID-19 outbreak, healthcare facilities such as hospitals and clinics were exhausted with COVID-19 patients. Hence, various countries proposed the delay of elective surgeries which restricted the growth of the market. Moreover, people avoided going to hospitals for treatment of chronic wounds as the risk of contracting COVID-19 increased.
Delvens Industry Expert's Standpoint
The market is expected to grow rapidly during the forecast period. This growth can be attributed to factors such as the increasing prevalence of chronic diseases such as diabetes, obesity and vascular disease that pose as major risk factors for chronic wounds. Moreover, these diseases slow down the wound healing process, which forces people to opt for advanced wound care products and services. In addition to that, there have been significant advances in wound care technology in recent years, leading to the development of new products and treatments that are more effective and efficient than traditional wound care methods. However, factors such as high cost of these products and services might hamper the growth of the market.
Key Findings
- Based on product, the market is segmented into wound dressings, active wound care, therapy devices, and other advanced wound care products. The dressings segment dominated the market in this segment. This is due to the increased use of dressing products for problems such as surgical wounds, ulcers as they offer various benefits such as ease of usage, moisture retention and high healing power.
- Based on wound type, the market is segmented into chronic wound and acute wound. Chronic would dominate the market in this segment. Prevalence of diabetic foot ulcers is increasing owing to the increasing number of diabetes cases.
- Based on wound class, the market is bifurcated into class I, class II, class III and class IV. Class III dominated the market in this segment due to increasing number of class III cases among the population.
- Based on end user, the market is segmented into hospitals, wound care centres, ambulatory centres, home healthcare, clinics and others. The hospitals dominated the market in this segment. This is because a greater number of patients prefer to visit hospitals for cases of surgical wounds, ulcers, burns, etc.
- Based on distribution channel, the market is bifurcated into direct tenders and retail. The direct tenders dominated the market in this segment. This is because majority of the products related to advanced wound care are directly distributed to hospitals, wound care centres, etc.
- The market is also divided into various regions such as North America, Europe, Asia-Pacific, South America, and Middle East and Africa. North America is estimated to account for the largest market share during the forecast period. This can be attributed to the increasing geriatric population and increasing cases with chronic wounds within the region.
Advanced Wound Care Market Regional Analysis
North America to Dominate the Market
- North America is estimated to account for the largest market share during the forecast period. This growth can be attributed to the growing adoption of advanced technology and launch of new products in this region.
- Moreover, the rising geriatric population and the increasing number of cases with chronic wounds is expected to drive the growth of the market during the forecast period.
Advanced Wound Care Market Competitive Landscape
· 3M Company
· B. Braun Melsungen AG
· Baxter
· Cardinal Health, Inc
· Coloplast A/S
· ConvaTec Group Plc
· DeRoyal Industries, Inc.
· Hollister Incorporated
· Integra Lifesciences
· Johnson & Johnson Private Limited
· Lohmann & Rauscher GmbH & Co. KG
· Medline Industries, Inc.
· Medtronic
· MiMedx Group, Inc.
· Misonix, Inc.
· Molnlycke Health Care
· Organogenesis Holdings Inc.
· Paul Hartmann AG
· Smith & Nephew
· Zimmer Biomet
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Advanced Wound Care Market Recent Developments
- In August 2023, RedDress and OneMed formed a strategic partnership for the commercialization and distribution of the ActiGraft Wound Care System, a personalized and autologous wound care solution created from patients own whole blood, in the Nordics.
- In July 2023, Coloplast announced the agreement to acquire Keracis, an Icelandic wound care company. This acquisition would allow Coloplast to acquire its wound care offerings.
Reasons to Acquire in the Advanced Wound Care Market
- Increase your understanding of the market for identifying the most suitable strategies and decisions based on sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends, and factors.
- Gain authentic and granular data access for the Advanced Wound Care Market to understand the trends and the factors involved in changing market situations.
- Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future.
- In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns.
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