Pune, India, May 31, 2023 (GLOBE NEWSWIRE) — The global advanced wound care market size was valued at USD 11.38 billion in 2022 and is anticipated to grow from USD 11.97 billion in 2023 to USD 17.48 billion by 2030 at a CAGR of 5.6% over the estimated period. The surge is propelled by the growing number of patient surgeries. Additional factor favoring market growth is the surging prevalence of chronic diseases such as vascular conditions, limited mobility, diabetes, and others.
This information is provided by Fortune Business Insights™ in its research report, titled “Advanced Wound Care Market, 2023-2030”.
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Key Industry Development:
January 2023 – Amferia raised a funding of USD 1.8 million. The value was raised from Almi Invest and other angel investors for supporting the rollout of the company’s first wound care dressing product.
Key Takeaways:
- Pandemic Period Recorded Decline in Demand for Advanced Wound Care Products Owing to Cancellation of Non-emergency Surgical Procedures
- Shifting Focus to Introduce Active Therapies for Wound Management
- Rising Prevalence of Chronic and Acute Wounds to Fuel Demand for Dressings and Devices
- High Cost Associated with Devices and Active Therapies to Limit their Adoption
- 3M, Smith & Nephew, and ConvaTec to Lead the Market Owing to Strong Product Portfolio
List of Key Players Mentioned in the Report:
- Smith & Nephew (U.K.)
- 3M (U.S.)
- MiMedx (Georgia)
- Coloplast Corp (Denmark)
- ConvaTec Inc. (U.K.)
- Tissue Regenix (U.S.)
- Derma Sciences Inc. (U.S.)
- Mölnlycke Health Care AB (Sweden)
- Organogenesis Inc. (U.S.)
- Integra LifeSciences (U.S.)
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 5.6% |
| 2030 Value Projection | USD 17.48 Billion |
| Base Year | 2022 |
| Advanced Wound Care Market Size in 2022 | USD 11.38Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 160 |
| Segments covered | Product Type, Indication and End User |
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Drivers and Restraints:
Market Value to Rise Propelled by Growing Prevalence of Chronic Wounds
One of the major factors impelling the advanced wound care market growth is the escalating prevalence of chronic wounds such as venous leg ulcers, diabetic foot ulcers, and acute wounds. Additional aspect favoring market growth is the escalating burden of chronic disorders and the growing number of accidents.
However, the industry expansion could be affected by the growing prevalence of acute and chronic wounds across the globe.
COVID-19 Impact:
Cancellation of Non-Emergency Procedures Led to Decline in Product Demand
The COVID-19 pandemic resulted in the slowdown of healthcare services and non-emergency procedures. The period also led to the closure of hospitals settings including those dedicated to wound care departments and specialized wound care clinics. This led to a considerable impact on the number of patient visits to outpatient departments and wound centers.
Segments:
Advanced Wound Dressings Demand to Rise on Account of Lower Cost and High Efficiency
Based on product type, the market is fragmented into wound care devices, advanced wound dressings, and active wound care. Of these, the advanced wound dressings segment is estimated to dominate throughout the forecast period. The rise is due to the high efficiency and lower cost of the product.
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Diabetic Foot Ulcers Segment to Depict Appreciable Surge Driven by Higher Prevalence
By indication, the market for advanced wound care is categorized into pressure ulcers, diabetic foot ulcers, surgical wounds, and others. The diabetic foot ulcers segment is set to dominate the market over the study period due to growing diabetes prevalence across the globe.
Hospitals to Gain Notable Traction Driven by Escalating Number of Patient Admissions
On the basis of end user, the market is segmented into clinics, hospitals, home care settings, and others. The hospitals segment is expected to remain dominant throughout the estimated period on account of an increase in hospital admissions.
By geography, the market for advanced wound care has been analyzed across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Report Coverage:
The report provides a comprehensive analysis of the significant trends impelling the global market landscape throughout the forecast period. It further delves into the vital factors propelling the market growth over the ensuing years. Additionally, it gives an account of the major steps taken by leading companies for strengthening the positions of their businesses.
Regional Insights:
North America to Dominate Owing to Rising Prevalence of Chronic and Acute Wounds
The North America advanced wound care market share was USD 4.79 billion in 2022 and is poised to dominate the market over the anticipated period. The growth is impelled by the high costs associated with the treatment of pressure ulcers and the growing prevalence of chronic and acute wounds.
The Europe market is slated to record an appreciable CAGR throughout the study period. The market is driven by the growing awareness regarding treatment availability for chronic wounds.
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Competitive Landscape:
Pivotal Players Undertake Strategic Initiatives to Strengthen Industry Positon
Major companies ink collaborative deals and partnerships for strengthening the positions of their businesses. These players are also undertaking a series of steps for consolidating their market positions. These initiatives include merger agreements, acquisitions, and the formation of alliances.
Table Of Content :
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Market Trends
- Key Insights
- Prevalence of Key Indications, by Key Countries, 2022
- New Product Launches, By Key Players
- Pricing Analysis, Key Brands/ Key Players, for Key Countries/ Region, 2021/ 2022
- Key Industry Development: Mergers, Acquisitions, and Partnerships
- Impact of COVID-19 on the Market
- Global Advanced Wound Care Market Analysis, Insights and Forecast, 2019-2030
- Market Analysis, Insights and Forecast – By Product Type
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- Alginate Dressings
- Hydrogel Dressings
- Film Dressings
- Hydrocolloid Dressings
- Antimicrobial Dressings
- Foam Dressings
- Others
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- Negative Pressure Wound Therapy (NPWT)
- Hyperbaric Oxygen Therapy (HBOT)
- Extracorporeal Shock Wave Therapy (ESWT)
- Others
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- Biological Skin Equivalents
- Growth Factors
- Biological Dressings
- Others
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- Market Analysis, Insights and Forecast – By Indication
- Diabetic Foot Ulcers
- Pressure Ulcers
- Surgical Wounds
- Others
- Market Analysis, Insights and Forecast – By End User
- Hospitals
- Clinics
- Home Care Settings
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Market Analysis, Insights and Forecast – By Indication
- North America Advanced Wound Care Market Analysis, Insights and Forecast, 2019-2030
- Market Analysis, Insights and Forecast – By Product Type
-
-
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- Alginate Dressings
- Hydrogel Dressings
- Film Dressings
- Hydrocolloid Dressings
- Antimicrobial Dressings
- Foam Dressings
- Others
-
-
-
-
-
- Negative Pressure Wound Therapy (NPWT)
- Hyperbaric Oxygen Therapy (HBOT)
- Extracorporeal Shock Wave Therapy (ESWT)
- Others
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-
-
-
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- Biological Skin Equivalents
- Growth Factors
- Biological Dressings
- Others
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Toc Continue…
FAQs :
How big is the Advanced Wound Care Market?
- Fortune Business Insights says that the global market stood at USD 11.38 billion in 2022 and is projected to reach USD 17.48 billion by 2030.
Which are the key factors driving the market?
- Increasing prevalence of chronic and acute wounds, rising geriatric population, and introduction of wound care products by market players are the major factors driving the growth of the market. Additionally, launch of advanced technologies by market players, such as active therapies and NPWT, is expected to drive the product adoption in the global market.
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