Advanced Wound Care Market is Expected to Grow from USD 7 Billion in 2021 to USD 10.50 Billion by 2029
Advanced Wound
Care Market By Product
(Moist and Antimicrobial), By Application (Chronic Wounds and Acute Wounds), By
End-use (Hospitals, Specialty Clinics, and Home Healthcare), Regions, Segmentation, and forecast till 2029.
The market has been studied for the below mentioned-segmentation
and regional analysis for North America, Europe, Asia, South America, and
Middle East and Africa. These are the key regions where the Advanced wound
care market is operating currently and is predicted to expand in the near
future. The manufacturers and suppliers involved in the advanced wound care
market is present across various countries in the above-mentioned regions.
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The report provides a detailed understanding of the market
segments which have been formed by combining different prospects such as the
product, application, end-use, and region. Apart from this, the key driving
factors, restraints, potential growth opportunities and market challenges are
also discussed in the below paragraphs.
The significant players operating in the global advanced
wound care market are Coloplast Corp., Mรถlnlycke
Health Care AB, ConvaTec Group PLC, Ethicon (Johnson & Johnson), Baxter
International, URGO Medical, Smith & Nephew, Medtronic, 3M, Derma Sciences
Inc. (Integra LifeSciences) among others. To achieve a substantial market share
in the worldwide Advanced wound care market and strengthen their position,
manufacturers are pursuing expansion methods such as current developments,
mergers and acquisitions, product innovations, collaborations, and
partnerships, joint ventures.
Diabetic foot ulcers are common in diabetes patients and
are managed with cutting-edge wound care products. For instance, 20% of people
with diabetic foot ulcers may need to have their foot amputated, according to
ScienceDirect. More than 25% of people with diabetes may develop diabetic foot
ulcers. It is hoped that as a result, more diabetic patients will adopt
cutting-edge wound care techniques. These products facilitate the preservation
of moisture and speed up the healing of both internal and external wounds.
These drugs also help remove necrotic tissues, which is beneficial for treating
surgical site infections. Healthcare professionals prefer sophisticated wound
care solutions, hence the market is anticipated to grow quickly throughout the
forecast period. Furthermore, it is projected that technical advancements in
advanced wound care products would have a substantial impact on the market for
advanced wound care. Some of the most advanced technological products in this
field are expected to shortly hit the market. For instance, nanoparticle-based
wound healing and skin regeneration use bioactive molecules across the treated
area to maintain drug release and specifically increase the therapeutic
benefits of medications. Similarly to this, it is hoped that gene therapy will
become commercially available. Gene therapy works to speed up wound healing by
injecting healthy, normal genes into cells. As a result of these developments
in advanced wound care products, it is estimated that the market for such
products would expand over the course of the forecast period.
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Scope of Advanced
Wound Care Market Report
|
Report
Metric |
Information |
|
Study
Period |
2021-2029 |
|
Base
Year |
2021 |
|
Forecast
Period |
2022-2029 |
|
Market
Share Unit |
USD Billion |
|
Segments
Covered |
Product, Application, End-Use, and Regions |
|
Regions
Covered |
North America, Europe, Asia-Pacific, South
America and Middle-East and Africa |
|
Major
Players |
Coloplast Corp., Mรถlnlycke Health Care AB, ConvaTec Group
PLC, Ethicon (Johnson & Johnson), Baxter International, URGO Medical,
Smith & Nephew, Medtronic, 3M, Derma Sciences Inc. (Integra LifeSciences)
among others. |
Segmentation
Analysis
Moist segment is expected to be the fastest-growing segment
in 2021.
The product segment is moist and antimicrobial. The moist segment is expected to witness the highest
growth rate during the forecast period. A growth in surgical operations and
wound cases around the world can be blamed for this preponderance. For instance,
according to the Life Span Organization, nearly 500,000 open-heart surgeries
were performed in the US in 2018. According to AHA Journals, 40,000 kids in the
US undergo congenital heart surgery. Since such operations take longer to heal
and advanced wound care products help treat such wounds quickly, the market for
advanced wound care is anticipated to expand during the projected period.
The acute wounds segment is expected to be the
fastest-growing segment in 2021.
The application segment includes chronic wounds and
acute wounds. The acute wounds segment is expected to
witness the highest growth rate during the forecast period. The market is
predicted to expand significantly throughout the course of the forecast period.
The market is primarily driven by the increase in different traumatic wounds,
such as those brought on by auto accidents. In addition, there have been more
non-fatal injuries in the US that need medical attention. For instance, the CDC
predicted that the number of non-fatal injuries rose from 517,249 in 2015 to
534,602 in 2017. Similarly, according to a Brady United Organization report,
210 of the 316 people who are shot every day in the United States survive. As a
result of an increase in the frequency of acute wounds, the category is
anticipated to grow during the forecast period.
The hospital segment is expected to be the fastest-growing
segment in 2021.
The end-use segment includes hospitals, specialty
clinics, and home healthcare. The hospital segment is expected to
witness the highest growth rate during the forecast period. The rise in
bariatric procedures, which necessitate the use of cutting-edge wound care
products to prevent surgical site infections, and the rise in surgical
procedures as a result of inactive lifestyles around the world can both be
attributed to this market segment's expansion. Additionally, NPWT and surgical
advanced wound care cloths are inconvenient for usage at home and are better
suited for hospital use. A large buyer of advanced wound care who has long-term
contracts with suppliers is thought to be hospitals. As a result of the
aforementioned factors, the category is anticipated to rise over the forecast
period.
Regional Analysis
The regional analysis provides a detailed perception of the
key regions and the countries. Some of the key countries analyzed for the
advanced wound care include US, Canada, Mexico, Germany, France, U.K., Italy,
Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa and Saudi
Arabia.
●
The North America
region witnessed a major share. The market in the region is developing as a
result of the sizable population and expanding patient base in countries like
the U.S. Additionally, there will be a rise in the need for products that
improve wound healing and care in this area because older individuals are more
prone to develop wounds. For instance, 54.1 million people, or 16% of the
population, were 65 years of age or older in 2019, according to the
Administration for Community Living's report on aging and health. The increased
incidence of traffic accidents and the availability of qualified specialists in
this field are also expected to drive demand for advanced wound care products
in North America.
Country Analysis
●
Germany
Germany's
advanced wound care market size was valued at USD 0.25 billion in 2021 and is
expected to reach USD 0.34 billion by 2029, at a CAGR of 4% from 2022 to
2029. The key factors driving the rise in
demand in Germany are the country's fast-growing senior population, rising
diabetes rates, technological advancements in advanced wound care products, and
funding for advanced wound care research.
●
China
China
advanced wound care market size was valued at USD 0.21 billion in 2021 and is
expected to reach USD 0.27 billion by 2029, at a CAGR of 3.5% from 2022 to
2029. Advanced wound treatment must be
offered in China due to the aging population's impact on the rise in chronic
wounds and lifestyle-related illnesses. The WHO projects that by 2040, 28% of
all people in China would be elderly, due to the country's rising geriatric
population and declining birth rates.
●
India
India's
advanced wound care market size was valued at USD 0.15 billion in 2021 and is
expected to reach USD 0.19 billion by 2029, at a CAGR of 3% from 2022 to
2029. Traffic accidents increasingly have a substantial
socioeconomic impact in India. The Ministry of State Road Transports &
Highways issued statistics showing that there were 449,002 traffic accidents in
2019 with 151,113 fatalities and 451,461 injuries.
Covid-19 Impact
Covid-19 had a major impact on almost all industries, such
as electronics, semiconductors, manufacturing, automobile, etc. However,
several companies operating in the technology sector have seen increased
revenue due to significant changes in consumer preferences toward technological
services. In addition, the pandemic has led to significant growth in technology
across developing and developed countries.
Furthermore, the growth of this market is mainly driven owing
to the prevalence of skin infections.
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