Advanced Wound Care Market Size (2024 - 2030)

The Global Advanced Wound Care Market was valued at USD 8.83 billion and is projected to reach a market size of USD 17.21 billion by the end of 2030. Over the forecast period of 2024-2030, the market is projected to grow at a CAGR of 7.85%. An increase in the number of patients having chronic diseases and frequent wounds and technological advancements are majorly driving the growth of the industry.

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Industry Overview

Advanced Wound Care helps with advanced wound dressings for controlling acute and chronic wounds. Advanced wound care products include foam dressing, a natural healing process, and hydrogels that provide useful wound healing and protection from the external environment. Alginate dressings are primarily used to treat loose wounds, and various treatments such as negative pressure wound therapy can also help remove infections from wounds. Advanced wound care products help cure diabetic foot ulcers commonly found in diabetic patients. Diabetic foot ulcers affect more than 25% of the diabetic population and can cause amputation in 20% of patients. Therefore, an increase in diabetics is estimated to increase the use of advanced wound care products.

These products retain moisture and help wounds heal quickly both internally and externally. In addition, these products help absorb necrotic tissue and are effective against postoperative wound infections. Technological advances in advanced wound care products are estimated to have a significant impact on the advanced wound care market. Some of the most important technologically advanced products in this area are estimated to be commercialized soon. Nanoparticle-based wound healing and skin regeneration bioactive chemicals, for example, maintain drug release and specifically boost drug therapeutic effects when administered to the affected area. Similarly, gene therapy which induces wound healing by introducing normal healthy genes into cells is estimated to be commercialized.

COVID-19 impact on Advanced Wound Care Market

Advanced wound care is an important part of healthcare, but market demand is low due to the proliferation of COVID-19 cases. Due to the outbreak of COVID-19, medical facilities such as hospitals are exhausted by a large number of COVID-19 patients. As a result, many countries have postponed elective surgery and other medical interventions indefinitely. In addition, the outbreak of COVID-19 has created great opportunities for local manufacturers. Border movement restrictions are disrupting the supply chains of major companies. This opens up opportunities for local players to enter the advanced wound care market and meet the unmet needs of end-users.

MARKET DRIVERS:

The Growing Prevalence of Chronic and Surgical Wounds is driving the growth of the market

The prevalence of chronic and surgical wounds is increasing due to the growing prevalence of the elderly population and the prevalence of obesity and diabetes, driving the growth of the advanced wound care management market. According to the World Health Organization (WHO), about 650 million people were obese in 2016, increasing the incidence of diabetes. This will drive the growth of the advanced wound care management market over the period 2023 - 2030.

Rising Technological Advancement is also driving the growth of the market

Technological advances and an increase in the emerging healthcare sector are driving the growth of the advanced wound care management market. Furthermore, the increase in research and development activities and the development of advanced technologies such as negative pressure wound therapy equipment. High-pressure oxygen devices will drive the growth of the advanced wound care management market in the forecasted period.

MARKET RESTRAINTS:

High cost related to the product and treatment is restraining the growth of the market

Some of the factors that impede the growth of the wound care market are the high costs of treating chronic wounds. In addition, a variety of bioengineered wound dressings are available, but physicians prefer more traditional and basic wound dressings because the low cost is a barrier to the advanced wound care market. Also, the products which are used in the treatment of wounds in the advanced method are costly which makes it very difficult for normal patients to make this.

ADVANCED WOUND CARE MARKET REPORT COVERAGE:

Segmentation Analysis

Advanced Wound Care Market - By Product

• Moist

• Antimicrobial

• Active

Based on the product, the moist Wound Care segment dominated the advanced wound care market, with the largest revenue share of 59.2% in 2021. This advantage is due to the increasing number of wounds and surgery worldwide. For example, according to the Life Span Organization, about 500,000 open-heart surgeries were performed in the United States in 2018. In addition, according to AHA Journals, about 40,000 children in the United States have congenital heart surgery. Since such surgery takes time to heal, advanced wound care products help accelerate the healing of such wounds, thereby helping to drive the advanced wound care market over the predicted period. However, the antibacterial wound care segment will register the fastest CAGR of 5.9% over the predicted period. These dressing drapes are used to modify the bioburden of the wound bed. Antibacterial wound care is primarily applied to partial and complete skin wounds such as B. Surgical resection and other chronic wounds. Therefore, as the number of patients suffering from pressure ulcers and venous foot ulcers increases during the forecast period, the segment is estimated to move forward.

Advanced Wound Care Market - By Application

• Chronic Wounds

• Active Wounds

Based on application, the active wound segment dominated the advanced wound care market, with the largest revenue share of 59.9% in 2021. The segment will register significant growth rates during the forecast period. Increasing numbers of various traumatic wounds, such as B. road accidents, are the main factors driving the segment. In addition, the incidence of non-fatal injuries that require medical attention is increasing in the United States. For example, according to the CDC, the incidence of non-fatal injuries in 2015 was estimated at 517,249 and increased to 534,602 in 2017. Similarly, according to a Brady United Organization article, about 316 people are shot dead every day in the United States. Therefore, the segment is estimated to advance with an increase in the number of acute wounds over the predicted period. 

 However, the chronic wound segment is estimated to register the fastest CAGR of 5.6% over the predicted period. Increasing numbers of diabetic foot ulcers, venous pressure ulcers, and other chronic wounds are estimated to drive growth in this segment. For example, according to the US Department of Medical Research and Quality, more than 2.5 million people develop pressure ulcers each year in the United States. Similarly, according to the NCBI, the incidence of pressure ulcers in the clinical setting can range from 4% to 38%. In addition, according to the American Diabetes Association, an estimated 34.2 million people will suffer in 2018. 10.5% of the total population of the United States has diabetes. The increasing diabetic population is estimated to increase the number of patients with diabetic foot ulcers, thereby boosting the market growth

Advanced Wound Care Market - By End-User

• Hospitals

• Healthcare centers

• Clinics

• others

Based on End-User, The hospital segment dominated the advanced wound care market and held the largest revenue share of 45.2% in 2021. Growth in this segment is due to increased surgical procedures and increased hospitalizations. For example, according to the Australian Institute of Health and Welfare, the number of hospitalizations in Australia is increasing. For example, in Australia, 11.1 million people were hospitalized between 2019 and 2020. Therefore, an increase in the number of hospitals and hospitalization rates is estimated to benefit market growth over the forecast period. Similarly, the increasing number of surgeries around the world will help further boost the market. For example, according to Business Insider, nearly one million cosmetic surgeries are performed in South Korea. In addition, similar sources estimate that one in three women between the ages of 19 and 29 underwent plastic surgery.

Therefore, increasing the number of surgeries can lead to increased use of advanced wound care products and may further drive the growth of the advanced wound care market. The Home Healthcare segment will register the fastest CAGR of 6.1% during the forecast period. During the COVID-19 pandemic, the demand for advanced wound care products for home care increased. In addition, the growing aging population is estimated to further promote advanced wound care products. Older people are more susceptible to chronic wounds, and as they get older, their ability to heal wounds decreases. In addition, older people are more likely to be diagnosed with pressure ulcers, according to the Wound Care Learning Network. Therefore, an increase in the elderly population may drive the market.

Advanced Wound Care Market - By Region

• North America

• Europe

• Asia-Pacific

• Latin America

• The Middle East

• Africa

Geographically, North America dominates the advanced wound care market, with the largest share of sales in 2021 at 45.3%. This advantage is due to a well-developed medical infrastructure and an increasing number of surgeries. For example, according to the American Society of Plastic Surgery, about 18 million people in the United States underwent minimally invasive cosmetic surgery in 2018. Therefore, advanced wound care products are increasingly being used to prevent postoperative wound infections. In addition, an increase in road accidents, burns, injuries, and other accidents around the world is estimated to drive the market. For example, according to WHO (2018), about 1 million people in India suffer severe or moderate burns each year. Therefore, the above factors may drive market growth over the forecast period.

 In the Asia Pacific region, the advanced wound care market is estimated to register the highest CAGR at an estimated 6.0% during the forecast period. This is due to the ever-increasing lifestyle changes that lead to an increase in chronic illness and an increasing population of the elderly in the region. For example, according to the European Parliament, Japan is aging rapidly, accounting for 28.7% of the population aged 65 and over. Moreover, by 2036, people above 65 will represent one-third of the country`s population. A growth in the senior population may accelerate the demand for enhanced wound care products, as the geriatric population is at a higher risk of numerous diseases and disabilities.

Advanced Wound Care Market Share by company

1. Johnson & Johnson

2. Medtronic plc

3. Kinetic Concepts, Inc.

4. Smith & Nephew plc

5. Mölnlycke Health Care

6. Acelity L.P. Inc.

7. GEMCO Medical

8. Baxter International Inc.

9. Coloplast A/S

10. The 3M Company

11. Derma Sciences 

Recently ConvaTec announced the release of ConvaMax, a superabsorber dressing that is used for wound dressing for management of highly exuding wounds, such as pressure ulcers, leg ulcers, and diabetic foot ulcers.

Companies are coming up with advanced methods and technologies in this field to make better products and help people in healing their wounds. But the high cost of the treatment is hampering the growth of the market and therefore companies are looking for cheaper and better products.

NOTABLE HAPPENINGS IN THE ADVANCED WOUND CARE MARKET IN THE RECENT PAST:

• Product Launch - In April 2021, GEMCO Medical launched GEMCORE360 brand of advanced wound care products. These products come in a wide range of health benefits that help in healing the wound.

• Product Launch - In 2020, UPM Company launched FibDex which is the first wound dressing created from wood-based nano fibrillar cellulose and received approval from Food and Drug Administration (FDA).