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Advanced Wound Care Market size worth over $13.8 Bn by 2027

  • Published Date: November 17, 2021

Advanced Wound Care Market size is set to exceed USD 13.8 Bn by 2027; according to a new research report by Global Market Insights Inc.

Rising technological advancement and increasing surgical procedures worldwide is expected to drive the advanced wound care industry demand. Moreover, growing new product launches and government initiatives to enhance healthcare facilities will foster the market growth.

Increasing incidence of chronic diseases

Rising incidence of chronic diseases is likely to spur the advanced wound care market. Chronic diseases such as obesity and diabetes results in an increased overall incidence and complication of wounds. Furthermore, geriatric population are at increased risk of developing chronic wounds due to the slow healing process and problems associated with aging. For instance, as per the U.S. National Institutes of Health, in the U.S. chronic injuries affect around 6.5 million people every year. It also stated that about USD 25 billion is spent on its treatment.

Global Advanced Wound Care Market, By Product

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Growing advancement in wound therapy devices

Wound therapy devices market is predicted to garner USD 3.3 billion revenue in 2020. The factors such as rising prevalence of diabetes, and high rate of cesarean sections in mothers increases the use of NPWT devices that will drive the segment growth. For instance, according to the International Diabetes Federation (IDF), as of 2019, globally around 460 million people aged 20 to 79 are living with diabetes and the figures are anticipated to increase by 700 million by 2045.

Browse key industry insights spread across 247 pages with 409 market data tables & 18 figures & charts from the report, “Advanced Wound Care Market Size By Product (Wound Dressings {Antimicrobial Dressing, Alginate Dressing, Hydrogel Dressings, Foam Dressings, Film Dressings, Hydrocolloidal Dressings}, Wound Therapy Devices {Negative Pressure Wound Therapy Systems, Pressure Relief Devices, Electrostimulation Devices, Oxygen and Hyperbaric Oxygen Equipment}, Others {Growth Factors}), By Application (Diabetic Wounds, Skin Burns, Pressure Wounds, Surgical Wounds, Venous Legs Ulcers), By End-use (Hospitals, Homecare Settings), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 - 2027 in detail along with the table of contents:

Growing surgical procedure will ramp up advanced wound care market revenue

Surgical wounds application held around USD 2.8 billion in 2020. Moreover, increasing rate of cesarean section in pregnant women and trauma cases need proper surgeries that will augment the segmental growth as patients undertaking surgical procedures are more likely to develop surgical wounds. The incidence of infection after cesarean is high due to the use of nylon sutures. Also, lack of pre-incision antimicrobial care usually causes bacterial infection at surgical site.

Moreover, rising healthcare expenditure to offer improved patient care and availability of advanced healthcare facilities for the treatment of various surgical wounds will accelerate the market demand.

Europe advanced wound care market accounted for second highest revenue share in 2020 and is forecast to witness growth rate of over 5.1% till 2027. This exponential growth is due to the increasing geriatric population and chronic wound cases. Additionally, the rising technological advancements and product launches in this region will enhance the industry statistics.

Increasing preference towards homecare settings

Homecare settings is projected to register about 7% gains through 2027 owing to growing shift of patient towards homecare coupled with rising incidence of chronic injuries among the older population. However, many pharma firms provide numerous wound care solutions that aid elder people at homecare settings. Benefits associated with the product includes ease of use, convenience, and reduced hospital visits that boost the demand for advanced wound care products.

Major key leaders are focusing on strategies & launch of innovative products

Some of the prominent advanced wound care market players include HARTMANN International, 3M, Hollister Incorporated, Coloplast, Medline Industries, Molnlycke, ConvaTec Group, MPM Medical, Smith and Nephew, Organogenesis, Integra LifeSciences Corporation, BSN Medical (Essity AB), Beiersdorf global, Lohmann & Rauscher and B. Braun, among others. These companies are involved in various strategic collaborations, mergers, and acquisitions to strengthen their value.

Authors: Sumant Ugalmugle, Rupali Swain