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Advanced Wound Care Market is expected to grow from USD 7 billion in 2021 to USD 10.50 billion by 2029 : GreyViews

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.

/EIN News/ -- Pune India, Dec. 07, 2022 (GLOBE NEWSWIRE) -- 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., Mölnlycke 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., Mölnlycke 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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Contact Us

Rocky Shah
GreyViews
Pune India
Phone: (+44) 162-237-1047
Email: sales@greyviews.com
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