Increase in geriatric population, rise in incidences of diabetes, obesity and chronic conditions, and technological advancements to deal with complex wounds drive the growth of the global advanced wound care market
Allied Market Research published a report, titled “The global advanced wound care market size was valued at $8,978.0 million in 2020, and is projected to reach $14,190.5 million by 2030, registering a CAGR of 4.6% from 2021 to 2030.”
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Surge in geriatric population, increase in number of incidences regarding obesity, diabetes, and chronic conditions, and technological advancements to deal with complex wounds augment the growth of the advanced wound care market. However, high cost of advanced wound care products hampers the market growth. Moreover, untapped prospects in developing regions are expected to provide new growth opportunities for the market players in the near future.
Covid-19 scenario:
- The spread of Covid-19 has majorly interrupted the processes in health care services, due to the redeployment of doctors for treating Covid-19 patients.
- On the other hand, the demand for advanced wound care would grow during the pandemic as patients with multiple comorbidities may have an increased risk of getting infected from the corona virus.
The advanced wound care market is segmented on the basis of product, application, end user, and region. Based on product, the therapy devices segment contributed to the largest share in 2019, accounting for more than one-third of the advanced wound care market. On the other hand, the active wound care segment is estimated to portray the highest CAGR of 16.6% during the forecast period. The report also analyzes segments including infection management and exudate management.
The chronic wounds segment to remain lucrative during the estimated period-
Based on application, the chronic wounds segment contributed to more than two-thirds of the global advanced wound care market in 2018, and is anticipated to dominate during 2019–2026. The same segment is also projected to register the fastest CAGR of 6.7% by 2026. Various methods are now available to treat chronic wounds, including, debridement, moist wound healing, vacuum-assisted closure, oxygenation, warming etc., which has driven the growth of the segment.
North America to maintain its dominance throughout the forecast period-
Based on geography, North America held the major share in 2018, generating nearly two-fifths of the global advanced wound care market. Development of advanced systems, upsurge in adoption of wound care products for the treatment of chronic & acute wounds, increase in incidence of chronic diseases, and surge in geriatric population have boosted the market in the province. The region across Asia-Pacific, on the other hand, would cite the fastest CAGR of 8.4% throughout the estimated period. Development in healthcare infrastructure, rise in number of laboratories with advanced medical facilities, and increase in number of target population in emerging economies have propelled the
Key market players–
- Adynxx, Inc.
- 3M (Acelity Inc.)
- Smith & Nephew Plc.
- Coloplast A/S
- ConvaTec Group Plc.
- AB (Mölnlycke Health Care AB)
- Essity AB (BSN Medical GmbH)
- Medtronic Plc.
- Integra Lifesciences (Derma sciences)
- Investor Johnson & Johnson
- Medline Industries, Inc.
- B Braun Melsungen AG
- Organogenesis Holdings Inc.
We have also published few syndicated market studies in the similar area that might be of your interest. Below are the report title for your reference, considering Impact of Covid-19 over This Market which will help you to assess aftereffects of pandemic on short-term and long-term growth trends of this market.
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