Surge in geriatric population, increase in incidences of diabetes, obesity and chronic conditions, and high-end technological advancements to deal with complex wounds fuel the growth of the global advanced wound care market. On the other hand, high cost of advanced wound care products impedes the growth to some extent. Nevertheless, untapped opportunities in developing economies is expected to create a number of opportunities for the key players in the industry.
The global advanced wound care market was pegged at $8.97 billion in 2020 and is expected to reach $14.19 billion by 2030, growing at a CAGR of 4.6% from 2021 to 2030.
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Impact of Covid-19 on Advanced Wound Care Market-
The Covid-19 pandemic negatively affected the market due to countrywide lockdown and canceled or postponed elective surgeries. Moreover, the prolonged lockdown disrupted the supply chain and increased the prices of medical equipment and raw materials.
However, the increase in skin injuries in medical care providers is expected to boost the demand for advanced wound care.
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Based on product, the exudate management segment held the largest share in 2020, accounting for nearly one-third of the market. However, the active wound care segment is estimated to register the highest CAGR of 8.0% during the forecast period.
On the basis of application, the chronic wounds segment dominated the market in 2020, contributing to more than two-thirds of the market. Moreover, the segment is projected to manifest the highest CAGR of 4.7% during the forecast period. The report also analyzes the acute wounds segment.
The global advanced wound care market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across North America held the largest share in 2020, accounting for more than two-fifths of the market. However, the market across Asia-Pacific is expected to register the highest CAGR of 5.7% during the forecast period.
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The global advanced wound care market report includes an in-depth analysis of the prime market players such as 3M (Acelity Inc.), B Braun Melsungen AG, Adynxx, Inc., ConvaTec Group plc, Coloplast A/S, Integra Lifesciences (Derma sciences), Essity AB (BSN Medical GmbH), Johnson & Johnson, Investor AB (Mölnlycke Health Care AB), Medtronic plc., Medline Industries, Inc., Smith & Nephew Plc., and Organogenesis Holdings Inc.
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