Growing awareness regarding wound management globally is driving revenue growth of the market.
Growing awareness regarding wound management globally is driving revenue growth of the market
The global advanced wound care market size reached USD 10.4 Billion in 2020 and is expected to reach USD 21.77 Billion in 2028 and register a CAGR of 9.7% over the forecast period, according to latest analysis by Reports and Data. Growing demand for novel and advanced wound care products due to rising incidences of trauma and burns injuries across the globe is one of the primary factors driving the advanced wound care market revenue growth. Additionally, robust technological advancements in wound care products, several government initiatives to improve healthcare infrastructure, and rising funding for wound care research worldwide are some other crucial factors contributing to the revenue growth of the global market.
Advanced wound dressings are impermeable to microorganisms like bacteria, and speed up the healing process of wounds. This wound care is developing as a standard solution, especially for treating chronic wounds. Demand for advanced wound care products is increasing at a significant extent in the medical facility, and these products are also replacing other traditional wound care products, due to their efficiency & effectiveness in managing severity of wounds by enabling faster healing. Furthermore, advanced wound care aids in maintaining a hydrated environment, keeping the temperature consistent, allowing flow of oxygen, and also protecting the injured site from exogenous infection. These products include hydrogels, hydrocolloids, film & foam dressings, alginates, etc. Growing number of surgical procedures to treat different chronic ailments as well as injuries including complexed nonhealing wounds are further augmenting demand for advanced wound care products, thus, driving the revenue growth of the global market.
High cost of advanced wound care products may negatively affect their adoption for treating chronic wounds, in turn, impeding overall revenue growth of the global market. Moreover, rising preference of physicians and patients in bioengineered dressings, along with demand for traditional and basic wound care products due to their low costs is also posing challenge in the global market revenue growth.
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Some Key Highlights from the Report:
- By application, the chronic wound segment registered a robust revenue CAGR in 2020. High revenue growth is attributed to growing prevalence of post-operative surgical wounds, increasing awareness regarding advanced diagnosis, and rapid technological advancements in healthcare.
- Based on end use, the hospitals segment is expected to account for the largest revenue share in the global market going ahead owing to rising number of surgeries performed in the hospitals and increasing number of patients prefer to visit hospitals for different cases including burns, surgical wounds, and ulcers.
- North America market revenue is expected to expand at a robust revenue CAGR in the global market over the forecast period. The large revenue share of this regional market is attributed to rising prevalence of various chronic conditions resulting in developing chronic, surgical, and traumatic wounds, growing incidence of burn injuries, rising spending on surgical as well as chronic wounds, and rapid technological advancements in this region.
- Major companies operating in the market are Smith & Nephew Plc. (UK), Mölnlycke Health Care AB (Sweden), Baxter International (U.S.), 3M Company (U.S.), Integra LifeSciences Holdings Corporation (U.S.), ConvaTec Group Plc (UK), Coloplast A/S (Denmark), Medtronic Plc (Ireland), Ethicon Inc. (U.S.), PAUL HARTMANN AG (Germany), MiMedx Group (U.S.), and DeRoyal Industries (U.S.).
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For the purpose of this report, Reports and Data has segmented the global advanced wound care market on the basis of product, wound type, end use, and region:
Product Outlook (Revenue, USD Billion, 2018 - 2028)
- Dressings
- Foam Dressings
- Hydrocolloid Dressings
- Film Dressings
- Alginate Dressings
- Hydrogel Dressings
- Collagen Dressings
- Hydrofiber Dressings
- Wound Contact Layers
- Superabsorbent Dressings
- Other Advanced Dressings
- Devices & Accessories
- NPWT Devices & Accessories
- Debridement Devices & Accessories
- Wound Assessment & Monitoring Devices
- Other Devices & Accessories
- Grafts & Matrices
- Topical Agents
Wound Type Outlook (Revenue, USD Billion, 2018 - 2028)
- Surgical & Traumatic Wounds
- Diabetic Foot Ulcers
- Pressure Ulcers
- Venous Leg Ulcers
- Burns & Other Wounds
End Use Outlook (Revenue, USD Billion, 2018 - 2028)
- Hospitals, ASCs and Wound Care Centers
- Homecare Settings
- Other End Users
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Regional Outlook (Revenue, USD Billion, 2018 - 2028)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- U.A.E.
- South Africa
- Rest of MEA
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- Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- Rest of APAC
- MEA
- Saudi Arabia
- UAE
- Rest of MEA
- Latin America
- Brazil
- Rest of LATAM
- North America
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