Advanced Wound Care Market By Type (Advanced Wound Dressing, Wound Therapy Device, & Active Wound Care Products), Application (Acute Wounds & Chronic Wounds), and End User (Hospital, Clinics, and Homecare Setting), and Region - Market Perspective, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecast for 2023 - 2032
Market Perspective
The global Advanced Wound Care Market size was worth around USD 9.87 billion in 2022 and is predicted to grow around USD 19.63 billion by 2032 with a compound annual growth rate of roughly 7.12% between 2023 and 2032.
The rising prevalence of infections & viruses worldwide is driving the demand for wound care solutions. In addition, as the senior population grows, the market is anticipated to rise due to the geriatric population's poor healing skills.
Advanced wound care products are commonly used to treat acute and chronic wounds, with modern therapies proving more effective than traditional treatments. Dressings for surgeries and chronic wounds utilize slivers and alginates to prevent infection, while skin grafts and biomaterials are employed to treat wounds that cannot heal independently. The wound care industry is witnessing a rise in new and innovative products, which is expected to foster the advanced wound care market growth in the coming years.
Age-related demographic shifts and a growing desire for value-based services are also expected to accelerate market expansion. The aging population has a greater need for at-home healthcare services, which raises the need for healthcare professionals. Governmental support is another aspect that has an impact on market expansion.
Key Insights
- Based on type, the advanced wound dressing segment held the largest market share in 2022
- Based on application, the acute wounds segment dominated the market in 2022
- Based on end-user, the hospital segment generated the highest revenue in 2022
- On the basis of region, North America accounted largest market share in 2022
Rising Number of Hospital Visits for Wound Treatment to Propel Market Growth
The upward trend in advanced wound care adoption is expected to further accelerate due to a significant rise in hospital visits for wound care. Increased healthcare spending to enhance patient care and a substantial volume of therapeutic interventions performed in hospitals are anticipated to fuel growth in the hospital segment. Moreover, the escalating incidence of pressure ulcers acquired in hospital settings is driving the demand for improved wound care, consequently elevating the market growth.
The government's increasing efforts to raise public awareness are also expected to have a significant impact on the growth rate of the advanced wound care market. The development of technology is another important aspect contributing to the expansion of the industry. Additionally, the growing healthcare expenditure capacity and developments in the healthcare infrastructure are the main factors that will accelerate the advanced wound care market expansion. Even globally expanding surgical procedures will also have an impact on the market for advanced wound care.
Better Market Potential in Developing and Emerging Countries to Promote Growth
The markets for advanced wound management in Asia Pacific and Latin America are less developed than those in North America and Europe and offer greater market potential. As a result, different players are concentrating on boosting their presence in certain areas. Major market participants have significant growth prospects in emerging economies like Africa, Saudi Arabia, Vietnam, Israel, United Arab Emirates, Malaysia, and Korea. This might be a result of relatively simple rules and restrictions, improvements in healthcare facilities including hospitals and clinics, an increase in patients particularly elderly patients, and rising healthcare costs.
Segmentation Analysis
Based on type, the market is categorized into advanced wound dressing, wound therapy devices, and active wound care products. As per type, the advanced wound care market is dominated by the advanced wound dressing segment. The market share for advanced wound care was led by the advanced wound dressings segment. Its adoption is anticipated to increase due to the lower cost of wound dressings and their great efficacy in the control of wound exudate. Due to increased uses of active therapies, such as biologics and skin grafts, for treating chronic wounds that are difficult to cure, the advanced wound dressing segment is expected to have a significant CAGR during the projected period.
Additionally, the prevalence of various ulcer types, including pressure ulcers, venous ulcers, and diabetic ulcers, is increasing, which is accelerating market expansion. To aid in healing, this kind of dressing creates a moist microenvironment, permits gaseous exchange, and guards against infection.
On the basis of the application, the market is categorized into acute wounds and chronic wounds. The acute wound segment dominates the market share during the forecast period. The primary force behind the segment's growth is the rise in different traumatic wounds, including car accidents. Additionally, non-fatal injuries that necessitate medical attention have become more common in the United States. The surge in surgical cases around the world is to blame for the rise in demand for goods for treating acute wounds.
For instance, the American Society of Plastic Surgeons estimates that in 2020, there will be 15.6 million cosmetic treatments carried out. The market is anticipated to expand over the forecast period as acute wound products aid in the healing of surgical wounds.
By end user, the market is categorized into hospitals, clinics, and home care settings. The hospital segment is expected to witness substantial growth during the forecast period. An increase in surgical processes and a rise in hospital admissions are responsible for the segment's growth. For instance, the Australian Institute of Health and Welfare reports that there have been more hospitalizations in Australia, which is predicted to help the market expansion. The dominance is a result of individuals with acute or chronic wounds spending more time in hospitals.
In addition, the increase in healthcare-associated infection cases and the growing number of patients being admitted to hospitals for the treatment of this type of infection is helping the market grow. For instance, IIT Guwahati, in India, developed a composite, transparent wound-dressing material that is biodegradable, affordable, and composite.
Regional Landscape
North America is Dominating the Market Share Due to the Presence of Major Players and Developed Infrastructure
North America holds the largest share of the advanced wound care market due to factors such as well-established healthcare infrastructure, rising demand for high-quality healthcare services, attractive reimbursement policies, and regulatory reforms in the healthcare industry are just a few of the reasons that have contributed to the expansion. Acute wound care solutions are also projected to be in higher demand in this area due to the growing elderly population.
Additionally, the rise of the industrial sector is being fueled by the presence of important players and development activities in the regions. Innovations in wound healing biologics and increased public and private organization participation in spreading knowledge of novel techniques for healing injuries are further elements contributing to the region's growth.
Competitive Landscape
- Braun SE
- Coloplast Corp
- Convatec Group PLC
- Essity Aktiebolag
- Integra Lifesciences
- Johnson & Johnson Private Limited
- Medline Industries, Inc.
- Medtronic
- Organogenesis Inc.
- Smith+Nephew
The global Advanced Wound Care Market is segmented as follows:
By Type
- Advanced Wound Dressing
- Wound Therapy Device
- Active Wound Care Products
By Application
- Acute Wounds
- Chronic Wounds
By End User
- Hospital
- Clinics
- Homecare Setting
By Region
- North America
- The U.S.
- Canada
- Mexico
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic countries
- Denmark
- Finland
- Iceland
- Sweden
- Norway
- Benelux Reunion
- Belgium
- The Netherlands
- Luxembourg
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
- Southeast Asia
- Indonesia
- Thailand
- Malaysia
- Singapore
- Rest of Southeast Asia
- Rest of Asia Pacific
- The Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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Advanced Wound Care Market By Type
- May-2023
- 148
- Global
- healthcare-medical-devices-biotechnology
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