Global advanced wound care market was valued at USD6.5 billion in 2020. It is projected to grow at a compound annual rate (CAGR of 5.3%) between 2021 and 2028. Market growth is expected to be driven by the rising prevalence of chronic injuries, increasing number of surgeries, increased demand for reducing hospital stays, and the growing number of ambulatory surgery centers around the world.
The rising prevalence of chronic injuries is one reason for the increased demand for wound care products. Films, gauzes, hydrogels, hydrocolloid, foam dressings are all required to heal chronic injuries. Advanced wound care products that contain silver and ginates can also be used to remove excess fluids from wounds, and protect them from infection. These products contain hormone-like substances also known as growth factors. These growth factors promote cell growth and rapid healing. Additionally, skin-grafts as well as Biomaterials can be used to heal and close larger wounds that aren't possible to close by themselves. According to the U.S. National Institutes of Health (USNIH), chronic injuries affect about 6.5 million Americans each year. The Institute also stated that over USD 25.0 billion was spent on their treatment.
According to the American Diabetes Association and Organogenesis, Inc.'s report "Diagnosis and Management of Diabetic Foot Complications", the annual incidence of diabetic foot ulcers is about 2.0% in Western countries and the lifetime risk of developing them is 15.0 – 25.0%. These wounds can be quickly healed by the moist dressings. This high rate of chronic injuries will drive the market for advanced wound treatment over the forecast period.
The market for advanced wound care is expected to grow due to the increasing number of road accidents around the world. According to the WHO's 2018 Global Status Report on Road Safety, road accidents are one of the leading causes for death in children and young adults between 5 and 29 years old. Advanced wound care products are used to quickly heal injuries from crashes. These factors will likely boost the growth in the market for advanced wound treatment.
The market for advanced wound treatment will grow due to the rising incidence of injuries such as burns and road accidents. According to WHO (2018), India has around 1,000,000 people who are either severely or moderately burned each year. According to the NCBI, 2017 saw a rise in burn injuries in countries like Australia, China, Finland, China, Australia and the Netherlands. According to the American Association for the Surgery of Trauma in 2017, 1.2 million people were killed in road accidents worldwide. This accounts for around 3,242 deaths per year. Most road accidents occur in low- and middle-income countries. A lot of advanced wound care products are used to treat acute injuries. Although papain-based products can't be used to treat burn injuries, they are sometimes used in minor and superficial burns. The market is likely to grow significantly over the forecast period due to an increase in accidents.
The market for advanced wound care was dominated by the moist care segment. It accounted for the highest revenue share at 59.2% in 2020. The rapid healing of wounds can be achieved with moist wound care. This wound care helps to create and maintain a moist area around the wound which promotes healing. For chronic injuries like diabetic ulcers and pressure ulcers, moist wound care is highly recommended. Moist wound dressings include foam, hydrocolloid and film as well as alginate, hydrogel and collagen dressings.
Antimicrobial wound care is expected to grow at the fastest rate during the forecast period. These dressing covers can be used to reduce the bioburden in wound beds. For partial and complete-thickness wounds, such as percutaneous line sites and surgical incisions, antimicrobial wound care is highly recommended. These products come in a variety of forms, including nylon fabric, film care and island care.
Based on application, the market for advanced wound treatment was dominated by the acute wound segment. It accounted for 60.0% of the total revenue share in 2020. This is due to the rising incidence of burns and trauma, and the increase in surgeries. According to the WHO, burn injuries are responsible for around 180,000 deaths annually. The WHO also stated that the majority of these cases are in low- and middle-income countries. Annually, South Africa spends approximately USD 26.00 millions to treat burns caused by kerosene stove incidents.
The segment of chronic wounds is expected to experience the fastest growth over the forecast period. Major driving factors behind the segment's growth are rising elderly population and diabetes cases. According to the National Center for Biotechnology Information, in western countries, the prevalence rate of diabetic foot ulcers was around 2.0% per year, according to the NCBI.
End-use was the dominant market segment for advanced wound care. In 2020, it accounted for 45.1% of the total revenue. This is due to the increasing incidence of diabetic foot ulcers, and venous legs ulcers. The segment is also being driven by the increasing number of operations and the increase in surgical wounds. For healing SSI wounds, advanced wound care dressings are used. These factors could boost the growth of this segment during the forecast period.
Home healthcare is expected to experience the fastest growth during the forecast period. This segment's growth is due to the growing demand for shorter hospital stays and longer recovery periods for chronic injuries. It also requires frequent wound dressings changes. Patients with chronic injuries and geriatrics prefer homecare to hospitalization.
North America was the dominant market for advanced wound care and held the largest revenue share at 45.3% in 2020. The dominance of North America can be attributed to increasing road accidents and sports injuries as well as the presence of key players in the region. The market for advanced wound care will also be driven by the availability of skilled professionals and a highly developed healthcare infrastructure over the forecast period.
The fastest growing market in Asia Pacific for advanced wound care will be seen over the forecast period. Market growth is expected to be boosted by the presence of developing countries like India, Japan, China and Japan. Key players continue to make efforts to reach the untapped regions of Asia Pacific. This will, in turn, drive the market for advanced wound treatment in the region during the forecast period.
The key players in the industry are involved in launching new products, mergers and acquisitions, partnerships and other strategies to increase their market share in advanced wound care. Smith and Nephew PLC purchased Osiris Therapeutics, Inc. in April 2019 to help accelerate its advanced wound management product development. It was expected that the initiative would increase its customer base. The following are some of the most prominent players in advanced wound care:
Smith & Nephew PLC
Molnlycke Health Care AB
Acelity
ConvaTec Group PLC
Baxter
Coloplast Corporation
Medtronic
3M
Derma Sciences Inc. (Integra LifeSciences)
Medline Industries, Inc.
Up Market Research published a new report titled “Advanced Wound Care Market research report which is segmented by Product (Moist, Antimicrobial, Active), by End-use (Hospitals, Home Healthcare, Specialty Clinics), By Players/Companies Coloplast Corporation, Molnlycke Health Care AB, ConvaTec Group PLC, Derma Sciences Inc (Integra LifeSciences), Smith & Nephew PLC, Acelity, Baxter, Medtronic, Medline Industries Inc, 3M”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.
Report Attributes | Report Details |
Report Title | Advanced Wound Care Market Research Report |
By Product | Moist, Antimicrobial, Active |
By End-use | Hospitals, Home Healthcare, Specialty Clinics |
By Companies | Coloplast Corporation, Molnlycke Health Care AB, ConvaTec Group PLC, Derma Sciences Inc (Integra LifeSciences), Smith & Nephew PLC, Acelity, Baxter, Medtronic, Medline Industries Inc, 3M |
Regions Covered | North America, Europe, APAC, Latin America, MEA |
Base Year | 2020 |
Historical Year | 2018 to 2019 (Data from 2010 can be provided as per availability) |
Forecast Year | 2028 |
Number of Pages | 202 |
Number of Tables & Figures | 142 |
Customization Available | Yes, the report can be customized as per your need. |
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.
The market is segmented by Product (Moist, Antimicrobial, Active), by End-use (Hospitals, Home Healthcare, Specialty Clinics).
Advanced Wound Care Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.
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Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.
We have studied the Advanced Wound Care Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.
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