Status : Published Published On : Apr, 2020 Report Code : VRHC1101 Industry : Healthcare Available Format : Page : 151

Global Advanced Wound Care Market – Analysis and Forecast (2019-2025)

Industry Insights by Product (Advanced, Wound Therapy Device, Active Wound Care Products), Application (Surgical Wounds, Diabetic Foot Ulcers, Pressure Ulcers, Venous Ulcer, Burns), by End User (Inpatient, Outpatient)

Industry Overview

From USD 11.0 billion in 2019, the global advanced wound care market is predicted to grow to USD 15.8 billion by 2025, registering a CAGR of 6.3% during the forecast period (2020–2025). The advanced wound care industry is anticipated to experience significant growth during the forecast period, owing to the rising prevalence of diabetes-associated ulcers, pressure ulcers, obesity, ageing population and venous leg ulcers and intensifying need for inventive & innovative wound dressings for the treatment of such wounds.

Advanced Wound Care Market Highlights

In the current scenario, due to more awareness about this process willingness for lesser hospital stay, faster and efficient recovery trigger the growth of the said market. Advanced wound care products are used for the treatment of chronic and acute wounds. These types of wounds take longer time to recover. Advance wound cares are expensive but very effective and managing wound by enabling fast healing. However, Advance wound care have an advantage of keeping a hydrated environment around the wounds, allow flow of oxygen, keep consistent temperature, protect the wounds from infection, and less pain during the dressing of the wounds. Different type of products such as advanced, wound therapy device and active wound care products are majorly contributing to the advanced wound care market size.

Market Segmentation

Insight by Product

By product, the advanced wound care market is classified into, advanced, wound therapy device, and active wound care products. Of all, the advanced category held the largest share in the market in 2019 and is also expected to grow at fastest rate during the forecast period in the global advanced wound care market. The growing occurrence of diabetes-associated ulcers, pressure ulcers, ageing population and venous leg ulcers and intensifying need for inventive & innovative wound dressings for the treatment of such wounds led to the fastest growth of the advanced during the historical period, which is also predicted to continue during the forecast period.

The advanced segment is further divided into foams, films, hydrogels, hydrocolloids, superabsorbent, wound contact layers, alginates, collagen, and hydrofiber. Among the entire advanced segment, foams segment accounted the largest share and is expected to grow at the fastest rate in the market.

Moreover, the wound therapy device segment is further subdivided into an electrical stimulation device, negative pressure wound therapy (NPWT) device, oxygen & hyperbaric oxygen equipment, and others. Among the all wound therapy devices, the NPWT device segment accounted the largest share in the market and the oxygen & hyperbaric oxygen equipment segment is expected to grow at fastest rate in the market.

Moreover, active wound care products are further subdivided into topical agents and artificial skin and skin substitutes. Among both active wound care products, the artificial skin and skin substitutes segment accounted for the larger share and is expected to grow at the fastest rate in the market.

Insight by Application

By application, the global advanced wound care market is categorized into surgical wounds, diabetic foot ulcers, pressure ulcers, venous ulcer, and burns. Among  all, the surgical wound category held the largest share in the market in 2019 and is also predicted to witness the highest CAGR during the forecast period due to the growing occurrence of post-operative surgical wounds, and expanding occurrence of diabetic foot ulcers and pressure ulcers.

Insight by End User

On the basis of end user, the global advanced wound care market is bifurcated into inpatient and outpatient. Between these, the advanced wound care market size for inpatient category is expected to grow at the faster rate during the forecast period in global market.

Industry Dynamics

Growth Drivers

Growing geriatric population, increasing number of diabetes patient globally, rising occurrence of wound ulcer and surgical wounds, growing research and development activities, introduction of novel treatments for advanced wounds, favorable reimbursement scenario, and technological advancement in advanced wound care products are the key factors enhancing the growth of the global advanced wound care market.

Due to the increasing occurrence of wound ulcer and surgical wounds has resulted in increased demand for advanced wound care products for the management of the wounds and to reduce the length of stay in the hospital. Some of the other key factors driving the growth of the advanced wound care industry are the rising adoption of evidence-based treatment for chronic wounds, escalating healthcare expenditure, and awareness programs for advanced wound care treatment and management.

Challenges

Key factors hindering the growth of the advanced wound care market are the high cost of advanced wound care products and lack of awareness of advanced wound care products.

Geographic Overview

Geographically, North America was the largest advanced wound care market in 2019, owing to the introduction of novel treatments for advanced wounds, and escalating healthcare expenditure. In addition, expanding the geriatric population, technological advancement in advanced wound care products, the upsurge in the prevalence of chronic wounds, and mounting occurrence of diabetes are also fueling the growth of the North American advanced wound care market. European countries like France, Germany, Italy have the excellent acceptance of the Advance wound care treatment process.   

For instance, according to the study conducted by National Center for Biotechnology Information on Challenges in the Treatment of Chronic Wounds in 2017, in the U.S approximately 2.4 million to 4.5 million people were affected with chronic lower extremity ulcers wound in 2013.

Asia-Pacific is observed to witness significant growth in the advanced wound care market during the forecast period, as the region comprises a large population, and escalating government support. Moreover, expanding the geriatric population, the mounting occurrence of diabetes, escalating healthcare expenditure, intensifying medical tourism, growing demand of advanced wound care products, and mounting occurrence of surgical wounds are also facilitating the significant growth of Asia-Pacific advanced wound care industry.

Competitive Insight

Market players in the advanced wound care industry are investing capital to develop technologically advanced systems. In June 2018, Acelity L.P. Inc., acquired Crawford Healthcare, to expand its product portfolio of advanced wound dressings.

Some of the major players operating in the global advanced wound care market are The 3M Company, Smith & Nephew, Medtronic Plc., Mölnlycke Healthcare (A Part of Investor AB), Coloplast Corporation, Paul Hartmann, Cardinal Health, B. Braun, Mimedx Group, Convatec Group, Integra Lifesciences Holdings Corp., and Acelity L.P. Inc.

Forecast Parameters

  • - Identifying variables and establishing market impact.
  • - Establishing market trends regionally.
  • - Analyzing opportunities and market penetration rates by understanding product commercialization, regional expansion.
  • - Analyzing demand and supply trends and changes in industry dynamics to establish future growth.
  • - Analyzing sustainability strategies adhered by market participants in an attempt to determine future course of the market.
  • - Analyzing historical market trends and super-imposing them on the current and future variables to determine year-on-year trend.
  • - Understanding adoption, production, export, import and regulatory framework.

Data Validation

  • - Estimated and forecasted data was validated through industry experts.
  • - Apart from industry experts, data triangulation methods were used for validation.
  • - Bottom up and top down approach has been used for estimation and forecast of market data, whereas top down approach was used for validation.
  • - Demand, as well as supply-side surveys, were conducted in order to understand the industry dynamics and data validation.

Primary Research

VynZ Research conducts extensive primary research to understand the market dynamics, validate market data and have key opinions from the industry experts. The key profiles approached within the industry includes, CEO, CFO, CTO, President, Vice President, Product Managers, Regional Heads and Others. Also, end user surveys comprising of consumers are also conducted to understand consumer behaviour.

Advanced Wound Care Market Size

Source: VynZ Research

Advanced Wound Care Market Analysis

Source: VynZ Research

Frequently Asked Questions

The global advanced wound care market is registering a CAGR of 6.3% during the forecast period (2020�2025).
Asia-Pacific is observed to witness significant growth in the advanced wound care market during the forecast period.
Geographically, North America was the largest advanced wound care market in 2019
By product, the advanced category held the largest share in the market in 2019 and is also expected to grow at fastest rate during the forecast period in the global advanced wound care market.
By application, the surgical wound category held the largest share in the market in 2019 and is also predicted to witness the highest CAGR during the forecast period.

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Research Methodology

  •  Desk Research / Pilot Interviews
  •  Build Market Size Model
  •  Research and Analysis
  •  Final Deliverabvle
Advanced Wound Care Market