| Status : Published | Published On : Aug, 2022 | Report Code : VRHC1101 | Industry : Healthcare | Available Format :
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Page : 151 |
Global Advanced Wound Care Market – Analysis and Forecast (2023-2030)
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), and by Geography (U.S., Canada, Germany, U.K., France, China, Japan, India, and Rest of the World)
Industry Overview
From USD 11.8 billion in 2022, the global advanced wound care market is predicted to grow to USD 18.8 billion by 2030, registering a CAGR of 6.6% during the forecast period (2023–2030). 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, aging population, and venous leg ulcers and intensifying need for inventive & innovative wound dressings for the treatment of such wounds.
In the current scenario, due to more awareness about this process willingness for lesser hospital stays, and faster and more 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 a longer time to recover. Advanced wound cares are expensive but very effective and managing wound by enabling fast healing. However, Advance wound care has the advantage of keeping a hydrated environment around the wounds, allowing the flow of oxygen, keeping a consistent temperature, protecting the wounds from infection, and less pain during the dressing of the wounds. Different types of products such as advanced, wound therapy devices 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 devices, and active wound care products. Of all, the advanced category held the largest share of the market in 2019 & 2020 and is also expected to grow at the fastest rate during the forecast period in the global advanced wound care market. The growing occurrence of diabetes-associated ulcers, pressure ulcers, aging 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 also predicted to continue during the forecast period.
The advanced segment is further divided into foams, films, hydrogels, hydrocolloids, superabsorbents, wound contact layers, alginates, collagen, and hydrofiber. Among the entire advanced segment, the foams segment accounted for 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 all wound therapy devices, the NPWT device segment accounted for the largest share of the market, and the oxygen & hyperbaric oxygen equipment segment is expected to grow at the 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 ulcers, 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 the inpatient category is expected to grow at a faster rate during the forecast period in the global market.
Global Advanced Wound Care Market Report Coverage
|
Report Metric |
Details |
|
Historical Period |
2018–2022 |
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Base Year Considered |
2022 |
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Forecast Period |
2023 - 2030 |
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Market Size in 2020 |
$11.8 Billion |
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Revenue Forecast in 2027 |
$18.8 Billion |
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Growth Rate |
CAGR 6.6% |
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Segments Covered in the Report |
By Product, By Application and By End User |
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Report Scope |
Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Companies’ Strategic Developments; Market Share Analysis of Key Players; Company Profiling |
|
Regions Covered in the Report |
North America, Europe, Asia-Pacific, Middle East, and Rest of the World |
Industry Dynamics
Growth Drivers
The growing geriatric population, an increasing number of diabetes patients globally, rising occurrence of wound ulcer and surgical wounds, growing research and development activities, the introduction of novel treatments for advanced wounds, favorable reimbursement scenarios, and technological advancement in advanced wound care products are the key factors enhancing the growth of the global advanced wound care market.
The increasing occurrence of wound ulcers and surgical wounds has resulted in increased demand for advanced wound care products for the management of 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.
Increasing prevalence of chronic wounds: The growing incidence of chronic diseases such as diabetes, obesity, and vascular diseases has led to a rise in the number of patients with chronic wounds. Advanced wound care products and therapies are essential for managing these complex wounds and promoting healing.
Aging population: The global population is aging, and older adults are more prone to chronic wounds due to factors such as reduced mobility, impaired circulation, and weakened immune systems. This demographic trend is fueling the demand for advanced wound care products.
Technological advancements: Advances in wound care technologies have led to the development of innovative products and therapies. These include negative pressure wound therapy (NPWT), bioactive dressings, skin substitutes, growth factors, and cellular and tissue-based products. These technologies have improved treatment outcomes and accelerated the healing process.
Favorable reimbursement policies: Reimbursement policies and insurance coverage for advanced wound care products have become more favorable in many healthcare systems. This has increased patient access to these products and therapies, driving the market growth.
Awareness and education: There is a growing awareness among healthcare professionals about the benefits of advanced wound care. Continuous medical education programs and training initiatives have improved the knowledge and understanding of wound management, leading to increased adoption of advanced wound care products.
Cost-effectiveness: Although advanced wound care products can initially be more expensive than traditional wound care methods, they can lead to cost savings in the long run. Faster wound healing, reduced hospital stays, and prevention of complications can result in overall cost savings for healthcare systems and payers.
Rise in surgical procedures: Surgical procedures, including both elective and emergency surgeries, have increased worldwide. Post-operative wound care is a critical aspect of surgical recovery, and the use of advanced wound care products has become standard practice in many surgical settings.
The advanced wound care market is highly competitive and includes major players like Smith & Nephew plc, Mölnlycke Health Care AB, ConvaTec Group plc, Coloplast A/S, and 3M Company, among others. These companies invest heavily in research and development to introduce innovative products and technologies.
Challenges
Key factors hindering the growth of the advanced wound care market are the high cost of advanced wound care products and the lack of awareness of advanced wound care products.
Reimbursement Issues: Reimbursement policies and coverage for advanced wound care products can vary across different healthcare systems and insurance plans. In some cases, reimbursement may not fully cover the cost of these products, making them less accessible for patients. This lack of adequate reimbursement can create barriers to the widespread adoption of advanced wound care technologies.
Limited Awareness and Training: Healthcare professionals, including nurses and physicians, may require specialized training to effectively use and apply advanced wound care products. However, there may be a lack of awareness and training programs available, particularly in certain regions or healthcare settings. This can hinder the appropriate utilization of advanced wound care products and limit their effectiveness in improving patient outcomes.
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 the mounting occurrence of diabetes are also fueling the growth of the North American advanced wound care market. European countries like France, Germany, and Italy have excellent acceptance of the Advance wound care treatment process.
For instance, according to the study conducted by the 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 the mounting occurrence of surgical wounds are also facilitating the significant growth of the 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, and regional expansion.
- - Analyzing demand and supply trends and changes in industry dynamics to establish future growth.
- - Analyzing sustainability strategies adhered to by market participants in an attempt to determine the future course of the market.
- - Analyzing historical market trends and super-imposing them on the current and future variables to determine year-on-year trends.
- - 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.
- - The bottom-up and top-down approach has been used for the estimation and forecast of market data, whereas the 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 industry experts. The key profiles approached within the industry include, CEO, CFO, CTO, President, Vice President, Product Managers, Regional Heads, and Others. Also, end user surveys comprising consumers are also conducted to understand consumer behavior.
The Advanced Wound Care Market report offers a comprehensive market segmentation analysis along with an estimation for the forecast period 2023–2030.
- By Product
- Advanced
- Wound Therapy Device
- Active Wound Care Products
- By Application
- Surgical Wounds
- Diabetic Foot Ulcers
- Pressure Ulcers
- Venous Ulcer
- Burns
- By End User
- Inpatient
- Outpatient
Advanced Wound Care Market by Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- Japan
- China
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- Rest of the World
- Brazil
- South Africa
- Saudi Arabia
- U.A.E
- Other Countries
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Source: VynZ Research
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Source: VynZ Research
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Advanced Wound Care Market