The global advanced wound care market is predicted to grow at 6.0% CAGR during the forecast period with the market size reaching USD 16.9 billion by 2024. The market is driven by the factors such as the mounting occurrence of the surgical wound and wound ulcer, expanding the geriatric population, mounting healthcare expenditure, escalating adoption of evidence-based treatment for chronic wounds, awareness programs for advanced wound care treatment and management, the introduction of new treatments for advanced wounds.
Market Report "Global Advanced Wound Care Market - Analysis and Forecast (2018 - 2024)"
The mounting occurrence of lifestyle associated diseases such as diabetes, favorable reimbursement scenario, technological advancement in wound care products, and increasing research and development activities are further fuelling the growth of the market. For instance, according to the World Health Organization (WHO), globally the number of people with diabetes has risen from 108 million in 1980 to 422 million in 2014.
The market for advanced wound care is primarily driven by increasing occurrence of the surgical wound and wound ulcers. With the expanding geriatric population, and mounting occurrence of lifestyle associated diseases such as diabetes has resulted in demand of advanced wound care products for the management and treatment, which further decreases the length of stay in the hospital and reduces the cost involved. This offers market players immense opportunities for advanced wound care products, which will drive their revenue growth.
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Among all products, advanced hold the largest share and is witnessing the highest growth in the advanced wound care market, globally. The advanced segment is further subdivided 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. In addition, the artificial skin and skin substitutes segment accounted for the larger share and is expected to grow at the fastest rate in the active wound care products market.
The different applications of, the advanced wound care market are surgical wounds, diabetic foot ulcers, pressure ulcers, venous ulcer, and burns. Of all these applications, the surgical wound category is predicted to witness the highest CAGR during the forecast period owing to. In addition, of all these delivery modes, the surgical wound category accounted the largest share in the advanced wound care market owing to the mounting occurrence of post-operative surgical wounds, and expanding occurrence of diabetic foot ulcers and pressure ulcers.
Based on end user the advanced wound care market is segmented into inpatient and outpatient. Of all the end users, inpatient is expected to grow at the fastest rate during the forecast period, globally.
North America accounted for the major share in the advanced wound care industry in 2017, globally due to growing geriatric population, and technological advancement of the products. In addition, mounting healthcare expenditure, increasing occurrence of surgical wounds and favorable reimbursement scenario are some of the factors facilitating the growth of the North American advanced wound care market. For instance, according to 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.
In addition, Europe accounted the second largest share in the market due to growing geriatric population, favorable reimbursement scenario, and mounting occurrence of lifestyle associated diseases such as diabetes.
Moreover, Asia-Pacific is observed to witness the fastest growth in the advanced wound care market, owing to escalating government support. Mounting healthcare expenditure, boosting demand for advanced wound care products, expanding the geriatric population, and an upsurge in medical tourism are some of the factors fuelling the growth of the Asia-Pacific advanced wound care market.
Key players in the advanced wound care industry are investing in the development of advanced, which is strengthening their position in the market. Smith & Nephew, 3M Company, 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. are some of the key players offering advanced wound care.
Global Advanced Wound Care Market Coverage
Product Insight and Forecast 2014-2024
Application Insight and Forecast 2014-2024
End User Insight and Forecast 2014-2024
Advanced Wound Care Market by Region
Rest of the World