by Advanced wound care management involves treatment of both acute and chronic wounds such as pressure ulcers, diabetic foot ulcers, and surgical wounds. Products used in advanced wound care treatment include moist wound dressings, antimicrobial dressings, wound care devices, active wound care, and wound therapy devices. Moist wound dressings such as hydrocolloid, films, alginates and hydrogels help manage wound exudates and maintain a moist wound environment. Antimicrobial dressings incorporate drugs that prevent or treat infections. Wound care devices include negative pressure wound therapy devices that use subatmospheric pressure to promote wound healing. Active wound care products have added functionalities like stimulating cell growth and debridement.
The global advanced wound care management market is estimated to be valued at US$ 14095.36 Mn in 2023 and is expected to exhibit a CAGR of 18% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The increasing prevalence of chronic and acute wounds due to the rising geriatric population and high incidence of diseases like diabetes drives the growth of the advanced wound care management market. It is estimated that over 15% of total healthcare expenditure in developed countries is spent on wound care. Additionally, technological advancements in wound care products have improved treatment outcomes and healing times for both acute and chronic wounds. Products incorporating technologies like negative pressure wound therapy, hyperbaric oxygen therapy, and active therapies have enhanced wound healing. Such innovative products are expected to boost the demand for advanced wound care management over the forecast period. Another factor fueling market growth is increasing awareness regarding availability of advanced treatment options.
Segment Analysis
The global Advanced Wound Care Management Market is segmented into dressings, therapy devices, biologics and others. Among these, the dressings sub-segment holds the largest market share presently due to the increasing application of wound dressings like hydrocolloid, foam, film, alginate and hydrogel dressings. These dressings facilitate new cell formation by protecting the wound and managing excess exudate or fluid. They provide moist environment necessary for healing.
PEST Analysis
Political: Governments across nations are supporting extensive research and funding activities to enhance wound care management. They are introducing new policies to increase availability and affordability of advanced wound care products.
Economic: Rising global healthcare expenditure along with growing aging population suffering from chronic wounds is fueling market revenue. High treatment costs associated with complex wound management also boosts demand.
Social: Increasing incidence of diabetes and associated chronic wounds are major social drivers. Also, rising awareness about availability of advanced treatment options is encouraging patients to seek timely care.
Technological: Technologies like 3D printing, active therapies, telehealth and remote patient monitoring are expanding treatment solutions. Companies are launching innovative biologic wound care products and smart wound dressings utilizing artificial intelligence.
Key Takeaways
The Global Advanced Wound Care Management Market Size is expected to witness high growth in coming years supported by factors such as aging demographics, increasing prevalence of chronic illnesses and road accidents. The global advanced wound care management market is estimated to be valued at US$ 14095.36 Mn in 2023 and is expected to exhibit a CAGR of 18% over the forecast period 2023 to 2030.
North America leads the market presently owing to established healthcare infrastructure and rising obesity rates contributing to diabetes cases in the region. Regional markets in Asia Pacific and Latin America are likely to offer high growth opportunities owing to improving access to healthcare in these regions.
Key players operating in the Advanced Wound Care Management Market are Boiron, Heel, Schwabe Group, Dolisos, Nelsons, Weleda, SBL Homeopathy, Hahnemann Laboratories, Inc., Reckeweg, Helios Homeopathy, Ainsworths, Pekana, WHP (Washington Homeopathic Products), Hyland’s Homeopathic, and Hapé Homeopathic Pharmacy. These players are focusing on developing more effective wound dressings, therapies and biologics to drive market share.
Major online retailers as well as offline pharmacies and medical supply stores are ensuring availability of a wide range of advanced wound care products. Telehealth platforms allowing remote monitoring of chronic wounds especially in pandemic times are further supporting market growth.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
