by Market Overview:
The advanced wound care management market involves products used for managing both chronic and acute wounds. Some key products in this market include infection management products like antimicrobial dressings, foam dressings, hydrocolloid dressings, film dressings, alginate dressings, hydrogel dressings, collagen dressings, and contact layers. These products assist in protecting the wound from external environment and promoting healing.
Market Dynamics:
The growth of the advanced wound care management market is driven by increasing incidence of chronic wounds worldwide and the rising geriatric population. It is estimated that around 6.5 million patients in the US suffer from chronic wounds each year, including diabetic foot ulcers, pressure ulcers, and venous leg ulcers. Moreover, aging population is more prone to developing chronic wounds. For instance, 60% of diabetes-related lower-extremity amputations occur in people over age 65.
Additionally, technological advancements in wound care products are also fueling the market growth. Various new products are being launched that speed up wound healing process and reduce health complications. For example, antimicrobial dressings impregnated with silver possess anti-microbial properties that prevent infection in wounds. Similarly,interactive wound therapy productsmonitor and track wound healing progress remotely using digital and connectivity features.
The global Advanced Wound Care Management Market Share is estimated to be valued at US$ 14095.36 Mn in 2023 and is expected to exhibit a CAGR of 6.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Segment Analysis
The advanced wound care management market can be segmented into chronic wounds and acute wounds. Chronic wounds dominates the market and accounts for over two-third market share due to the increasing prevalence of diabetes and obesity leading to conditions like pressure ulcers, venous leg ulcers, and diabetic foot ulcers which fall under chronic wounds. Chronic wounds require long-term treatment with advanced wound care products like hydrocolloids, hydrogels, alginates, and hydrofiber.
PEST Analysis
Political: Governments across countries are undertaking various initiatives to raise awareness about advanced wound management and provide better treatment facilities which is positively impacting the market growth.
Economic: The rising healthcare expenditures and improving reimbursement policies for wound care treatment are fueling the market expansion.
Social: Changing lifestyle leading to increased prevalence of conditions like diabetes and obesity is driving the need for effective wound care products.
Technological: Introduction of novel technologies like nanoparticle-based dressings, virtual reality assisted wound care, 3D-bioprinted skin substitutes are enhancing treatment outcomes and augmenting the market.
Key Takeaways
The global advanced wound care management market is expected to witness high growth at a CAGR of 6.8% over the forecast period of 2023 to 2030 due to increasing prevalence of chronic diseases especially diabetes. The market size is estimated to reach US$ 14095.36 Mn by 2023. Regional analysis shows that North America dominates with over 40% market share owing to increasing healthcare spending and availability of advanced products. Key players operating in the advanced wound care management market are Johnson & Johnson Services, Inc., 3M, Baxter, Coloplast A/S, Integra LifeSciences, Medtronic, Omeza, Cardinal Health, Bactiguard AB, Noventure, Essity, Schulke & Mayr GmbH, Smith & Nephew Plc., Convatec Group PLC, SANUWAVE and SANUWAVE Health, Inc., EO2 Concepts, Wound Care Advantage, LLC., Healthium Medtech Limited, Arch Therapeutics, Inc., Hydrofera, Sanara MedTech Inc., Axio Biosolutions Pvt Ltd., and Gentell, Inc.
Regional analysis: North America represents the largest market for advanced wound care management mainly due to the increasing incidences of chronic diseases like diabetes which is leading to diabetic foot ulcers, venous leg ulcers and pressure ulcers. According to International Diabetes Foundation, over 30 million Americans have diabetes in 2013 which is expected to increase to 44 million by 2034 and is one of the major factors fueling the advanced wound care management market growth in the region.
Key players: Key players operating in the advanced wound care management market are Johnson & Johnson Services, Inc., 3M, Baxter, Coloplast A/S, Integra LifeSciences, Medtronic, Omeza, Cardinal Health, Bactiguard AB, Noventure, Essity, Schulke & Mayr GmbH, Smith & Nephew Plc., Convatec Group PLC, SANUWAVE and SANUWAVE Health, Inc., EO2 Concepts, Wound Care Advantage, LLC., Healthium Medtech Limited, Arch Therapeutics, Inc., Hydrofera, Sanara MedTech Inc., Axio Biosolutions Pvt Ltd., and Gentell, Inc.
*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.
