CAGR: 5.2%Current Market Size: USD 7 BillionFastest Growing Region: APAC
Largest Market: North AmericaProjection Time: 2022-2029Base Year: 2021
The Global Advance Wound Care market is expected to grow from USD 7 billion in 2021 to USD 10.50 billion by 2029, at a CAGR of 5.2% during the Projection period 2022-2029. The growth of this market is mainly driven owing to the prevalence of skin infections.
Diabetes patients frequently develop diabetic foot ulcers, which are treated using Advance Wound Care solutions. For instance, according to ScienceDirect, 20% of individuals who have diabetic foot ulcers may require amputation of the foot. Diabetic foot ulcers may impact more than 25% of the diabetic population. As a result, it is anticipated that more diabetic patients would adopt cutting-edge wound care solutions. These goods aid in the retention of moisture and enable both internal and exterior wounds to heal quickly. Additionally, these medications aid in the removal of necrotic tissues, which is useful when treating surgical site infections. Since sophisticated wound care products are preferred by healthcare professionals, the market is expected to rise rapidly throughout the Projection period. Additionally, the market for advanced wound care is anticipated to be significantly impacted by technological developments in advanced wound care products. It is anticipated that some of the most cutting-edge technological goods in this area will soon enter the market. For instance, bioactive molecules across the treated area, which maintain the drug release and specifically enhance the therapeutic effects of pharmaceuticals, are used in nanoparticle-based wound healing and skin regeneration. Similar to this, it is anticipated that gene therapy, which promotes wound healing by infusing healthy normal genes into cells, will go on sale. The market for advanced Advance Wound Care is thus anticipated to grow throughout the projected period as a result of these advances in Advance Wound Care products.
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Market Dynamics:
Drivers:
The demand for Advance Wound Care will increase even more due to the sharply increased frequency of hospital visits for wound treatment. Growing healthcare spending to provide better patient care and a significant number of therapeutic operations carried out in hospitals will boost the expansion of the hospital industry. Furthermore, the prevalence of pressure ulcers developed in hospitals is rising, increasing the need for better Advance Wound Care and raising the industry's worth. Additionally, a significant factor impacting the growth rate of the Advance Wound Care industry will be the increase in government campaigns to raise public awareness. The development of technology is another important aspect contributing to the expansion of the industry. Additionally, rising healthcare spending capacity and improvements in the healthcare infrastructure are the main factors that will accelerate market expansion.
Restraints:
The high cost of Advance Wound Care systems is one obstacle to the development of the Advance Wound Care sector. The expansion of the market's revenue is being constrained by subpar healthcare facilities, unfavourable reimbursement procedures, and rigorous government regulations for product manufacture. However, lack of knowledge about the long hard healing of severe wounds among individuals may result in a decrease in the usage of Advance Wound Care products, which may impede the growth of the market's revenue over the Projection period.
Opportunities:
Government initiatives favouring the expansion of the healthcare infrastructure and an increase in research and development efforts will create favourable conditions for the growth of the Advance Wound Care market. Additionally, rising government spending on technological innovation and an increase in applications will accelerate the growth rate of the Advance Wound Care industry in the future.
Challenges
Government initiatives favouring the expansion of the healthcare infrastructure and an increase in research and development efforts will create favourable conditions for the growth of the Advance Wound Care market. Additionally, rising government spending on technological innovation and an increase in applications will accelerate the growth rate of the Advance Wound Care industry in the future.
Segmentation Analysis:
The global Advance Wound Care market has been segmented based on product, application, end-use, and regions.
By Product
The product segment includes moist and antimicrobial. The moist wound care segment led the largest share of the Advance Wound Care market with a market share of around 53% in 2021. This predominance can be linked to an increase in surgical procedures and wound cases over the world. For instance, the Life Span Organization estimates that over 500,000 open-heart procedures were carried out in the United States in 2018. Additionally, 40,000 children in the U.S. have congenital heart surgery, according to AHA Journals. The market for advanced wound care is expected to grow during the projected period since such procedures take longer to heal and advanced wound care products assist in treating such wounds quickly.
By Application
The application segment includes chronic wounds and acute wounds. The acute wound segment led the Advance Wound Care market with a market share of around 64.38% in 2021. Over the Projection period, the market is expected to increase at a significant rate. The main driver of the market is the rise in diverse traumatic wounds, like those caused by auto accidents. Additionally, the number of non-fatal injuries requiring medical attention has increased in the United States. For instance, the incidence of non-fatal injury was estimated by the CDC to be 517,249 in 2015 and climbed to 534,602 in 2017. Similarly, 210 of the 316 persons who are shot daily in the United States survive, according to a Brady United Organization report. The category is therefore expected to grow during the Projection period due to a rise in the frequency of acute wounds.
By End-Use
The end-use segment includes hospitals, specialty clinics, and home healthcare. The hospital segment led the Advance Wound Care market with a market share of around 42.65% in 2021. The increase in surgical operations due to sedentary lifestyles throughout the world and the rise in bariatric treatments, which call for the usage of Advance Wound Care products to prevent surgical site infections, can be contributed to this market segment's growth. Additionally, NPWT and surgical Advance Wound Care dressings are more appropriate for hospital use and impractical for homecare. Additionally, hospitals are regarded as significant purchasers of Advance Wound Care who have long-term agreements with providers. The segment is therefore expected to grow during the Projection period as a result of the aforementioned causes.
Global Corporate wellness Market- Sales Analysis.
The sale of advance wound care expanded at a CAGR of 4.2% from 2015 to 2021.
Diabetes patients frequently develop diabetic foot ulcers, which can be treated using advanced wound care solutions. For instance, according to ScienceDirect, 20% of individuals who have diabetic foot ulcers may require amputation of the foot. Diabetic foot ulcers may impact more than 25% of the diabetic population. As a result, it is predicted that more diabetic people would adopt sophisticated wound care solutions. These goods aid in the retention of moisture and enable both internal and exterior wounds to heal quickly. Additionally, these medications aid in the removal of necrotic tissues, which is useful when treating surgical site infections. Since sophisticated wound care products are preferred by healthcare professionals, the market is expected to rise rapidly throughout the Projection period.
Furthermore, the market for advanced wound care is anticipated to be significantly impacted by technological developments in advanced wound care products. It is anticipated that some of the most cutting-edge technological goods in this area will soon enter the market. For instance, bioactive molecules across the treated area, which maintain the drug release and specifically enhance the therapeutic effects of pharmaceuticals, are used in nanoparticle-based wound healing and skin regeneration. Similar to this, it is anticipated that gene therapy, which promotes wound healing by infusing healthy normal genes into cells, will go on sale. The market for advanced wound care is thus anticipated to grow throughout the projected period as a result of these developments in advanced wound care products.
Thus, owing to the aforementioned factors, the global advance wound care Market is expected to grow at a CAGR of 5.2% during the Projection period from 2022 to 2029.
By Regional Analysis:
The regions analyzed for the Advance Wound Care market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. The North America region dominated the Advance Wound Care market and held the 36% share of the market revenue in 2021.
Global Advance Wound Care Market- Country Analysis:
Germany's Advance Wound Care market size was valued at USD 0.25 billion in 2021 and is expected to reach USD 0.34 billion by 2029, at a CAGR of 4% from 2022 to 2029. The rapidly expanding senior population, rising diabetes rates, technological developments in Advance Wound Care products, and funding for Advance Wound Care research are the main causes of the increase in demand throughout Germany.
China Advance Wound Care’s market size was valued at USD 0.21 billion in 2021 and is expected to reach USD 0.27 billion by 2029, at a CAGR of 3.5% from 2022 to 2029. In China, the ageing population is leading to an increase in chronic wounds and lifestyle-related health conditions, necessitating the provision of Advance Wound Care. Longer life expectancy and dropping birth rates in China are anticipated to increase the country's geriatric population, which the WHO predicts will make up 28% of all people by 2040.
India's Advance Wound Care market size was valued at USD 0.15 billion in 2021 and is expected to reach USD 0.19 billion by 2029, at a CAGR of 3% from 2022 to 2029. In India, traffic accidents are now a significant socioeconomic cost. According to statistics provided by the Ministry of State Road Transports & Highways, there were 449,002 traffic accidents in 2019 that resulted in 151,113 fatalities and 451,461 injuries.
Key Industry Players Analysis:
To increase their market position in the global Advance Wound Care business, top companies focus on tactics such as adopting new technology, mergers & acquisitions, product developments, collaborations, partnerships, joint ventures, etc.
Latest Development:
Report Metrics
Report Attribute |
Details |
Study Period |
2021-2029 |
Base year |
2021 |
CAGR (%) |
5.2% |
Market Size |
7 billion in 2021 |
Projection period |
2022-2029 |
Projection unit |
Value (USD) |
Segments covered |
By Product, By Application, By End-use and By Region. |
Report Scope |
Revenue Projection, competitive landscape, company ranking, growth factors, and trends |
Companies covered |
Coloplast Corp., Mölnlycke Health Care AB, ConvaTec Group PLC, Ethicon (Johnson & Johnson), Baxter International, URGO Medical, Smith & Nephew, Medtronic, 3M, and Derma Sciences Inc. (Integra LifeSciences). |
By Product |
|
By Application |
|
By End-use |
|
Regional scope |
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Scope of the Report
Global Advance Wound Care Market by Product:
Global Advance Wound Care Market by Application:
Global Advance Wound Care Market by End-use:
Global Advance Wound Care Market by Region:
Global Advance Wound Care market size was USD 7 billion in 2021.
North America region dominated the Advance Wound Care market and held the 36% share of the market revenue in 2021.
Rising demand for Advance Wound Care in pharmaceutical industry.
Global advanced wound care market is expected to reach USD 10.50 billion by 2029, at a CAGR of 5.2% from 2022 to 2029.
Political Analysis- In order to ensure sustainable practises in any industry, particularly when it comes to the management of created byproducts, the government's willingness and cooperation are essential. Political interventions are necessary through the regulatory authority to establish and oversee the constitutional framework for managing advanced wound care during the COVID-19 epidemic. Political actions are necessary through the regulatory authority to establish and oversee the legal framework for managing advanced wound care during the COVID-19 epidemic. Additionally, the government ought to support R&D initiatives in the field of sustainable advanced wound care. Government facilities are full of flaws in advanced wound care procedures. Only a stable government can provide long-lasting political policies to establish an effective advanced wound care system during the COVID-19 pandemic.
Economic Analysis- The sustainable advanced wound care system is built on diverse economic approaches. The effectiveness of advanced wound care has increased with rising investments/costs, according to literature, resulting in a safe working environment for healthcare professionals and economic sustainability. To maintain the financial viability of the healthcare system during this COVID-19 pandemic, the entire globe must immediately divert its attention to greening its healthcare services, especially advanced wound care. As a result, to combat the epidemic, the government should make investments in the creation of a sustainable advanced wound care system, such as through the use of PPP (public-private partnerships), BOT (build-operate-transfer) projects, O&M (operate-maintenance) projects, and SEZs (special economic zone).
Social Analysis- The amount of advanced wound care has expanded at an unheard-of rate as a result of a sizable portion leaving the temporary COVID-19 healthcare facilities. More infectious waste is produced each day as a result of the rising number of COVID-19 patients. However, advanced wound care treatment facilities have a limited capacity for waste disposal, which limits society's ability to combat the COVID-19 pandemic. The lack of knowledge about the disposable things that should be utilised during the COVID-19 epidemic is a serious threat to society, as it can spread the infection to the entire community through communal displacements and social disturbances.
Technological Analysis- Based on local requirements, government directives, technological inputs, and experts' opinions, a customised treatment facility with the newest technologies should be built to eliminate advanced wound care during the COVID-19 outbreak. Every bag of advanced wound care used in the treatment of COVID-19 patients should be able to be tracked from its creation through its collection, transportation, and disposal. Additionally, the workplace should be often and routinely sanitised using cutting-edge contact-free approaches like drones, contactless sanitization devices, etc.
Environmental Analysis- To create a sustainable advanced wound care system, it is necessary to take into account the negative environmental impact caused by the use of infectious disposable items left over from the treatment of COVID-19 patients. Due to problems with environmental contamination that have recently emerged, the sustainable ecological policy has become the top priority everywhere, especially in India. There are damaging gas emissions into the environment due to open burning and the incineration of advanced wound care.
Legal Analysis- Although the current laws contain procedures for treating infectious waste, the unexpected COVID-19 outbreak has created significant risks due to the additional waste that sick individuals release. Disposable medical equipment and other general garbage produced by COVID-19 facilities are not handled with enough care under the current legal system. Previously thought of as general waste, it should now be classified as infectious waste due to the possibility of coronavirus contamination (WHO, 2020). Consequently, distinct legal guidelines must be established to handle and treat infectious wastes more effectively.
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