Increase in the geriatric population, rise in incidences of diabetes, obesity, and chronic conditions, and developments in technology to deal with complex wounds have boosted the growth of the global advanced wound care market. However, high cost of advanced wound care products hinders the market growth. On the contrary, untapped opportunities in developing countries are expected to unlock new opportunities for the market players in the future.
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The global advanced wound care market was pegged at $8.97 billion in 2020 and is expected to reach $14.19 billion by 2030, growing at a CAGR of 4.6% from 2021 to 2030.
Upsurge in elderly population, increase in incidence of diabetes, obesity and chronic conditions across the world, and high-end technological advancements to deal with complex wounds fuel the growth of the global advanced wound care market. On the other hand, high costs related to advanced wound care products curbs the growth to certain extent. However, untapped prospects in developing economies are expected to pave the way for an array of opportunities in the near future.
Impact of Covid-19 on Advanced Wound Care Market-
- The Covid-19 pandemic negatively affected the market due to countrywide lockdown and canceled or postponed elective surgeries. Moreover, the prolonged lockdown disrupted the supply chain and increased the prices of medical equipment and raw materials.
- However, the increase in skin injuries in medical care providers is expected to boost the demand for advanced wound care.
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On the basis of application, the chronic wounds segment dominated the market in 2020, contributing to more than two-thirds of the market. Moreover, the segment is projected to manifest the highest CAGR of 4.7% during the forecast period. The report also analyzes the acute wounds segment.
The global advanced wound care market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across North America held the largest share in 2020, accounting for more than two-fifths of the market. However, the market across Asia-Pacific is expected to register the highest CAGR of 5.7% during the forecast period.
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The global advanced wound care market report includes an in-depth analysis of the prime market players such as 3M (Acelity Inc.), B Braun Melsungen AG, Adynxx, Inc., ConvaTec Group plc, Coloplast A/S, Integra Lifesciences (Derma sciences), Essity AB (BSN Medical GmbH), Johnson & Johnson, Investor AB (Mölnlycke Health Care AB), Medtronic plc., Medline Industries, Inc., Smith & Nephew Plc., and Organogenesis Holdings Inc.
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