Global Advanced Wound Care Market Size & CAGR (2021 to 2026)
According to our analysis, the advanced wound care market is valued at USD 9.82 billion in 2021, growing at a 4.52 % CAGR, and is estimated to reach USD 12.26 billion by the end of 2026.
Impact of COVID-19 on the global advanced wound care market:
The World Health Organization proclaimed COVID-19 a pandemic on March 11, 2020. The COVID-19 outbreak will have an immediate impact on the advanced wound care industry during the projected period. In the first stage of the forecast, the COVID-19 epidemic will harm the advanced wound care industry. The global advanced wound care industry is expected to decline due to growing skin injuries, denied wound care, canceled or postponed surgical operations, and national lockouts. As a result of the virus’s proliferation, many companies in the advanced wound care market have been forced to suspend their manufacturing and production operations. Furthermore, corporate functions have been halted due to new government regulations, which directly impact the advanced wound care market’s revenue drift. However, demand for advanced wound care products is predicted to skyrocket in the second half of the projection period.
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KEY DRIVING FACTORS:
An increase in road accidents and chronic diseases is driving the global advanced wound care market growth.
According to the WHO estimates, road accidents worldwide claim around 1.35 million lives annually, and approximately 50 million people are injured. Such incidents often lead to substantial blood loss and other damage, requiring rapid medical treatment and surgery to relieve the sufferer immediately. The advanced wound care market landscape will be supported in the following years by the sharp rise in surgical procedures due to an increased number of accidents, traumas, and chronic diseases globally. For example, diabetes is a chronic disease known to lead to complex complications that usually do not cure themselves and require an operation. For example, diabetic foot ulcers are generally infective, and sometimes amputation may occur. In such instances, sophisticated clothing and instruments for wound care help alleviate patients’ pain. For example, more than 460 million people aged 20 to 79 live with diabetes globally and, by 2045, these figures will increase to 700 million, according to the International Diabetes Federation (IDF).
The high cost of products is hampering the advanced wound care market.
The high costs of chronic injury and advanced wound therapies may significantly negatively impact their uptake, especially in cost-sensitive countries such as Asia and RoW. In such places, patients and clinicians choose cheaper modern items for wound treatment. Although there are numerous bioengineered dressings on these marketplaces, medical practitioners and patients tend, owing to low-cost products. In addition, the government’s stringent rules and regulations and the risk of infection in chronic and surgical wounds are other challenging factors for the global advanced wound care market.
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KEY MARKET INSIGHTS:
- Based on type, the dressing segment dominated with around 38.6% of the overall market in 2020. The highest market share is due to the increasing prevalence of chronic and surgical wounds, growing technology, and expanding research facilities introducing new approaches and others.
- Based on application, the skin ulcers segment is estimated to account for a reasonable share, expanding at a CAGR of over 5.25% from 2021 to 2026. The significant growth of this segment can be related to the rising incidence of diabetes and diabetic foot ulcers in the senior population and the high prevalence of pressure ulcers and venous leg ulcers.
- Based on end-users, the dressing segment dominated with a revenue share of around 73.6% of the overall market in 2020. Factors such as the growing frequency of related SSIs and HAI, increasing prevalence of surgical and chronic illness, and the rising incidence of burl’s injuries could be ascribed to the significant proportion of the segment.
- Asia Pacific is the fastest-growing region, registering a CAGR of around 5.0% from 2021 to 2026. increasing frequency of chronic illnesses, surgical and traumatic wounds; rising incidence of burn injuries; rising spending on surgical and chronic wounds, and technological breakthroughs in this region.
- The advanced wound care market is concentrated, as the majority of the share is being taken by the key players such as Smith & Nephew Plc, B. Braun Melsungen AG, and Mölnlycke Health Care AB.
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Recent Market Developments:
- In March 2020, PICO 14 Single-use devices and dressings in the US had been launched by Smith and Nephew Plc. (UK).
- In Feb 2019, Gemco Medical, an Ohio-based company, launched GEMCORE360ES, a new series of sophisticated injury treatment systems. This medication assists in treating wounds that stand out in bioburden management and encourages patients’ comfort.
SEGMENTS IN THE REPORT:
- Therapy Devices
- Active Wound Care
- Skin Ulcers
- Surgical Wounds
- Burn Wounds
- Inpatient Services
- Outpatient Services
- North America
- Latin America
- The Middle East and Africa
KEY MARKET LEADERS PROFILED IN THIS REPORT:
- 3M Health care
- Integra Lifesciences
- Derma Sciences
- Smith & Nephew
BROWSE REGIONAL REPORTS:
- North America Advanced Wound Care Market
- Europe Advanced Wound Care Market
- APAC Advanced Wound Care Market
- Latin America Advanced Wound Care Market
- MEA Advanced Wound Care Market
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