Growing investments in the healthcare sector, coupled with innovations in advanced wound management products are anticipated to positively shape demand in the upcoming years.
With increasing incidence of chronic wounds globally, Future Market Insights (FMI) projects the advanced wound management market to exceed US$ 6.5 Bn between 2021-2031.
In 2020, the unprecedented COVID-19 outbreak dampened sales in the advanced wound management market. However, with recovery of research and development initiatives focusing on solutions for optimal wound care, demand in the advanced wound management market will rise at a steady pace during the assessment period.
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Incorporation of biomaterials such as alginates and silver in topical wound healing treatments will further drive sales. These developments are encouraging key market players to innovate effective advanced wound healing solutions.
Product developments in advanced wound dressing segment such as hydrogels, collagen, and hydrocolloids are on cards. Apart from these products, emergence of negative pressure wound therapy devices will boost sales in the market.
Besides this, government-backed initiatives such as public health insurance schemes in counties including the U.S., the U.K., and China will create lucrative growth opportunities in the advanced wound management market.
Key Takeaways from the Advanced Wound Management Market Analysis
Advanced wound dressing is anticipated to dominate the product segment.Based on application, chronic ulcers will witness increasing adoption of advanced wound management.Hospitals, followed by clinics are expected to account for maximum market sales.The U.S. is projected to witness high demand in the advanced wound management market, owing to increasing number of diabetic patients in the country.The U.K. will emerge as a lucrative market with rapid product developments by leading players.China will exhibit high demand for advanced wound management due to increasing incidence of chronic wounds and reimbursements for medical expenditure.Advanced wound management market in India is expected to grow at a steady pace, owing to growing cases of road accidents and chronic wounds.
As per FMI’s analysis, ConvaTec Group Plc. Coloplast A/S, Molnlycke Health Care AB, 3M Healthcare, and Smith & Nephew PLC. are among the leading players in the market, accounting for approximately 3/4th of the market share.
Key players operating in the advanced wound management market are actively focusing on product innovations, strategic collaboration, mergers, acquisitions, and government approvals as a part of their growth strategies.
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