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Boom in the Wound Care Market: The US Market Set to Surge to $17.49 Billion by 2028, Fueled by Aging Population & Advanced Solutions
The US wound care market to reach $17.49 billion by 2028, growing at a CAGR of 5.70%. The growing aging population in the US is one of the major factors for the increasing demand for advanced wound care solutions. As chronic wounds do not respond to traditional solutions, the demand and application of advanced wound care solutions are significantly growing. Around 8% of Medicare beneficiaries suffer from diabetic foot ulcers in the US. Increased innovation in offering advanced wound care, especially for burn wounds, is major in treating the target population. However, the high cost of advanced wound care products in the market is one of the major limitations hampering the market growth.
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The advanced wound care segment accounts for the largest share of the market. Traditional wound care products continue to be largely used, and they are expected to grow at a fast pace during the forecast period. The hospitals & specialty wound care centers segment dominates the market. Specialty wound care centers and hospitals have reduced the burden of wounds and offer high-quality treatments to patients. Specialty centers are among the largest end-users of wound care products and devices.
The acute wound care segment dominates the market. The number of surgeries conducted in the US is growing, driving the demand for wound care products. Although many surgical procedures were postponed during the COVID-19 pandemic, the number of cosmetic surgeries performed in the US was over five million. The increasing target population is a major reason the demand for wound care products is increasing. Over 8 million people in the US have one diabetic wound or infection, with 14%–24% of diabetic foot ulcer patients requiring amputation.
Europe Wound Care Market Gains Momentum: Projected to Reach $18.06 Billion by 2028, Riding a Robust 8.16% CAGR, Amid Increasing Treatment Demands and Evolving Standards
The Europe wound care market is projected to escalate to $18.06 billion by 2028, marking a robust CAGR of 8.16% during 2022-2028. The number of hospitals and community clinics providing wound care will continue to increase during the forecast period. Healthcare institutions are largely consulted for wound care management as they are managed by professional medical staff, especially nurses. Some European countries have residential healthcare professionals who decide wound care and product use. Germany has the highest number of specialties wound care clinics. Countries such as Italy have wound care clinics, however, they are not equally distributed and are in a state of uncertainty as the cost of advanced wound care products is high in these settings.
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There is a high demand for skilled nursing professionals who can handle a wound care patient properly. Although the demand is high, supply is low, with some nurses lacking training to handle the patient scenario. European Wound Care Management Committee partners with several institutions in Europe to increase the standard of treatment and reduce re-admission rates among patients. The availability of European and national evidence-based guidelines for primary types of chronic wound management (such as diabetic foot ulcers, pressure ulcers, and venous leg ulcers) is not systematically implemented in clinical practice across Europe.
Unveiling Opportunities: APAC Wound Care Market to Soar by 2028, Riding the 9% CAGR Wave Amidst Surgical Surges and Care Challenges
APAC wound care market will reach $12.66 billion by 2028, growing at a CAGR of 9% during 2022-2028.
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Acute wounds are increasing in the APAC countries. The number of surgeries performed in the APAC countries is increasing due to the increasing access to hospitals and the number of surgeries. There is a huge demand for skilled nursing professionals who can handle wound care patients better. The demand is high, and supply is low. Some nurses are not trained to handle the patient scenario. Governments of developing countries are launching various schemes to reduce the impact of wounds. For instance, a pilot program for treating burn wounds was launched in India. Providing better wound care solutions will help the country increase healthcare access. Not all wound care treatments are included in the insurance schemes. In some developing countries, patients are not able to receive reimbursements for their treatments. This is limiting the usage of advanced wound care in the Asian region.
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