Advanced Wound Care Market by Product Type [Wound Dressing and Wound Therapy Devices], Application [Diabetic Foot Ulcers, Pressure Ulcers, Arterial & Venous Ulcer, Surgical & Traumatic Wounds, and Burns], End User [Hospitals and Home Care Settings] – Global Outlook & Forecast 2021-2031
According to the deep-dive market assessment study conducted by Growth+ Reports, the global advanced wound care market was pegged at ~US$ 10.1 billion in 2020. The market is expected to witness a CAGR of ~9.4% from 2021 to 2031.
Major factors contributing to the growth of the market include rising geriatric population coupled with increasing prevalence of chronic wounds globally. Moreover, increasing investments & collaborations for launching technologically advanced wound care products are pivotal factors propelling the growth of the advanced wound care market. However, the high cost of treatment is likely to restrain the market growth to a certain extent.
Prominent players are progressively implementing collaborative initiatives with several organizations, research centers & companies to encourage R&D of advanced wound care. For instance, in Jul 2017, Smith & Nephew and the University of Hull announced a long-term collaboration driving research into pioneering approaches to advanced wound care. The partnership was aimed to create one of the world’s largest Wound Care Research Clusters, combining world-leading academia & industry with the aim of developing scientific insights and innovative treatments for advanced wound care.
Chronic wounds are more prevalent in the geriatric population. The U.S. government estimated that over 55 million people will be in geriatric age group by 2020. About, 3% of the population >65 years of age in the U.S. are estimated to have open wounds. Whereas, nearly 2% of the total population of the U.S. are estimated to be affected by chronic wounds. Furthermore, according to the Wales 2016 report, chronic wounds have a prevalence of 6% and consume at least 5.5% of NHS. Therefore, rising geriatric population coupled with increase in the prevalence of chronic wounds is anticipated to propel the growth of market.
Increasing prevalence of chronic disorders and rising numbers of surgical procedures have created the need for effective wound care products. In an effort to maintain their position in the market, prominent players are continuously launching several novel and technologically advanced wound care products in untapped markets. For instance, in July 2019, KCI, an Acelity Company, expanded its advanced wound dressings (AWD) presence in South Africa with the launch of KERRACONTACT Ag Dressing, KERRAFOAM Gentle Border Dressing and KERRAMAX CARE Dressing. The launch signifies another step in KCI’s commitment to increasing global access to its products, providing patients and clinicians with the tools needed to restore people’s lives.
However, high cost of treatment coupled with unfavorable reimbursement policies in emerging markets may restrain the market growth to a certain extent. As compared to traditional wound treatment, the overall cost of the advanced wound treatment is higher, therefore physicians and patients are likely to opt for traditional and basic wound care products, thereby hampering the growth of the market.
The Asia Pacific region is projected to be the fastest-growing advanced wound care market. The high growth of the region can mainly be attributed to developing healthcare infrastructure, and growing investments by prominent companies in the region. Countries such as India, China, and Japan in the APAC region are expected to offer significant growth opportunities owing to presence of a large population base and rising geriatric population in the region.
Some of the prominent players operating in the advanced wound care market are B. Braun Melsungen AG, 3M, Medline Industries, Inc., Zimmer Biomet, Smith+Nephew, Integra LifeScience, Cardinal Health, DeRoyal Industries, Inc., Mölnlycke Health Care AB, ConvaTec Group PLC, among others.