Report Overview

According to the deep-dive market assessment study by Growth Plus Reports, advanced wound care was valued at US$ 11.98 billion in 2022 and is expected to register a revenue CAGR of 8.9% to reach US$ 25.80 billion by 2031.

Advanced Wound Care Market Fundamentals 

Advanced wound care is the management of complex and chronic wounds using novel methods, materials, and therapies. Its goals are to speed up the healing process, lessen complications, and enhance patients quality of life whenever they have non-healing or challenging-to-heal wounds. Modern wound care methods combine numerous wound healing modalities in addition to standard wound coverings. Depending on the wound's condition and the healthcare provider's experience, advanced wound care may comprise a variety of debridement treatments, such as surgical debridement, enzymatic debridement, mechanical debridement, or autolytic debridement. The demand for cutting-edge wound care products and therapies is being driven by the increase in the prevalence of chronic wounds such diabetic foot ulcers, venous leg ulcers, and pressure ulcers.

Advanced Wound Care Market Dynamics 

The global advanced wound care market has been witnessing significant growth in recent years, driven by several key trends and factors. The demand for advanced wound care products and therapies is being driven by the increase in the prevalence of chronic wounds such diabetic foot ulcers, venous leg ulcers, and pressure ulcers. Ageing populations, rising diabetes prevalence, and changes in lifestyle all add to the burden of chronic wounds, which is causing the market to rise. The World Health Organization (WHO) 2022 study predicts that by 2050, there will be 2.1 billion persons over the age of 60, up from 1 billion in 2020. The market is being completely transformed by improvements in wound care technology. The creation of smart dressings with sensors to track the progress of wound healing, the use of 3D printing for specialized wound care solutions, and the incorporation of telemedicine and remote monitoring capabilities are examples of innovations. These technological developments are boosting patient outcomes, boosting the effectiveness of treatments, and propelling market expansion. For instance, 3M improved its 3M Veraflo Therapy (a negative pressure wound healing system with instillation) in August 2022 to provide quicker, simpler, and less uncomfortable dressings. In the aftermath of the COVID-19 pandemic, it is anticipated that there will be a slight increase in the number of diabetic foot ulcers and delayed elective procedures. In addition, a lot of businesses are choosing to expand their distribution networks, launch new products, and engage in mergers and acquisitions. The PolyNovo Limited firm, for instance, reported in February 2023 that the first patient had been enrolled in its randomized controlled trial (RCT), which assessed the clinical safety & efficacy of NovoSorb SynPath for the treatment of diabetic foot ulcers. As a result, during the post-pandemic period, the market for advanced wound care is anticipated to grow rapidly. Additionally, the increasing frequency of severe burn injuries could fuel market growth. The Undersea and Hyperbaric Medical Society estimates that more than 2 million burn injuries occur in the United States each year, with 14,000 fatalities and 20,000 requiring admissions to a burn unit. In addition, over 75,000 people need to be hospitalized each year, and 25,000 of them stay for longer than two months. Additionally, it is projected that the sector would grow as a result of the increase in burns, trauma, and automobile accidents.

Advanced Wound Care Market Ecosystem

The global advanced wound care is analyzed from the following perspectives: product type, application, end user, and region. 

Advanced Wound Care Market by Product Type

Based on product type, the advanced wound care market is segmented into wound dressing, wound therapy devices, and others (grafts & matrices, topical agents, etc.). 

The wound dressing segment is further sub-segmented into foam dressings, alginate dressings, collagen dressings, hydrocolloid dressings, hydrogel dressings, film dressings, and other wound dressings (wound contact layers, hydrofiber dressings, superabsorbent dressings, etc.).  The wound therapy devices are further sub-segmented into negative pressure wound therapy systems, electrostimulation devices, pressure relief devices, hyperbaric oxygen equipment, and others (debridement devices, wound assessment & monitoring devices, etc.). 

The wound dressings segment accounts for the largest revenue share in the global advanced wound care market. The rise in patient education and the frequency of HAIs are responsible for this. This market is expected to expand as a result of factors including the increasing incidence of venous, pressure, and diabetic ulcers.

Advanced Wound Care Market by Application

Based on application, the advanced wound care market is segmented into diabetic foot ulcers, pressure ulcers, arterial & venous ulcers, surgical & traumatic wounds, and burns. 

The diabetic foot ulcers segment accounts for the largest revenue share in the global advanced wound care market. Growing rates of diabetes and diabetic foot ulcers are a significant element in the segment's growth. For instance, 20% of individuals with diabetes may need to have their feet amputated, and more than 25% of patients with diabetes may develop diabetic foot ulcers. Additionally, the CDC's National Diabetes Statistics Report found that 37.3 million Americans, or 11.2% of the population, had diabetes. According to the CDC, over 96 million Americans who are older than 18 are predicted to have prediabetes. In addition, 26.4 million adults aged over 65 and above were predicted to have prediabetes, according to a similar source.

Advanced Wound Care Market by End User

Based on end users, the advanced wound care market is segmented into hospitals, home care settings, and others (clinics, ambulatory care units, etc.). 

The hospital segment accounts for a significant revenue share of 43.5% in the global advanced wound care market. An increase in surgical procedures and a rise in hospital admissions are both responsible for this segment's growth. For instance, the Australian Institute of Health and Welfare reports a rise in hospital admissions in Australia. Around 11.1 million individuals were hospitalized in Australia in 2019–2020. Therefore, it is anticipated that the market will grow during the forecast period as hospitals and hospitalization rates rise. Similar to this, an increase in surgeries performed globally is fueling the market's growth.

The home healthcare segment is projected to witness the fastest revenue CAGR during the forecast period. Advanced wound care products for home healthcare witnessed a rise in demand during the COVID-19 pandemic. Furthermore, it is projected that a rise in the elderly population will further drive enhanced wound care products. Chronic wounds are more common in the senior population, and as people age, their bodies become less capable of mending them. In addition, the Wound Care Learning Network reports that older persons are more prone to have pressure ulcers. Therefore, an increase in the older population could boost the market.

Advanced Wound Care Market by Region

Geographically, the global advanced wound care market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. 

North America accounts for the largest revenue share of 46% in the global advanced wound care market. This dominance can be attributed to a well-developed healthcare infrastructure and an increase in the number of surgical procedures. For instance, according to the American Society of Plastic Surgeons, approximately 15.5 million people in the U.S. underwent minimally invasive cosmetic surgical procedures in 2020. Advanced wound care products, thus, are increasingly being used to prevent surgical site infections. Additionally, increasing the incidence of accidents such as road accidents, burns, and trauma events across the globe is anticipated to drive the market. 

Asia Pacific is projected to witness a fastest revenue CAGR during the forecast period. This can be ascribed to the region's growing geriatric population and rising incidence of chronic diseases brought on by changing lifestyles. For instance, the European Parliament reports that Japan's population is ageing quickly, with 28.7% of people over 65. In addition, the population of the nation will be made up of one-third people over 65 by 2036. A rise in the elderly population could raise the demand for advanced wound care products because they are more likely to suffer from various illnesses and disabilities. Additionally, it is projected that a rise in medical tourism will assist the market expand. Asia Pacific is therefore expected to experience the quickest growth throughout the projection period due to the aforementioned factors.

Advanced Wound Care Market Competitive Landscape

The prominent players operating in the global advanced wound care are: -

• B. Braun Melsungen AG
• 3M Company
• Medline Industries, Inc.
• Zimmer Biomet Corporation
• Smith & Nephew Plc
• Integra LifeScience
• Cardinal Health
• DeRoyal Industries, Inc
• Mölnlycke Health Care AB
• ConvaTec Group Plc

Advanced Wound Care Strategic Developments

• In January 2022, Convatec Group PLC acquired Triad Life Sciences Inc. to access the lucrative wound biologics market.
• In September 2022, PolyNovo Limited company received FDA 510 (k) clearance for its product 'NovoSorb MTX'. The product is intended to be used for the management of complex chronic wounds.

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