Advanced Wound Care Market Overview
Over the past decade, the growing burden of complex and chronic wound care management has emerged as a significant contributor to medicare spending, resulting in a substantial financial burden on the healthcare sector.
The global Advanced Wound Care Market size is estimated to grow from USD 11.06 billion in 2023 to USD 20.21 billion by 2035, representing a CAGR of 5.15% during the forecast period 2023-2035.
The US spends close to USD 25 billion every year for the management and treatment of various types of chronic wounds. Additionally, as per the recent data, in the US alone, over 8 million people suffer from various types of chronic and non-healing complex wounds (diabetic foot ulcers, pressure ulcers, venous leg ulcers, infections arising from surgical procedures and thermal wounds), accounting for 2% of their entire population. This incremental rise in people suffering from various wound types can be attributed to the growing burden of chronic diseases, rise in the global geriatric population who are prone to chronic diseases and wounds, and rise in global volume of surgeries.
Advanced Wound Care Market Geographical Regions
Further, Key Geographical Regions of Advanced wound care market are North America, Europe, Asia-Pacific and Rest of the World.
Owing to the usage of advanced medical imaging technology, the understanding of wounds has immensely increased among the health practitioners and stakeholders working within the wound care domain. Coupled with drawbacks of the conventional wound care products, such as gauzes and bandages, the stakeholders have come up with advanced wound care products. Advanced wound care products / advanced wound care management solutions refer to a group of products that can be utilized by the healthcare professionals to expediate the healing process of a wound. Examples of these products include advanced wound care dressings (foam dressings, antimicrobial dressings, alginate dressings, hydrocolloid dressings, hydrogel dressings, composite dressings and others types of wound care dressings), bioengineered skin and dermal substitute (allografts, autografts, extracellular matrices, growth factors and other dermal substitutes)and wound healing medical devices (negative pressure wound therapy, hyperbaric oxygen therapy, topical oxygen therapy, hydrotherapy, electric stimulation therapy and others).
Advanced wound care products have emerged as an essential part of wound care management lately. This can be attributed to the various challenges faced by the patients and the healthcare practitioners in the management of wounds. Major advantages of advanced wound care products include:
- Faster Healing Process
- Reduced Economic Burden
- Improved Quality of Life
Advanced Wound Care Market Key Players
More than 180 players are engaged in the domain of advanced wound care. Leading players in this domain are 3M, Arthrex, Advanced Medical Solutions, Cardinal Health, Coloplast, Convatec, DeRoyal, Ethicon, Essity, Fidia Farmaceutici, Integra Life Sciences, Medline Industries, Molnlycke Healthcare, Organogenesis, RTI Surgical, Smith+Nephew, and Zimmer Biomet.
The current market is experiencing a steady growth trajectory, driven by the rising burden of surgical site infection, rise in chronic diseases and geriatric population which is prone to various types of wounds.
Advanced Wound Care Market Segmentation
Segments of Advanced Wound Care Market are Distribution by Type of Advanced Wound Care Dressing (Foam Dressings, Hydrogel Dressings, Alginate Dressings, Hydrocolloid Dressings, Composite Dressings, Antimicrobial Dressings and Others), Type of Bioengineered Skin and Dermal Substitute (Allografts, Autografts, Extracellular Matrices, Growth Factors, and Others), Type of Wound Healing Medical Device (Negative Pressure Wound Therapy, Hyperbaric Oxygen Therapy, Topical Oxygen Therapy, Hydrotherapy, Electric Stimulation, Skin Closure Systems / Adhesives, and Others), Type of Wound Treated (Acute Wounds and Chronic Wounds), Type of Acute Wound Treated (Surgical Wounds, Burns and Other Acute Wounds), Type of End User (Hospital Care, Home Care / Door to Door Services, and Other Type of End Users), Type of Chronic Wound Treated (Diabetic Ulcers, Pressure Ulcers, Venous Ulcers and Other Chronic Wounds), Leading Advanced Wound Care Manufacturers, and Key Geographical Regions (North America, Europe, Asia-Pacific and Rest of the World)
The advanced wound care market is predominantly characterized by the presence of small and mid-sized players, which constitutes close to 65% of all the players. Further, majority of the advanced wound care manufacturers are located in North America (68%). This is followed by the players based in Europe (21%) and Asia-Pacific (8%).
Advanced Wound Care Market Key Players
Examples of wound care companies based in North America (in alphabetical order, very small players established post-2015) include, Accel-Heal Technologies (2019), AIROS Medical (2016), Cannenta (2017), Carepics (2016) and ClexBio (2021).
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