The Worldwide Advanced Wound Care Industry is Expected to Reach $13 Billion by 2028 - ResearchAndMarkets.com
2022-12-05
DUBLIN--(BUSINESS WIRE)--The "Global Advanced Wound Care Market, By Product, NPWT, Debridement Devices, Grafts, Matrices, Topical Agents, By Wound Type, By End - User, & By Region - Forecast and Analysis 2022 - 2028" report has been added to ResearchAndMarkets.com's offering.
The Global Advanced Wound Care Market was valued at USD 9.40 Billion in 2021, and it is expected to reach a value of USD 13.00 Billion by 2028, at a CAGR of more than 4.75% over the forecast period (2022 - 2028).
Advanced wound care products are used to treat acute and chronic diseases. The conventional wound care products and solutions are now being replaced by advanced wound care products as they offer instant and effective treatment. The dressings for chronic injuries and surgeries consist of slivers and alginates which are used to keep the wound away from infection.
Moreover, biomaterials and skin grafts are used for wounds that cannot heal by themselves. Thus, with the market seeing a rise in new and more advanced products, which is likely to aid the market growth.
The changing demographics in terms of age and the rising preference for value-based services will boost the market growth. The demand for at-home health services is more among the aging population, which increases the demand for healthcare providers. Another factor that affects market growth is government support.
Aspects covered in this report
The Global advanced wound care market is segmented by Product (Dressings (Foam, Hydrocolloid, Film, Alginate), NPWT, Debridement Devices, Grafts, Matrices, Topical Agents), By Wound Type (Surgical, Traumatic, Ulcers, Burns), By End User (Hospital, Homecare) &. Based on region it is categorized into: North America, Europe, Asia-Pacific, Latin America, and MEA.
Driver
Wound healing is hindered by physical health issues such as acute wounds, chronic wounds, and surgical wounds. A growing worldwide geriatric population, rising traumatic wounds, increasing a number of surgeries, and the rising incidence of illnesses like obesity and diabetes have all contributed to an increase in the prevalence of acute, chronic, and surgical wounds over the last decade. Diabetes and obesity can increase the overall incidence and complexity of wounds such as infections, ulcerations (leg or foot ulcers), and chronic wounds, all of which necessitate treatment (advanced wound management) and result in astronomical medical costs.
As technology advances, new product innovations are taking place in the market. There are smart innovations such as smart wound dressings with sensors built within them, which emit light or glow when an infection starts to set in. Research on this and more such innovations has been underway. Apart from this, there are several other better and effective product innovations in the market. For example, In April 2017, Convatec has launched Foam Lite, a light, flexible silicone foam dressing for managing low to non-exuding chronic and acute wounds. Hence, such factors are likely to positively influence the market's growth during the forecast period.
Restraint
One of the key restraining factors identified for this market is the high cost of treating chronic wounds, which has a substantial impact on the adoption of wound care solutions. Delayed diagnosis in emerging nations such as China, Brazil, and India, which increases treatment expenses, may also lead to a poor acceptance rate among consumers.
Bioactive therapies are used for last-stage wounds and will further foster growth in the market. Key companies in the market are using nanofiber, allograft, xenograft, and cell-based therapies to fulfill the growing demand for urgent and effective wound management. The benefits of bioactive therapies such as reduction in treatment time, cost of the wound is gaining popularity among the consumers.
Another trend leading a positive market growth is the increased funding and investment in research and development of the market. Leading advanced wound care market players are investing immensely in research and development. These R&D activities are aimed at the development of technologically advanced products. High research and development activities in the industry will lead to the development of superior wound care products.
Companies Mentioned
Paul Hartmann AG
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