Advanced Wound Care Market Growth Driving Factors 2022

Growing Prevalence Of Diseases And Conditions Affecting Wound Healing Capabilities

The growing incidence of chronic ailment such as diabetes is driving the growth of global advanced wound care market. Diabetic patients exhibit a documented impairment in the healing of acute wounds. This may lead to severe wound infections. Diabetic population is prone to develop chronic non-healing diabetic foot ulcers (DFUs), which are estimated to occur in 15% of all persons with diabetes. With the growing number of diabetics across the globe, wound care is gaining importance. The International Diabetes Federation reported that by 2040, diabetes incidence is expected to reach 642.0 million. Thus, the growing incidences of diabetes are driving the market. According to the World Health Organization (WHO), the incidence of diabetes for all age-groups worldwide was estimated to be 2.8% in 2000 and 4.4% by 2030. The total number of people with diabetes is anticipated to rise from 171 million in 2000 to 366 million by 2030. Increased age is also a major risk factor for impaired wound healing. According to the WHO, there has been a significant rise in the global geriatric population; the group of people above 65 years of age is the fastest growing population segment. This segment is expected to grow from 13% in 2010 to 19% by 2030. This rise in the geriatric population is likely to increase the demand for medical services substantially.

Moreover, this significant rise in the population is expected to trigger the growth of noncommunicable diseases (heart, cancer, diabetes), which account for about 87% of the burden on the aged population in the lower-middle and high income countries.

According to the International diabetes Federation (IDF), in 2017, approx. 425 million adults (20-79 years) were living with diabetes and estimated to rise to 629 million by 2045. The proportion of people with type-2 diabetes is increasing in most countries 79% of adults with diabetes were living in low- and middle-income countries. The highest numbers of people with diabetes were between 40 and 59 years of age.This situation would also need surgical interventions, consequently fueling the growth of the wound care dressings market.Due to a significant development and growth observed in medical care, especially with the advent of antibiotics, vaccinations and several public health measures, the average life expectancy of an individual has improved dramatically.  The rise in life expectancy in developed countries will increase the demand for wound care devices in the next few years. Thus, as a consequence, the prevalence of diabetes and conditions affecting wound healing capabilities are expected to increase over the forecast period (2020-2027), leading to rise in demand for wound care products.

Rising Research & Investment Activities Related To Wound Care 

The presence of ongoing research activities are expected to boost the wound care market. For instance, in December 2018, according to a new research from the McGill University Health Centre (MUHC) and McGill University showed the use of a new application, called Swift Skin and Wound, which measures accurately and charts the progression of skin wounds, could potentially have a significant impact on the clinical management and the patient outcomes.

Clinicians and healthcare professionals are currently using the app at the McGill University Health Centre (MUHC) in Montreal. Also, in March 2019, according to a study, published online recently in the journal Scientific Reports by a research team at the Ohio State University, stated that the electroceutical bandages could kill the bacteria around a wound, allowing the wounds to heal faster. ipLine Medical, Inc (Campbell, CA), completed a $12 million Series E round of financing to support the worldwide commercialization activities for the Zip Surgical Skin Closure product and the development of advanced tools for reducing costs in a bundled care environment. Financing was backed by a new investor, HighCape Partners (New York, NY), and existing investor MVM Life Science Partners LLP (Boston, MA). The company is an innovator in developing cost-effective, noninvasive surgical skin closure devices that improve surgical efficiency and patient satisfaction. Its leading surgical skin closure product is classified by the United States Food and Drug Administration as Class I, 510(k) Exempt.

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