The global advanced wound care market is estimated to reach a market value of USD 13,949.3 million by 2027 from an initial market value of USD YY million in 2019. The market is forecasted to grow at a CAGR of 4.92% in the period 2020-2027.
Increasing aging population, advancements in technologies, raising prevalence of diabetics, increasing patient awareness, raising patient healthcare expenditure are the major factors driving the growth of the market. High costs of the treatment and unfavorable reimbursement policies are the major factors restraining the growth of the market in the forecasted period.
By product, the advanced wound care market is segmented into exudate management, infection management, skin substitutes, therapy devices, compression bandage, hemostatic dressing, and nanofiber dressing. Among these, exudate management accounts for a market share of 31.42% in 2019, and highest share is accounted for by Therapy devices with 31.76%. Foam dressing accounts for the largest share in the exudate management followed by alginate. Silicone Dressing is the fastest growing market in the forecasted period. Exudate is the fluid leaking from the wound, which has a vital role in the healing process. It is mainly water but also consists of nutrients, proteins, waste products and various types of cells such as platelets and macrophages. Exudate management is essential as it avoids significant pain, discomfort, and suffering of the patient due to wounds; helps create an optimal environment for wound healing; and, prevents the risk of infection. The growing prevalence of diabetic patients with ulcer and wound disorders and an increasing number of traumatic injuries, especially severe burn injuries, led to the significant requirement of hydrogel dressings for wound care. In addition, increasing acceptance of hydrogel dressings as a substitute for conventional gauze for advanced wound care is one of the key drivers of the market. Advanced Wound Care is a consolidated market with top four companies, Acelity, Smith & Nephew, Molnlycke, and ConvaTec are the major companies in the industry.
Market Dynamics
Drivers
- Growing Prevalence of Diseases and Conditions Affecting Wound Healing Capabilities
- Advancement in advanced wound care products
- Rising research & investment activities related to wound care
Restraints
- High cost associated with advanced wound care products
- Unfavorable Reimbursement Scenario
- Complications associated with wound care products
- Product recalls
Advancements In Wound Care Products
The advancements in wound care products are expected to boost the growth of the market globally. The advanced therapies are coming into play which is expected to bolster the global advanced wound care market. The introduction of a single use negative pressure therapy (NPWT), primarily in-home care settings, is gaining traction. In August 2019, Engineers at Heriot-Watt University developed a tiny electronic sensor that will help medics to heal the wounds by “listening” to them. The microsensor aids in monitoring the tiny, microscale changes in tissue that are taking place below the bandages. In March 2019, Vomaris Innovations, Inc. launched a new microcurrent-generating wound care product in the U.S. Procellera FlexEFit Antibacterial Wound Dressing employs a novel 'Link & Build' design that enables it to be 'built' during application to seamlessly cover incisions of virtually any length or curvature with just one product configuration. It is an important addition to Vomaris's line of wound care products powered by V.Dox™ Technology, which is embedded with moisture-activated microcell batteries that wirelessly generate microcurrents designed to mimic the skin's electrical energy.
In May 2019, KCI, an Acelity Company, received U.S. FDA approval for DERMATAC™ Drape, a proprietary silicone-acrylic hybrid drape that provides both clinical and operational benefits, as an accessory to certain of KCI’s Negative Pressure Wound Therapy (NPWT) Systems. Constructed with a precise combination of silicone and acrylic, DERMATAC™ Drape conforms to different anatomical locations, adapting to the body and providing a tight, highly-effective seal for 48 to 72 hours, including uneven areas, for wound protection, creating the ideal balance for wound healing supportThus, with continuous advancements in the wound care products by manufacturers, the global advanced wound care market is expected to grow further over the forecast period.
Geographical Analysis
The South America market is estimated to grow at a CAGR of 4.38% during the forecast period (2020-2027) to reach a market value of USD YY million by 2027. Various studies suggested that approximately 26 million people were reported to have diabetes in South and Central America in recent years, among which 15% are at risk of developing foot ulcers.Low adoption rate and reluctance in commercializing new technologies could hamper the growth of the market in South America. A trend of acquiring distributors or small domestic players in South America is expected to further propel the growth in this region. Moreover, rising disposable income and increasing government support are expected to create a demand for diabetic foot ulcers market in the near future. It has been estimated that 15% of people suffering from diabetes are at risk of developing a diabetic foot ulcer in their lifetime. Additionally, foot ulcers are found in 12% to 25% of diabetic patients.
Besides, with increasing awareness about novel technologies, the growing incidence of metabolic diseases such as diabetes, and at-risk elderly population are pushing up the sales volumes of skin substitutes in Brazil. According to Brazilian health statistics, 80% to 90% cases of leg ulcers are of venous origin, which indicates that the introduction of specialized NPWT systems for patients with peripheral arterial disease, might gain popularity due to better wound healing capability of the wound care systems. The Diabetic foot ulcers population in Argentina was estimated to be 97,200 in 2017. There are currently about 631,000 people suffering from diabetic foot ulcers in the Rest of South America region accounting for 2.36% of the global diabetic foot ulcer population.
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