Advanced wound care market in Canada valued US$ 210.85 million in 2019 and is estimated to reach US$ 318.13 million by 2027, growing at a CAGR of 5.39% during the forecast period (2020-2027).
Advanced wound care is a category of wound management products that are intended for treatment of chronic and acute wounds. It includes wide range of medical solutions such as wound dressings, negative pressure wound therapy devices and oxygen therapy pumps. The demand for advanced wound care has been rising in Canada owing to increase in cases of diseases and medical conditions that affect wound healing capabilities. The growth of the market is driven primarily by factors such as rising prevalence of chronic wounds, and increasing prevalence of diabetes, venous and ureteral diseases
Ontario evolved as the largest regional market in the country with 19% share in the total dollar sales in 2019. The increasing healthcare expenditure, access to healthcare facilities and increasing recommendation of advanced wound care by practitioners is driving the market growth in the province
Therapy devices including Negative Pressure Wound Therapies (NPWT), Hyperbaric Oxygen Therapy and Ultrasonic Mist and Electrical Stimulation Devices are the largest category of advanced wound care solutions in Canada
The market has been highly competitive with the presence of global leaders such as 3M, Smith & Nephew plc, Coloplast A/S, B. Braun Melsungen AG and Medline Industries, Inc. Beyond the global players, Canadian companies such as Covalon Technologies Ltd. and Exciton Technologies Inc. are gaining market share
Market Dynamics
Drivers
- Growing prevalence of diseases and conditions affecting wound healing capabilities
- Advancement in wound care products
Restraints
- High cost of treatments and lack of supportive reimbursement policies
- Complications associated with wound care products
Growing prevalence of diseases and conditions affecting wound healing capabilities
The growing incidence of chronic ailments such as diabetes is driving the growth of Canada's advanced wound care market. The number of Canadians living with chronic ulcers is increasing due to prevalence of diabetes, venous and arterial diseases. 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 in the country, wound care is gaining importance. According to Statistics Canada, the number of diabetics cases in the country reached 2.49 million in 2019 which is 11% higher than that of the previous year. The incidence rate increased to 7% Aging population is another key factor driving the wound care market. Older adults are more likely to have chronic wounds. Vascular diseases are chronic and most common among older Canadians and these diseases result in skin breakdown with ulcers and wounds. According to Canada population data 2019, nearly 17% of the total population is over 65 years and the country is likely to join superaged countries like Japan and Italy by 2026
Market Opportunities
The increasing initiatives taken by government and private organizations related to awareness towards wound care treatment, are expected to create vast growth opportunities for the advanced wound care market in Canada. The Wound Care Instrument formed by the Canadian Association of Wound Care (CAWC) and the Canadian Association launched back in 2010 is improving the scope of advanced wound care products. It provides a set of standards supporting wound management professionals, healthcare purchasing managers and authorities to develop a comprehensive wound management program. The guidelines are commissioned towards the use of effective, fast-healing advanced wound care products such as compression therapy, diabetic socks. Optimizing wound care education and practice, the Wound Care Instrument is driving the penetration of advanced wound care in the country. A trend observed in the wound care market is the increasing focus over disposable products, which is expected to further bolster growth of the target market to a significant extent during the forecast period
Market players involved in wound care products are developing advanced products, which is likely to promote the market growth in the coming years. The launch of keratin-based wound care products, for instance, which are used with dressings have proven to be helpful in wound re-epithelialization. The keratin matrix eliminates the need for dressing change as it is absorbed in the wound. These developments will create growth opportunities for the market during the forecast period
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