Advanced Wound Care Market Size, Competitive Landscape and Market Forecast - 2029

SKU: DMMD586 | Last Updated On: Jun 24 2022 | Available Formats

> Global Advanced Wound Care Market Expected to reach a high CAGR By 2029: DataM Intelligence

Global Advanced Wound Care Market is Segmented by Product (Dressings (Foams, Hydrocolloids, Alginates), Therapy Devices, NPWT, Autograft, Allograft, Xenograft), Wound (Surgical, Trauma, Diabetic Foot, Ulcers, Burns), End-User (Hospital, Home Care), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029

Market Overview

The Global Advanced Wound Care market is estimated to  to grow at a high CAGR  during the forecasting period (2022-2029).

Market Drivers

  • Advancements in technologies, an increasingly aging population, a rising prevalence of diabetics, improving patient awareness, and raising patient healthcare expenditure are some of the key factors driving the growth of the market.

  • The advancement in technologies in wound care products has significantly influenced the advancement of advanced products over traditional ones by clinicians and patients.

  • Advanced wound care technology – including V.A.C. technology by Kinetic Concepts that develops and promotes NPWT products, and hydro fiber and hydrocolloid technologies by ConvaTec – include some of the portable and user-friendly products introduced in the market.

Advanced Wound Care market Scope

Metrics

Details

Market CAGR

5.7%

Segments Covered

By Product, By End User, and By Region

Report Insights Covered

Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights.

Fastest Growing Region

Asia Pacific

Largest Market Share 

North America

Market Restraints

  • Advanced wound care products are expensive compared to traditional wound dressing techniques. Therefore, many patients opt for traditional dressings despite their slow healing process.

  • This is one of the major challenges for the growth of the advanced wound dressings market globally.

  • The cost of treating chronic wounds in the U.S. is extremely high, with the charge per case ranging from 2,000 to 10,000 depending upon the condition and nursing costs. The cost of managing a pressure ulcer is estimated to be between 7,000 and 55,000 in the U.S., while the annual cost of all treatment is valued in billions. Unfavorable reimbursement policies are also restraining the growth of the market.

Market Segmentation

  • 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 accounts for 32.10% of the total advanced wound care market in 2017.

  • The foam Dressing market accounts for the largest market share of 32% in 2017. The adoption of foam dressing is estimated to rise regardless of high prices majorly due to the large applications and flexibility in maintaining a moist atmosphere for diverse wound types. Some of the major players in the foam wound dressing segment include 3M Company, Smith & Nephew plc, ConvaTec, Inc. Acelity, Molnlycke Healthcare, Medline Industries, Hollister, Hartmann Paul, Derma Sciences, and Coloplast among others.

  • The advanced wound care market by wound type is segmented into chronic wounds and acute wounds. The chronic wounds market is the largest and is estimated to have a market value of USD 8,102.75 million in 2021. In chronic wounds, venous pressure ulcer accounts for the largest market share followed by Diabetic Foot Ulcer. The prevalence of venous leg ulcers in the U.K. is 1 to 3 per 1,000. Venous leg ulcer increases with age and reaches 16 to 18 per 1,000 in the 75+ age group. Changing reimbursement scenarios of biological products, increasing preferences of moist wound dressing products, and the growing prevalence of venous leg ulcers are the significant factors driving the growth of the Venous leg ulcer market.

Geographical Analysis

  • The North American market is expected to retain its dominant position globally by the end of the forecasted period owing to a high incidence rate of diabetic foot ulcer cases. Moreover, other regions such as South-East Asia are also expected to grow at a higher rate due to the high incidence of severe burn-related wounds in such areas.

  • The advanced wound care market is expected to witness a high growth rate in developing countries such as China. India and Brazil. Substantial innovations and top product launches are seen in North America and European regions. Companies headquartered in developed regions dominate the market share due to their advancements and innovations in product development.

Market Key Companies

  • The global advanced wound care market is a consolidated market with the top 8 companies accounting for more than 75% of the market share. Acelity is the leading company in the advanced wound care market accounting for around 19% of the global stock in 2017.

  • Efficient distribution networks, product differentiation, and supply competency play a significant role in determining the market position of major companies. The market in North America and Europe are fairly consolidated while the market is relatively fragmented in the Asia-Pacific region due to the presence of a large number of companies.

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