Advanced wound care products like moist wound dressings, wound therapy devices, negative pressure wound therapy, etc. are used for effective wound management. Chronic wounds including diabetic foot ulcers, pressure ulcers, and venous leg ulcers affect the quality of life of patients and impose a huge cost burden on healthcare systems. These advanced wound care products help in faster wound healing and prevent complications associated with chronic wounds.
The global Advanced Wound Care Management Market is estimated to be valued at US$ 15.11 Bn in 2023 and is expected to exhibit a CAGR of 7.0% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Chronic wounds remain one of the key driving factors for the advanced wound care management market over the forecast period. Their prevalence is increasing at an alarming rate globally, primarily due to the rising incidence of diabetes and obesity pandemic. According to CDC reports, chronic wounds affect nearly 6.5 million patients in the US each year costing approximately $25 billion annually in treatment costs. This growing chronic wound patient pool seeking effective treatment options is expected to boost the demand for advanced wound care products during the forecast period. Research and development of highly innovative solutions combining advanced dressings with digital technologies for remote monitoring of chronic wounds is also expected to open new opportunities for market players.
Strength: Advanced wound care products like films, foams, and hydrogels promote faster healing and wound closure. They provide protection against external contaminants and maintain a moist environment which facilitates healing.
Weakness: High cost of advanced wound care products makes it inaccessible for a large patient base. Traditional wound care options are relatively cheaper.
Opportunity: Rising incidence of chronic wounds like diabetic foot ulcers, pressure ulcers etc presents an opportunity. Also, growing aging population is increasing the patient pool for wound management.
Threats: Reimbursement issues and regulatory barriers limit the adoption of new wound care technologies in some regions. Entry of generic products increases competition.
The global Advanced Wound Care Management Market is expected to witness high growth. The global Advanced Wound Care Management Market is estimated to be valued at US$ 15.11 Bn in 2023 and is expected to exhibit a CAGR of 7.0% over the forecast period 2024 to 2031.
The North America region currently dominates the advanced wound care management market owing to high awareness levels regarding wound care, increasing incidence of chronic conditions, and supportive reimbursement policies. Europe is another major regional market driven by rapidly growing aging population and heavy burden of diabetic and pressure ulcer cases. The Asia Pacific region offers high growth potential for wound care products with India and China being the fastest growing markets. Improving access to healthcare and initiatives to control infection rates will boost adoption.
Key players related content comprises Key players operating in the Advanced Wound Care Management Market are Johnso, Smith & Nephew, 3M, ConvaTec, Molnlycke Health Care, Integra Lifesciences, Coloplast, Organogenesis, Medline Industries, MPM Medical
Key players like Johnso and Smith & Nephew command major market share with their wide product portfolio which includes films, foams, hydrocolloids, alginates and collagen products. 3M supplies innovative wound closure products while ConvaTec focuses on NPWT devices and advanced dressings. Regional mid-sized players are strengthening their presence through acquisitions and marketing strategies to broaden business opportunities. Overall, concentration of research on bioactive wound matrices, skin substitutes and smart wound care technologies is shaping the industry landscape.
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it