Increase in prevalence of diabetes, obesity, and chronic conditions, technological advancements in wound care management and rise in new product launches for wound care treatment are the factors that drive the growth of the global advanced wound care market.
PORTLAND, Ore., Nov. 27, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Advanced Wound Care Market by Product (Infection Management, Exudate Management, Active Wound Care and Therapy Devices), Application (Chronic Wounds, and Acute Wounds) and End User (Hospital, Homecare settings and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032″. According to the report, the global advanced wound care market generated $10.3 billion in 2022, and is anticipated to generate $17.8 billion by 2032, witnessing a CAGR of 5.6% from 2023 to 2032.
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Prime determinants of growth
Rise in prevalence of diabetes, obesity, and chronic conditions, technological advancements in wound care management and rise in new product launches for wound care treatment are the factors that drive the growth of the global advanced wound care market. However, stringent regulations for manufacturing of wound care products are expected to restrict the market growth. Moreover, the growth opportunities in emerging markets present new opportunities in the coming years.
Report coverage & details:
|
Report Coverage |
Details |
|
Forecast Period |
2023–2032 |
|
Base Year |
2022 |
|
Market Size in 2022 |
$10.3 billion |
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Market Size in 2032 |
$17.8 billion |
|
CAGR |
5.6 % |
|
No. of Pages in Report |
278 |
|
Segments covered |
Product, Application, End User and Region. |
|
Drivers |
Increase in prevalence of diabetes, obesity, and chronic conditions Technological advancements in wound care management Rise in new product launches for wound care treatment |
|
Opportunity |
Growth opportunities in emerging markets |
|
Restraint |
Stringent regulations for manufacturing of wound care products |
Economic Downturn Analysis: Impact of Recession in 2023 on the Advanced Wound Care Market
During a recession, individuals and governments tighten their budgets, leading to reduced healthcare spending. Healthcare facilities and providers may thus face budget constraints, compelling suppliers to reduce prices for their products. This can affect the profit margins of manufacturers and potentially lead to cost-cutting measures, such as a delay in research and development efforts. As a result, the introduction of new and innovative wound care products could be postponed.
However, amid a recession, there is a growing emphasis on cost-effective solutions, with healthcare providers and payers seeking evidence-based, affordable wound care options.
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The therapy devices segment to maintain its leadership status throughout the forecast period
Based on product, the therapy devices segment held the largest market share in 2022, accounting for more than one-third of the global advanced wound care market revenue and is estimated to maintain its leadership status throughout the forecast period, owing to rise in number of key players offering advanced therapy devices such as negative pressure wound therapy (NPWT) systems and electrical stimulation devices, rise in regulatory approvals and growing awareness about wound care devices in wound care management.
However, the active wound care segment is anticipated to witness highest CAGR of 9.4% during the forecast period owing to rise in adoption of active wound care products such as skin substitutes and growth factors, ongoing advancements in active wound care and demonstrated effectiveness of skin substitutes and growth factors in promoting faster wound healing.
The chronic wounds segment to maintain its leadership status throughout the forecast period
On the basis of application, the chronic wound segment held the largest market share in 2022, accounting for than fourth-fifths of the global advanced wound care market revenue and is estimated to register highest CAGR of 5.8% during the forecast period, owing to increase in prevalence chronic wounds such as diabetic foot ulcers and pressure ulcers, rise in aging population and surge in prevalence of chronic diseases such as diabetes and obesity.
The hospitals segment to maintain its lead position during the forecast period
Based on end user, the hospitals segment accounted for the largest share in 2022, contributing to nearly two-fifths of the global advanced wound care market revenue, and is projected to maintain its lead position during the forecast period. This is attributed to its advanced infrastructure, specialist expertise, inpatient care facilities, wide availability of treatment options for chronic and acute wounds. However, the others segment is expected to witness the fastest CAGR of 6.2% from 2023 to 2032. This is attributed to increase in number of specialty clinics with advanced facilities, trained staff and personalized advanced wound care treatment.
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North America to maintain its dominance by 2032
Based on region, North America held the largest market share in terms of revenue in 2022, accounting for nearly two-fifths of the global advanced wound care market revenue and is likely to dominate the market during the forecast period. This growth is attributed to factors such as rise in prevalence of chronic wounds, availability of well-developed healthcare infrastructure such as specialized wound care centers and diabetic clinics and surge in emphasis on early detection and comprehensive management of chronic wounds.
However, the Asia-Pacific region is expected to witness the fastest CAGR of 6.6% from 2023 to 2032. The is attributed to factors such as rise in prevalence of chronic conditions such as diabetes, increase in healthcare expenditure and surge in awareness about the importance of early detection and treatment of wound, is expected to drive the growth of the advanced wound care market.
Leading Market Players: –
ConvaTec Group plc.
Smith and Nephew plc
3M Company
Mölnlycke Health Care AB
Coloplast
Organogenesis Holdings Inc.
Integra LifeSciences Holdings Corporation
Cardinal Health Inc.
B. Braun SE
MIMEDX Group, Inc.
The report provides a detailed analysis of these key players in the global advanced wound care market. These players have adopted strategies such as acquisition, contract, expansion, product upgrade, funding, product launch and product approval to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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