NEW YORK, March 5, 2024 /PRNewswire/ — The advanced wound care market is expected to grow by USD 4.02 billion from 2022 to 2027. In addition, the momentum of the market will progress at a CAGR of 6.12% during the forecast period, according to Technavio Research. The market is segmented by product (advanced wound dressings, wound therapy devices, and wound care biologics), end-user (hospitals, clinics, home healthcare, and others), and geography (North America, Europe, Asia, and the Rest of the World (ROW)). North America is estimated to contribute 41% to the growth of the global market during the forecast period. The US, Canada, and Mexico are the key contributors to the market in the region. Market growth in this region is being driven by factors like the growing prevalence of Acute and chronic wounds, a higher number of surgeries, more use of advanced NPWT equipment as well as rising awareness between patients and healthcare professionals.
Technavio has announced its latest market research report titled Global Advanced Wound Care Market 2023-2027
This report offers an up-to-date analysis of the current market scenario, the latest trends and drivers, and the overall market environment.
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Report Coverage |
Details |
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Page number |
181 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 6.12% |
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Market growth 2023-2027 |
USD 4.02 billion |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
5.42 |
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Regional analysis |
North America, Europe, Asia, and the Rest of the World (ROW) |
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Performing market contribution |
North America at 41% |
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Key countries |
US, Germany, France, UK, and Japan |
Company Profile:
3M Co., 4L Health Co. Ltd., Anika Therapeutics Inc., Cardinal Health Inc., Carilex Medical Inc., Coloplast AS, ConvaTec Group Plc, DeRoyal Industries Inc., Essity Aktiebolag, Hollister Inc., Integra Lifesciences Corp., Johnson and Johnson Services Inc., Lohmann, and Rauscher GmbH and Co. KG, Medline Industries LP, Medtronic Plc, Molnlycke Health Care AB, Organogenesis Holdings Inc., Paul Hartmann AG, Smith and Nephew plc, and Vericel Corp.
3M Co – This company offers various products under its wound care segment such as wound care dressings, compression systems and wraps, medical tapes, wound cleansers, wound closure, barriers, creams, and lotions.
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Segmentation Analysis
The advanced wound dressings segment is estimated to witness significant growth during the forecast period. The use of moist textile dressings and antiperspirant dressing are some of the methods used for treating advanced wounds.
Learn about the contribution of each segment summarized in concise infographics and thorough descriptions.
Technological advancements in wound care products
Notable advancements include improved patient care via wound healing tracking, novel transplant alternatives, inflammatory control, optimized diets, and novel medicine tests.
The growing adoption of telemedicine for wound treatment is a key trend in the market.
Identify key trends, drivers, and challenges in the market.
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Analyst Review
The market is experiencing a notable surge globally, driven by an array of factors ranging from surgical procedures to the prevalence of chronic diseases. As surgical treatment methods expand, so does the incidence of related surgical wounds and infections. Consequently, there’s an increased demand for sophisticated treatments like Negative Pressure Wound Therapy (NPWT) to address these issues.
In tandem with the rise in surgical techniques, there’s a parallel growth in the market for improved wound care products, including products and novel products such as honey wound dressings infused with antimicrobial agents to combat wound infections and promote healing. These advancements cater not only to hospitals but also to ASCs, wound care centers, and home care settings.
The market extends beyond developed nations, with significant potential in emerging economies where low-income markets seek affordable solutions. However, challenges persist, including the high cost associated with products and the dearth of awareness regarding proper wound management.
Nevertheless, there’s a concerted effort in research and development to address these challenges and enhance accessibility and affordability of products, especially in emerging economies. This is crucial given the rapid urbanization and the strain it places on healthcare infrastructure.
The market’s growth is fueled not only by surgical and traumatic wounds but also by chronic wounds such as diabetic foot ulcers, pressure ulcers, and venous leg ulcers. These are particularly prevalent among the elderly population and those affected by obesity and diabetes.
Governments play a pivotal role through initiatives aimed at bolstering healthcare infrastructure and supporting patient care programs. Additionally, healthcare education campaigns are vital to improving best practices and timely medical intervention, thereby reducing the prevalence of acute and chronic wounds caused by accidents, surgeries, and chronic health conditions.
In the U.S., where chronic wound cases and diabetes-related foot ulcers are prevalent, government initiatives are paramount in addressing the growing demand for solutions, thereby positively impacting market revenue.
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Related Reports:
The Wound Care Market size is estimated to grow by USD 6,834.57 million at a CAGR of 5.98% between 2022 and 2027.
The moist wound dressings market is estimated to grow by USD 1,365.75 million at a CAGR of 5.9% between 2022 and 2027.
ToC:
1 Executive Summary
2 Landscape
3 Sizing
4 Historic Size
5 Five Forces Analysis
6 Segmentations
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio
