CHICAGO, Dec. 15, 2022 /PRNewswire/ -- Advanced Wound Care Market is projected to reach USD 12.8 billion by 2026 from USD 9.4 billion in 2021, at a CAGR of 6.2% according to a new report by MarketsandMarkets. The increasing spending on chronic wounds, growing prevalence of diseases & conditions affecting wound healing capabilities, and technological advancements are among the major factors propelling the growth of this market. Emerging economies such as China, Japan, and India are providing lucrative opportunities for the players operating in the advanced wound care market.
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Browse in-depth TOC on "Advanced Wound Care Market"
225 - Tables
47 - Figures
289 - Pages
In vitro Diagnostics Market Scope
Report Coverage | Details |
Market Size | USD 12.8 billion by 2026 |
Growth Rate | 6.2% of CAGR |
Largest Market | North America |
Market Dynamics | Drivers, Restraints, Opportunities & Challenges |
Forecast Period | 2021-2026 |
Forecast Units | Value (USD Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Product, wound type, end user, and Region |
Geographies Covered | North America, Europe, APAC, MEA, and Latin America |
Report Highlights | Updated financial information / product portfolio of players |
Key Market Opportunities | Growth potential of emerging economies |
Key Market Drivers | Increasing number of surgical procedures across the globe |
The dressings segment accounted for the largest share of the advanced wound care market, by product segment, in 2020
Based on products, the advanced wound care market is segmented into dressings, devices & accessories, grafts & matrices, and topical agents. The dressings segment accounted for the largest share of the advanced wound care market in 2020. Factors such as the growing prevalence of chronic, surgical, and traumatic wounds; rising incidence of burn injuries; and technological advancements in dressings are boosting the market growth of this segment.
Surgical & traumatic wounds segment to register the highest growth rate during the forecast period
The advanced wound care market has been segmented into surgical & traumatic wounds, diabetic foot ulcers, pressure ulcers, venous leg ulcers, and burns & other wounds. In 2020, the surgical & traumatic wounds segment accounted for the highest growth rate. Factors such as the increasing prevalence of chronic conditions and the growing number of surgical procedures performed are expected to drive the growth of the surgical & traumatic wounds segment.
The hospitals, ASCs, and wound care centers segment accounted for the largest share of the advanced wound care market, by end user segment, in 2020
Based on end users, the advanced wound care market is segmented into hospitals, ASCs, and wound care centers; home care settings; and other end users. In 2020, the hospitals, ASCs, and wound care centers segment accounted for the largest share of the advanced wound care market. The large number of treatment procedures conducted in hospitals, availability of reimbursements, and high patient inflow in this care setting are driving this segments growth.
North America is the largest regional market for advanced wound care market
The global advanced wound care market has been segmented into five major regions-North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. In 2020, North America accounted for the largest share of the advanced wound care market. The large share of this region can be attributed to the increasing demand for advanced wound treatment options like advanced wound care products, the highly developed healthcare system in the US and Canada and increasing prevalence of chronic disorders.
Advanced Wound Care Market Dynamics:
Drivers:
1. Growing prevalence of diseases & conditions affecting wound healing capabilities
a. Growing geriatric population
b. Increasing prevalence of diabetes
c. High incidence of obesity
d. Increasing number of surgical procedures across the globe
e. Increasing number of traumatic wounds
2. Increasing spending on chronic wounds
3. Increasing incidence of burn injuries
4. Technological advancements
Restraints:
1. High cost of advanced wound care products
2. Risks associated with the use of advanced wound care products
Opportunities:
1. Growth potential of emerging economies
Trends:
1. Acquisitions by leading companies in the market
2. Focus on expanding the capabilities of current technologies and launching novel products
a. Smart advanced wound care
b. Crab shell bandages
c. Color changing dressings
d. Integration of nanotechnology in advanced wound care products
e. Novel wound
Key Market Players:
The major players operating in advanced wound care market are 3M Company (US), Smith & Nephew plc (UK), ConvaTec Group Plc (UK), Coloplast A/S (Denmark), Mölnlycke Health Care AB (Sweden), Integra LifeSciences Holdings Corporation (US), PAUL HARTMANN AG (Germany), B. Braun Melsungen AG (Germany), Cardinal Health, Inc. (US), Organogenesis Holdings Inc. (US), Misonix, Inc. (US), MiMedx Group, Inc. (US), Zimmer Biomet Holdings, Inc. (US), Lohmann & Rauscher GmbH & Co. KG (Germany), DeRoyal Industries, Inc. (US), Medline Industries, Inc. (US), DermaRite Industries, LLC (US), Kerecis (Iceland), Advancis Medical (UK), Winner Medical Co., Ltd. (China), Hollister Incorporated (US), Mil Laboratories Pvt. Ltd. (India), Shield Line (US), ZENI MEDICAL (US), Carilex Medical (Germany), Pensar Medical, LLC (US), Wuhan VSD Medical Science & Technology Co., Ltd. (China), and HAROMED B.V. (Belgium).
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Recent Developments:
- In March 2020, Smith & Nephew plc (UK) launched the PICO 14 Single-use NPWT System (NPWT) and dressing in the US.
- In January 2020, ConvaTec Group Plc (UK) launched ConvaMax, an advanced wound dressing that helps in managing highly exuding wounds, including leg ulcers, surgical wounds, and diabetic foot ulcers.
- In June 2019, Mölnlycke Health Care AB (Sweden) partnered with Zuellig Pharma (Singapore) to leverage its deep expertise to improve the availability of wound care products and solutions across the region.
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