Advanced wound care products help manage both chronic and acute wounds by maintaining a moist environment that supports wound healing. The need for advanced wound care products is rising owing to the increasing prevalence of chronic wounds such as diabetic foot ulcers, pressure ulcers, and venous leg ulcers.
The global advanced wound care management market is estimated to be valued at US$ 15.11 Bn in 2024 and is expected to exhibit a CAGR of 7.0% over the forecast period of 2024 to 2031.
Key Takeaways
Key players operating in the advanced wound care management market are Johnson & Johnson Services, Inc., 3M, Baxter, Coloplast A/S, Integra LifeSciences, Medtronic, Omeza, Cardinal Health, Bactiguard AB, Noventure, Essity, Schulke & Mayr GmbH, Smith & Nephew Plc., Convatec Group PLC, SANUWAVE and SANUWAVE Health, Inc., EO2 Concepts, Wound Care Advantage, LLC., Healthium Medtech Limited, Arch Therapeutics, Inc., Hydrofera, Sanara MedTech Inc., Axio Biosolutions Pvt Ltd., and Gentell, Inc.
The market provides significant opportunities for market players in developing novel wound care products and the increasing aging population. Leading players are expanding globally, especially in developing countries, to tap growth opportunities.
Market Drivers
The rising prevalence of chronic wounds such as diabetic foot ulcers, pressure ulcers, and venous leg ulcers is a major driver of the advanced wound care management market. As per estimates, diabetic foot ulcers alone affect 6% to 10% of the diabetic population globally. Such chronic wounds require advanced wound dressings and other products to promote healing.
Market Restraints
High cost of advanced wound care products is a key challenge restraining market growth. Products such as skin substitutes, collagen-based dressings, and silver dressings are expensive and impose a significant economic burden on patients as well as the healthcare system. This deters their uptake, especially in price-sensitive developing regions.
Segment Analysis
The advanced wound care management market is segmented on the basis of product type, wound type, end-user and geography. Based on product type, the antiseptics segment dominates the market owing to its easy application and effectiveness against a wide range of pathogens. Antiseptics aid in preventing infection and promoting healing of acute and chronic wounds. Based on wound type, the surgical and traumatic wounds segment holds the largest share as these types of wounds require intensive care and management for healing. Based on end-user, the hospitals segment dominates the market due to the availability of advanced healthcare infrastructure and trained professionals for wound treatment.
Global Analysis
Regionally, North America holds the highest share in the advanced wound care management market and is expected to continue dominating over the forecast period. This is attributed to rising prevalence of chronic wounds such as diabetic foot ulcers and pressure ulcers, growing elderly population, and favorable reimbursement policies in the region. On the other hand, Asia Pacific is projected to witness the fastest growth due to increasing penetration of market players, rising medical tourism, growing awareness about advanced wound care products, and rising healthcare expenditure in developing countries of the region.
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