Advanced wound care products are primarily used for the treatment of acute and chronic wounds such as pressure ulcers, diabetic foot ulcers, venous leg ulcers, and surgical wounds. These products help manage wound exudate and provide a moist environment to facilitate wound healing. Products such as hydrogels, hydrocolloids, alginates, films, and foams are used in advanced wound care for their ability to absorb excess exudate, provide a protective barrier from external environment, and maintain a moist wound healing environment.
The Global advanced wound care management market is driven by the growing geriatric population suffering from chronic wounds, increasing prevalence of diabetes and obesity, rising incidence of traumatic wounds, and technological advancements in wound care products. However, high costs associated with advanced wound care products are expected to restrain the market growth to some extent.
The global advanced wound care management market is estimated to be valued at US$ 15.11 Billion in 2024 and is expected to exhibit a CAGR of 7.0% over the forecast period from 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 growing geriatric population suffering from chronic wounds like pressure ulcers and diabetic foot ulcers is driving the demand for advanced wound care products. According to WHO, by 2050, the world’s population aged 60 years and older is expected to total 2 billion, up from 1 billion in 2020.
Key players are focused on expanding their regional presence through acquisitions and partnerships with regional players. For instance, in October 2022, 3M completed the acquisition of Acelity Inc. and KCI to enhance its advanced wound care portfolio and global footprint.
Market Key Trends
One of the major market trends is the growing adoption of single-use negative pressure wound therapy (NPWT) devices. These single-use devices are portable, offer quick set-up, and enable early patient mobilization. Leading players are focused on launching innovative single-use NPWT devices with integrated exudate management capabilities.
Another key trend includes the increasing adoption of antimicrobial dressings made of silver and iodine to prevent wound infection. These antimicrobial dressings help fight bacteria, maintain a moist environment, absorb exudate, and promote healing. Technological advancements leading to the development of smart wound care dressings and applications are also revolutionizing wound management.
Porter’s Analysis
Threat of new entrants: Low entry barriers into wound care management. However, established players hold majority market share and have high brand loyalty among healthcare professionals and patients due to their strong brand image and expertise gained over years of experience.
Bargaining power of buyers: High due to large customer base of various hospitals, clinics, long-term care facilities and home healthcare and bargaining power of government bodies as major reimbursement providers.
Bargaining power of suppliers: Moderate bargaining power as raw material suppliers have few alternatives in the market to cater to specialized needs of advanced wound care manufacturers.
Threat of new substitutes: Low threat as advanced wound care products demonstrate clear advantages over traditional alternatives in terms of better healing outcomes, low risk of infection and reduced hospital stay.
Competitive rivalry: Intense competition among major players to gain higher market share through new product launches, expansion strategies and collaboration activities.
Geographical regions with highest concentration of market value currently include North America and Europe mainly owing to higher healthcare spending and affordability in these regions for advanced wound care products. Asia Pacific region is projected to witness fastest growth over the forecast period supported by growing medical tourism industry, rising incidence of chronic diseases and improving access to healthcare in emerging countries.
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