Global advanced wound care market is expected to reach USD 15.57 billion by 2026, at a CAGR of 5.38% from 2019 to 2026. Growing incidence of chronic diseases, such as diabetes, due to a change in lifestyle factors and the attempts to reduce the duration of hospital stays as to reduce the surgical costs are driving the global advanced wound care market.
Advanced wound care products are largely focused on keeping the wound hydrated to encourage healing, following the concept that a moist microenvironment promotes the natural healing process without occluding the wound. These products generally consist of film and foam dressings, hydrogels, alginates, and hydrocolloids. Alongside keeping up a hydrated environment, the advanced wound care products additionally keep temperature reliable, permit the stream of oxygen, shield the site from exogenous disease, evacuate dead tissue as well as ease the pain associated with dressing changes. As a result, the superior healing properties of advanced wound care products along with the global increase in the geriatric population are anticipated to propel the growth of the global advanced wound care market.
- The base year for the study has been considered 2018, the historic year 2016 and 2017 and, the forecast period considered is from 2019 to 2026. The global advanced wound care market is analyzed on the basis of value (USD Billion).
- The study delivers a comprehensive analysis of global advanced wound care market by product, application, end user and regions. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The report emphasizes on all the key trends that play a vital role in the enlargement of the market from 2019 to 2026.
- Porter’s Five Forces model is used in order to recognize the competitive scenario in the global advanced wound care market. This report incorporates the industry analysis which is focused on providing an extensive view of the advanced wound care market.
- The study also includes attractiveness analysis of product, application, end user and regions which are benchmarked based on their market size, growth rate, and attractiveness in terms of present and future opportunity for understanding the future growth of the market.
- The report provides company profile of the key players operating in the advanced wound care market and a comparative analysis based on their business overviews, product offering, segment market share, regional presence, business strategies, innovations, mergers & acquisitions, recent developments, joint venture, collaborations, partnerships, SWOT analysis, and key financial information.
- The market estimates have been evaluated by considering the effect of different political, economic, social, technological and legal factors which are based on our extensive secondary research, primary research, and in-house databases.
- Rising prevalence of chronic wounds
- Growing emphasis on reducing the duration of hospital stay and cost associated with it
- Superior healing properties of advanced wound care products
- Rapid growth in the geriatric population
- Lack of awareness pertaining the advanced wound care products
- Stringent regulatory approval process
- Rising investment in research and development activities
- Increasing demand from the Asia Pacific region
- High cost associated with advanced wound care products
Global Advanced Wound Care Market Key Findings:
All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment.
The global advanced wound care market has been segmented on the basis of product, application, and end user.
- The product segment is divided into wound dressings, wound therapy devices, and others. The wound dressings segment is further subdivided into antimicrobial dressing, hydrogel dressings, foam dressings, film dressings, hydrocolloidal dressings, and others. The wound therapy devices are further subcategorized into negative pressure wound therapy systems, pressure relief devices, electrostimulation devices, oxygen and hyperbaric oxygen equipment and others. The wound dressing segment dominated the global advanced wound care market with a market share of 53.92% in 2018. Growing awareness about the benefits of the advanced wound dressings is primarily responsible for this increased market share.
- The application segment contains diabetic wounds, skin burn wounds, pressure wounds, surgical wounds, venous legs ulcers, and others. The surgical wound segment is anticipated to grow at an accelerated CAGR of 7.51% over the forecast period. Factors such as the rising number of people undergoing surgical procedures and growing emphasis on reducing the hospital stay are expected to drive this growth.
- The end user segment is categorized into hospitals & clinics, home care settings, and others. The hospitals & clinics segment emerged as the leader with a market share of 48.92% in 2018. This increased market share can be attributed to factors such as an increasing number of people undergoing the surgical procedures coupled with an increase in spending on the healthcare and favorable reimbursement scenario.
Regional Segmentation Analysis:
The regions analyzed for the market include North America, Europe, South America, Asia Pacific, and Middle East and Africa. The North America region emerged as the largest market for advanced wound care with a 39.82% share of market revenue in 2018.
- Presence of well-developed healthcare facilities, high incidence of chronic wounds, rising number of the elderly population and huge number of people undergoing surgeries were some of the factors that led the North America region to dominate the global advanced wound care market in 2018.
- The Asia Pacific region is projected to grow at the highest CAGR of 7.42% over the forecast period. Growing awareness about the benefits of advanced wound products and rapid improvement in the healthcare sector is expected to propel the growth within the Asia Pacific region.
Global Advanced Wound Care Market Competitive Analysis:
Key players in the global advanced wound care market are Smith & Nephew plc., Acelity L.P. Inc., ConvaTec Group Plc., 3M Company, Ethicon, Mölnlycke Health Care AB, Covidien plc, Coloplast A/S, Baxter International Inc., Derma Sciences, Inc., Hollister Incorporated, B. Braun, Integra Lifesciences, Cardinal Health, Medtronic, Mimedx Group, Axio Biosolutions , Paul Hartmann and Key Innovators among others. In order to stay ahead of the competition, major players are focusing on launching new products. For instance, in 2019, Axio Biosolutions announced the launch of MaxioCel. It is a next-generation Chitosan-based wound dressing that has shown pain management and scar improvement properties.
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This study forecasts revenue growth at global, regional, and country levels from 2016 to 2026. Fior Market Research has segmented the global advanced wound care market on the basis of below-mentioned segments:
Global Advanced Wound Care Market by Product:
- Wound Dressings
- Antimicrobial Dressing
- Hydrogel Dressings
- Foam Dressings
- Film Dressings
- Hydrocolloidal Dressings
- Wound Therapy Devices
- Negative Pressure Wound Therapy Systems
- Pressure Relief Devices
- Electrostimulation Devices
- Oxygen & Hyperbaric Oxygen Equipment
Global Advanced Wound Care Market by Application:
- Diabetic Wounds
- Skin Burn Wounds
- Pressure Wounds
- Surgical Wounds
- Venous Legs Ulcers
Global Advanced Wound Care Market by End User:
- Hospitals & Clinics
- Home Care Settings
Global Advanced Wound Care Market by Region:
- North America
- South America
- Middle East and Africa