According to a New Report by MarketsandMarkets™, Advanced Wound Care Market is valued at an estimated USD 11.3 billion in 2022 and is projected to reach USD 17.7 billion by 2027, at a CAGR of 9.4%. 

Growth in this market is mainly driven by factors such as the rising prevalence of diseases & conditions that impair wound healing capabilities, rising costs associated with chronic wounds, and technological improvements. However, the high price tag and risks associated with the use of advanced wound care products are the major factors limiting the growth of this market.

The new research study consists of an industry trend analysis of the market. The new research study consists of industry trends, pricing analysis, patent analysis, conference and webinar materials, key stakeholders, and buying behaviour in the market. Growth in this market is mainly driven by factors such as the increasing number of diseases and conditions affecting wound healing capabilities, the rise in spending on chronic wounds, and technological improvements.

 

 As the surgical treatment becomes more accessible and affordable on a global scale, more surgeries are expected to be performed. The incidence of related surgical wounds and infections has increased along with the prevalence of chronic diseases and the expansion of surgical procedures. Along with sophisticated treatments like NPWT, this will raise the market for improved wound care products and debridement procedures. 

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Browse in-depth TOC on "Advanced Wound Care Market" 221 - Tables
38 - Figures
270 – Pages 

The high price tag of chronic wound treatments and advanced wound care products may hamper their adoption, especially in low-income markets such as Asia and the rest of the world. Patients and physicians in these regions have a preference for inexpensive advanced wound care products. However, with growing realization regarding the effectiveness and necessity of these products and rising disposable incomes in many of these countries, the preference for advanced wound care products is expected to increase in the forecasted years. 

The hospitals, ASCs, and wound care centers segment accounted for the largest share of the advanced wound care, by end user segment, in 2021 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 2021, the hospitals, ASCs, and wound care centers segment accounted for the largest share of the advanced wound care market.

The growth of this market is being fueled by the quantity of medical procedures carried out in the hospitals, the accessibility of reimbursements, and the volume of patients receiving care in the hospitals. 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 2021, 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 products, devices, equipment and the highly advanced healthcare system in the US and Canada. The market for sophisticated wound care products is also projected to increase as the senior population rises. Key Market Players: 

The major players operating in this market are 3M Company (US), Smith & Nephew (UK), ConvaTec Inc. (UK), Coloplast A/S  (Denmark), Mölnlycke Health Care AB (Sweden), Integra LifeSciences (US), PAUL HARTMANN AG (Germany), B. Braun SE (Germany), Cardinal Health Inc. (US), Organogenesis Holdings Inc. (US), Bioventus LLC (US), MIMEDX GROUP, INC.(US), Zimmer Biomet Holdings, Inc. (US), Lohmann & Rauscher GMBH & CO. KG (Germany), DeRoyal Industries, Inc. (US), Medline Industries, LP (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), ZENIMEDICAL (US), Carilex Medical (Germany), Pensar Medical, LLC (US), Wuhan VSD Medical Science & Technology Co., Ltd. (China), and HAROMED B.V. (Belgium). 

Recent Developments:

  • In June 2022, Smith & Nephew (UK) announced that it will be building a new R&D and manufacturing facility for its Advanced Wound Management franchise on the outskirts of Hull, UK. The new facility is expected to support more than USD 10 billion worth of sales in its first ten years of operation.
  • In March 2022, ConvaTec Inc. (UK) acquired Triad Life Sciences (US), a company that develops biologically derived products to address unmet clinical needs in surgical wounds, chronic wounds, and burns.
  • In January 2020, ConvaTec Inc. (UK) launched ConvaMax, an advanced wound dressing that helps in managing highly exuding wounds, including leg ulcers, surgical wounds, and diabetic foot ulcers.
  • In October 2019, 3M Company (US) acquired Acelity Inc. (US). This acquisition enhanced 3M's capabilities in advanced wound care, a significant and growing market segment.