Advanced Wound Care Market 2024: Growth, Size, Share, Analysis and Forecast 2030
Advanced Wound Care Industry Overview
The global advanced wound care market was valued at USD 10.77 billion in 2023 and is projected to experience a compound annual growth rate (CAGR) of 4.75% from 2024 to 2030. Several factors are contributing to this market growth, including the increasing number of surgical procedures, a rise in road accidents, and an uptick in trauma cases and burns. Additionally, the introduction of innovative and advanced wound care products plays a significant role in driving demand. The growing prevalence of chronic diseases that impair wound healing capabilities further enhances the need for advanced wound care solutions.
Another crucial factor influencing market growth is the expanding geriatric population, which typically exhibits slower healing abilities. According to the United Nations Population Fund’s India Ageing Report 2023, the population aged 60 and above is projected to increase from 14.9 crores in 2022 to 34.7 crores by 2050. This demographic shift is likely to propel market growth, as older individuals often experience more complications related to wound healing.
Additionally, individuals suffering from diabetic foot ulcers (DFU) face a heightened risk of lower-extremity amputation. A study published on ScienceDirect indicates that diabetic foot ulcers could affect more than 25% of the diabetic population, with amputation occurring in 20% of these patients. Advanced wound care products are particularly effective in treating diabetic foot ulcers, which are common among those with diabetes. These products facilitate moisture retention and promote rapid internal and external healing of wounds. Furthermore, they assist in the absorption of necrotic tissues, making them effective in managing surgical site infections. As a result, healthcare professionals increasingly prefer advanced wound care products, a trend anticipated to significantly boost global wound care market growth throughout the forecast period.
Gather more insights about the market drivers, restrains and growth of the Advanced Wound Care Market
Regional Insights:
North America
North America dominated the market with the largest revenue share of 45.46% in 2023. This dominance can be attributed to a well-developed healthcare infrastructure and an increase in the number of surgical procedures. For instance, according to the American Society of Plastic Surgeons, approximately 23.6 million people in the U.S. underwent minimally invasive cosmetic surgical procedures in 2022. Advanced wound care products, thus, are increasingly being used to prevent surgical site infections. In addition, the increasing incidence of accidents such as road accidents, burns, and trauma events across the region is anticipated to drive the market.
U.S. Advanced Wound Care Market Trends
The U.S. held the largest revenue share in the North America market in 2023. The increased utilization of surgical procedures and the high prevalence of chronic disorders are some of the major factors fueling the market. For instance, as per a report by the National Center for Chronic Disease Prevention and Health Promotion last reviewed in May 2023, six in ten people in the U.S. lived with at least one chronic disorder, such as cancer, diabetes, strokes, and heart disease. These factors are expected to drive the demand for advanced wound care. Thus, propel the segment over the forecast period.
Europe Advanced Wound Care Market Trends
The Europe advanced wound care market is driven by factors such as high disposable income, presence of a well-established healthcare infrastructure, and the availability of skilled professionals. Moreover, the presence of favorable reimbursement coverage has increased the adoption of surgical procedures. In addition, the increasing geriatric population and rising cases of burns & trauma are also anticipated to drive the market.
The advanced wound care market in the UK is expected to grow over the forecast period. The country has a reputation for quality solutions. Hence, medical devices manufactured in-house are anticipated to witness significant demand in the forecast period. Major companies operating in the market are Smith & Nephew PLC, ConvaTec Group PLC. These companies are adopting several strategies to increase their market share, including launching innovative products in the market and expanding research & development and manufacturing facilities. For instance, in June 2022, Smith & Nephew PLC launched a new R&D and manufacturing facility in the UK. The company invested more than USD 100 million. Such factors are expected to intensify competition in the UK.
The Germany advanced wound care market is anticipated to grow significantly over the forecast period. Germany has a lucrative environment for technologically innovative startups. Around 80% of the medical device manufacturers, including companies operating in wound care products, are SMEs in the country. Moreover, many companies are entering into strategic alliances, such as partnerships, mergers, agreements, and product launches. For instance, in September 2022, Evonik signed an agreement with a medical technology company, Coopmed, to distribute wound dressing. Such factors are expected to boost the wound care market in Germany and intensify the competition over the forecast period.
France advanced wound care market is anticipated to witness growth at a significant CAGR over the forecast period, owing to an increase in the prevalence of diabetes and thepresence of several key players in the market. The French government is undertaking initiatives to improve the healthcare structure in France. Hence, major international players are collaborating with local players to launch, market, and distribute their products in the market. Therefore, owing to these collaborations, local players are gaining significant market share in the region.
Asia Pacific Advanced Wound Care Market Trends
Asia Pacific is anticipated to witness the fastest growth at a CAGR of 5.40% during the forecast period. This can be attributed to the presence of major key players, the increasing prevalence of chronic disorders, and rising healthcare expenditure. According to a report published by Insurance Asia, APAC’s healthcare spending is expected to surge 9.9% in 2024. These factors are expected to drive the segment’s growth over the forecast period. Moreover, India market is expected to grow at a lucrative CAGR over the forecast period.
The Japan advanced wound care market is moderately competitive, with some major companies offering wound care products. Key players in the market are adopting several strategies, such as mergers & acquisitions and partnerships and collaborations, to stay competitive. Furthermore, companies are investing in R&D, which is expected to increase awareness and demand for advanced wound care products.
The China advanced wound care market accounted for the largest revenue share of the Asia Pacific market in 2023. The increasing prevalence of chronic disorders and the rising geriatric population propels market growth. According to the data published by Springer Nature, in 2022, about 280.04 million people aged 60 and above in China account for 19.8% of the nation's population. These factors fuel market growth.
The advanced wound care market in India is anticipated to grow rapidly over the forecast period due to the rising prevalence of diabetes. Additionally, an increasing number of surgeries and the growing prevalence of chronic diseases are boosting the number of hospital admissions, leading to increased demand for advanced wound care products and driving market growth.
Middle East and Africa Advanced Wound Care Market Trends
The growing geriatric population, increasing number of surgeries, and rising incidence of sports-related injuries are expected to propel the Middle East & Africa advanced wound care market growth. In addition, the increasing government initiatives to develop healthcare infrastructure, the region is expected to witness a rise in number of surgeries, leading to an increase in demand for advanced wound care products for postoperative care.
The advanced wound care market in Saudi Arabia is expected to grow over the forecast period due to an increase in the number of surgeries and the rising healthcare expenditure.
The South Africa advanced wound care market is anticipated to witness growth over the forecast period. The rising prevalence of chronic diseases and increasing healthcare expenditure is expected to boost the demand for advanced wound care products in South Africa.
Browse through Grand View Research's Medical Devices Industry Research Reports.
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Key Advanced Wound Care Company Insights
Key market players operating in the advanced wound care industry are undertaking multiple initiatives in order to strengthen their market presence and improve their products and services reach. Strategies such as expansion activities and partnerships are playing a key role in propelling the market growth.
Key Advanced Wound Care Companies:
The following are the leading companies in the advanced wound care market. These companies collectively hold the largest market share and dictate industry trends.
- ConvaTec Group PLC
- Smith & Nephew PLC
- Mölnlycke Health Care AB
- Braun Melsungen AG
- 3M
- URGO
- Coloplast Corp.
- Integra LifeSciences
- Medline Industries, Inc.
Order a free sample PDF of the Advanced Wound Care Market Intelligence Study, published by Grand View Research.
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