The global advanced wound care market was valued at USD 6.42 billion in 2020 and is projected to expand at a CAGR of 5.2% during the forecast period, 2021–2028. The growth of the market is attributed to the rising number of accidents such as burns, trauma events, road accidents, and others.
The advanced wound cares are designed to cure complex and severe injuries caused by traumatic accidents. These care products includes alginates, hydrocolloids, hydrogels, and film & foam dressings. The advanced wound care treatments work on the principle of moisture therapy, which delivers adequate moisture to the wound that allow natural cell to repair itself and the wound area to respire at the same time. These therapies of advanced wound care are widely used as the interventions when standard wound care has failed to cure the injuries.
The report on the global advanced wound care market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been involved in the report.
|Report Title||Advanced Wound Care Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast|
|Segmentation||Products (Active Wound Care, Moist Wound Care, and Antimicrobial Wound Care), Applications (Acute Wounds and Chronic Wounds), End-users (Home Healthcare, Hospitals, and Specialty Clinics)|
|Regional Scope||Asia Pacific, North America, Latin America, Europe, and Middle East & Africa|
|Report Coverage||Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast|
|Key Players Covered||3M, Acelity, Baxter, Coloplast Corporation, ConvaTec Group PLC, Derma Sciences Inc. (Integra LifeSciences), Medline Industries, Inc., Medtronic, Molnlycke Health Care AB, and Smith & Nephew PLC.|
In terms of products, the market is divided into active wound care, moist wound care, and antimicrobial wound care. The antimicrobial wound care segment is predicted to witness a robust growth rate during the forecast period due to their increasing usage of the product type to cure the wounds. Percutaneous line sites and surgical marks are the two majorly indicated antimicrobial wound treatment for partial and full-thickness injuries. These products are generally available as film care, impregnated woven gauzes, nylon fabric, island care, and a combination of others. In 2020, the moist wound care segment dominated the advanced wound care market and represented 59.2% of the market revenue share. The most wound care is widely adopted for the treatment of chronic injuries such as diabetic ulcers and pressure ulcers.
Based on applications, the global advanced wound care market is bifurcated into acute wounds and chronic wounds. In 2020, the acute wounds segment constituted a major share of the advanced wound care market by representing 60% of the total revenue share. As per WHO, around 180,000 deaths are caused by burn injury every year and most of these cases are mainly happened in low and middle-income countries. On the other hand, the chronic wounds segment is projected to constitute a significant growth rate during the analysis period due to the increasing cases of chronic diseases such as diabetes and growing geriatric population.
On the basis of end-users, the market is segmented into home healthcare, hospitals, and specialty clinics. The home healthcare segment is predicted to account for a large market share during the analysis period due to the condition of prolonged recovery period of chronic injuries and hospital stay. This is a key reason for patients’ preference for homecare over hospital stay. In 2020, the hospital segment dominated the advanced wound care market by representing 45.2% of the overall revenue share due to the prevailing facility of advanced treatment products in hospital.
In terms of regions, the market is generally classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. In 2020, the market in North America dominated the overall advanced wound care market accounting for 45.2% of the overall market revenue owing to the rising incidences of road accidents and presence of numerous prominent players present in this region. The presence of highly developed healthcare infrastructure as well as adequate skilled specialists in the region act key factors that helps expand the market. The market in Asia Pacific is expected to present a significant growth rate during the analysis period. The markets in China, India, and Japan are predicted to increase their contribution to the regional market growth.
Major players competing in the global advanced wound care market include 3M, Acelity, Baxter, Coloplast Corporation, ConvaTec Group PLC, Derma Sciences Inc. (Integra LifeSciences), Medline Industries, Inc., Medtronic, Molnlycke Health Care AB, and Smith & Nephew PLC.
Some of these businesses have involved in adopting numerous market strategies such as merger & acquisition, collaboration, partnership, product launch, R&D activities, and capacity expansion to increase market share and global presence.
Recently, Smith & Nephew PLC acquired Osiris Therapeutics, Inc. with an intention to improve the development of its advanced wound management product portfolio. This strategy was projected to increase its customer base.
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