According to a new research study by Global Insight Services (GIS), the advanced wound care market is expected to grow rapidly over the next 10 years to reach a value of more than the US $15.5 billion by 2031.
Wound care management products are bifurcated into traditional wound care and advanced wound care products. Traditional wound care management is more preferred across the globe wherein health practitioners use wound care products like medical tapes, dressings, and bandage rolls to protect the wound from external factors and to prevent bleeding and infections. Advanced wound care products promote a natural healing process, without restraining the wound and comprise the use of foam dressings, alginates, hydrogels, and hydrocolloids. These products ensure beneficial wound healing, optimum oxygen flow, consistent temperature, and protection from external factors.
Advanced Wound Care Market: Key Drivers
Aging population across the globe
According to the UN Department of Economic and Social Affairs, in 2019, there were 703 million persons aged 65 years or over in the global population. This figure is projected to double to 1.5 billion in 2050. Globally, the share of the population aged 65 years or over increased from 6% in 1990 to 9% in 2019. That proportion is projected to rise further to 16% in 2050, when it is expected that one in six people across the globe will be aged 65 years or over. Such an intense rise in the population will create opportunities for advanced wound care as the wounds heal slowly and require high medical attention in geriatric people. So, in aged people, it becomes difficult to treat wounds owing to the high risk of infection, especially in cases of deep wounds.
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Growing prevalence of diseases & conditions affecting wound healing capabilities of the patients
Physical health conditions, like acute wounds, chronic wounds, and surgical wounds, have a passive effect on wound healing. The prevalence of acute, chronic, and surgical wounds has raised significantly over the past years, primarily due to the growing global traumatic wounds, an increasing number of surgeries, and the increasing prevalence of conditions like obesity and diabetes. Diabetes and obesity may increase the overall incidence and complexity of wounds like infections, ulcerations (leg or foot ulcers), and chronic wounds, which necessitate treatments (advanced wound management) and incur exorbitant medical expenses. Various advanced wound care products, like hydrophilic foam dressings, hydrogels, hydrofibers, and alginates, which can absorb up to 20 times their weight, enable rapid and more effective recovery from these conditions.
The dressings segment is likely to boost the growth of the market at a constant rate of XX% during the forecast period.
The key factors such as increasing spending on chronic and surgical wounds coupled with the rising incidence of burn injuries and technological advancements in dressings are likely to boost the growth of the market.
The surgical & traumatic segment is likely to dominate the market during the forecast period at a CAGR of XX%.
The key factors such as the increasing number of surgical procedures coupled with the increasing prevalence of chronic conditions are likely to boost the growth of the market.
The hospitals segment is likely to dominate the market at a constant rate of XX% during the forecast period.
The key factors such as a large number of treatment procedures conducted in hospitals and the availability of reimbursement are boosting the growth of the market.
The key players in the global advanced wound care market are 3M (Acelity Inc.), Adynxx, Inc., B Braun Melsungen AG, Coloplast A/S, ConvaTec Group plc, Essity AB (BSN Medical GmbH), Integra Lifesciences (Derma sciences), Investor AB (Mölnlycke Health Care AB), Johnson & Johnson, Medline Industries, Inc., Medtronic plc., Organogenesis Holdings Inc., and Smith & Nephew Plc. among others.