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The Advanced Wound Care Market size is estimated to grow by USD 4.18 billion with a CAGR of 6.05% between 2023 and 2028. The market is experiencing significant growth, driven by several key factors. Technological advancements in wound care continue to shape the industry, with innovations in materials, design, and delivery systems leading to more effective and patient-friendly solutions. Another trend is the increasing demand for combination dressings, which offer multiple therapeutic benefits in a single product, streamlining the wound care process and improving patient outcomes. However, the high cost of wound treatments and advanced wound care products remains a challenge, limiting access for some patients and driving the need for cost-effective solutions and alternative payment models, including payment gateways. Overall, the advanced wound care market is poised for continued growth, driven by these and other trends, as well as the ongoing need to address the complex needs of wound care patients.
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The market is expanding significantly due to increasing needs within the geriatric population and advancements in medical devices. Nanoparticle-based wound healing and gene therapy are leading innovations, with companies like DuPont and JeNaCell at the forefront. These technologies address surgical site infections, pressure ulcers, diabetic ulcers, and venous ulcers effectively. Grafts and matrices are crucial components, enhancing the efficacy of treatments. ScienceDirect and strategy maps provide valuable insights into market trends and financials. Despite progress, infections remain a challenge, but advances in wound care continue to improve outcomes and reduce complications in wound healing. In emerging economies, wound care centres and ambulatory surgical centers are increasingly utilizing advanced therapy devices like ConvaMax to treat surgical and traumatic wounds, as well as chronic nonhealing wounds caused by conditions such as ischemia, bacterial contamination, and chronic inflammation, all while leveraging state-of-the-art manufacturing facility to enhance treatment efficacy. Hospitalizations often result from sports-related injuries and plastic surgery procedures, necessitating effective postoperative care and management of surgical wounds; therefore, the demand for innovative products and a robust supply network is crucial to ensure optimal recovery and treatment outcomes.
The global market is being propelled by a surge in surgical procedures. This is attributed to an escalating prevalence of surgeries like cardiovascular, orthopedic, gynecological, general, and ophthalmic surgeries. These procedures create a demand for products such as cardiovascular medical devices, tailored to assist in wound healing and tissue closure. For example, in May 2023, the CDC highlighted that 60% of individuals in the US had one or more chronic diseases, such as heart disease, cancer, and chronic lung disease. Additionally, in September 2022, the CDC reported an annual incidence of approximately 877,500 strokes in the US.
Negative Pressure Wound Therapy (NPWT) is a technique used to promote healing in acute and chronic injuries. It involves the application of controlled suction (negative pressure) to the injury area using a sealed dressing connected to a vacuum pump. NPWT is also known as vacuum-assisted closure (VAC therapy). These cases further amplify the need for surgeries, consequently driving the demand for products. As a result, these factors are anticipated to steer the growth of the global market in the projected timeframe.
A significant trend within the global market is the growing adoption of telemedicine for injury treatment. End-users are increasingly favoring telemedicine due to its benefits, including shorter hospital stays, enhanced patient convenience by enabling treatment at home or clinics, heightened effectiveness, and improved access to experts.
Furthermore, a key advantage of telemedicine lies in its ability to comprehensively assess full-thickness wounds like burns, where prompt evaluation of burn depth and injury healing is critical in the immediate aftermath of an injury. Consequently, this enhances the quality of life for patients with chronic injuries while keeping costs minimal, emphasizing the importance of chronic wound care. These factors are projected to be instrumental in propelling the market growth analysis of the global market throughout the forecast period.
The growth of the global market share is impeded by the emergence of minimally invasive surgeries, posing a notable challenge. The prevalence of minimally invasive surgeries is rising due to their minimal invasion approach, involving small incisions for surgical access. This technique results in smaller scars, necessitating wound closure procedures. For instance, procedures like cholecystectomy typically involve 5-8 cm incisions, whereas minimally invasive methods like laser surgery and laparoscopy entail 3-4 smaller incisions.
These smaller incisions lead to reduced peri-operative pain, quicker recovery, and shorter hospital stays. Consequently, the demand for products, typically used for larger incisions, diminishes. Minimally invasive techniques, such as those employed in kidney and adrenal laparoscopic surgeries with 2-mm needle optics, have further reduced postoperative complications and the need for products. While these procedures promote outpatient care and shorter hospital stays, they limit the growth potential of the market, primarily due to reduced utilization of products like sutures and wound strips.
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The advanced dressings segment is estimated to witness significant growth during the forecast period. This segment is widely used to treat complex wounds. Some of the treatment methods in dressing include moist dressings and antimicrobial wound dressings.
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The advanced dressings segment was the largest and was valued at USD 5.25 billion in 2018. One of the major sub-segments that significantly contributed to the dressings market is the moist wound dressings segment. Moist involves creating and maintaining an optimal moisture balance in the bed to promote healing. Contrary to the traditional belief of letting dry out, maintaining a moist environment has been found to facilitate healing by supporting various cellular processes. Factors such as the increasing prevalence of chronic wounds and burns, the growing aging population, increasing awareness about the clinical benefits of dressings, the rising number of surgical procedures, the increasing adoption of dressings in hospitals and clinics, and new product launches forecasts are expected to drive the global segment.
Diabetic patients significantly impact the market due to the higher risk they face of developing chronic wounds, particularly diabetic foot ulcers. Diabetic patients' wounds often require specialized treatment and management due to the challenges in healing caused by compromised circulation and nerve damage.
Factors such as the increasing prevalence of acute and chronic wounds, the rising prevalence of surgical procedures, growing awareness about technological products, and the increasing number of injuries being treated in hospitals are significantly contributing to the growth of this segment as well as the global market growth. Furthermore, there is an increasing focus by hospitals on reducing healthcare costs by decreasing the length of hospital stays and the risk of infection. Hence such factors are expected to fuel the global market during the forecast period.
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North America is forecast to contribute 40% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional market growth and trends that will shape the market during the forecast period. Some of the key countries that are significantly contributing to the global market growth in North America include The US and Canada followed by Mexico. Factors such as the growing prevalence of acute and chronic injuries and various diseases and disabilities the increasing number of surgical procedures, the increased adoption of technologically advanced negative pressure wound therapy NPWT devices, high awareness among patients and clinicians, advanced healthcare infrastructure, increased healthcare expenditure, and significant market presence of leading companies. are expected to significantly drive the market forecasts.
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Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market. The Market forecasting report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
3M Co: This company offers various products such as dressings, compression systems and wraps, medical tapes, injury cleansers, injury closures, barriers, creams, and lotions.
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market trends and analysis report forecasts the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the market research and growth report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Market Customer Landscape
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
The market addresses diverse medical needs, ranging from acute injuries to chronic wounds, with a focus on improving absorption and biological activity. Key players like Baxter International and Kerecis lead the industry, leveraging advancements in pharmacology and antibody therapies to enhance wound healing outcomes. Amidst global health challenges such as the pandemic, attention is drawn to intensive care settings, reducing perioperative mortality and the risk of amputation.
Regulatory agencies like the Agency for Healthcare Research and Quality ensure high standards of care, while startups innovate with novel solutions. The market intersects with various medical fields, including plastic surgery and cardiac surgery, while also addressing public health concerns such as endemic and medical tourism. With a growing focus on customer satisfaction and patient welfare, the market continues to evolve, guided by global healthcare organizations like the World Health Organization and regulatory frameworks such as the General Data Protection Regulation.
Market Scope |
|
Report Coverage |
Details |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.05% |
Market growth 2024-2028 |
USD 4.18 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
5.61 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 40% |
Key countries |
US, Germany, France, UK, and Japan |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
3M Co., 4L Health Co. Ltd., Anika Therapeutics Inc., Cardinal Health Inc., Carilex Medical Inc., Coloplast AS, ConvaTec Group Plc, DeRoyal Industries Inc., Essity AB, Hollister Inc., Integra Lifesciences Corp., Johnson and Johnson Services Inc., Lohmann and Rauscher GmbH and Co. KG, Medline Industries LP, Medtronic Plc, Molnlycke Health Care AB, Organogenesis Holdings Inc., Paul Hartmann AG, Smith and Nephew plc, and Vericel Corp. |
Market dynamics |
Parent market analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Forecasting, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for market forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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