Advanced Wound Care Market worth $17.7 billion by 2027 - Exclusive Report by MarketsandMarkets™

CHICAGO, Jan. 18, 2023 /PRNewswire/ -- 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% during the forecast period according to a new report by MarketsandMarkets™. 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.

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Advanced Wound Care Market Scope:

In 2021, the dressings segment held the largest share of the advanced wound care market, by product segment.

The advanced wound care market is segregated into dressings, devices & accessories, grafts & matrices, and topical agents according to product. The dressings segment held the largest share of the advanced wound care market in 2021. The prevalence of chronic, surgical, and traumatic wounds is rising, and innovations in the dressing technology are fueling the market growth of this segment.

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, equipments 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. Growth in this population segment will raise the need for improved wound care in the area because there is a direct association between the elderly population and the prevalence of wounds.

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Advanced Wound Care Market Dynamics:

Drivers:

1.  Growing prevalence of diseases & conditions affecting wound healing capabilities

a.  Growing geriatric population
b.  Increasing prevalence of diabetes
c.  High incidence of obesity
d.  Increasing number of surgical procedures
e.  Increasing number of traumatic wounds

2.  Increasing spending on chronic wounds

3.  Increasing incidence of burn injuries

4.  Technological advancements

Restraints:

1.  High cost of advanced wound care products

2.  Risks associated with use of advanced wound care products

Opportunities:

1.  Growth potential of emerging economies

2.  Technological advancements

Trends:

1.  Acquisitions by leading companies

2.  Focus on expanding capabilities of current technologies and launching novel products

a.  Smart advanced wound care
b.  Crab shell bandages
c.  Color changing dressings
d.  Integration of nanotechnology in advanced wound care products
e.  Novel wound assessment/measurement devices

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.

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