Advanced Wound Care Market Size to Exceed USD 20.21 Billion by 2035 | Roots Analysis
According to a recently published report by Roots Analysis, the growing incidence of chronic wounds due to diseases such as diabetes and infection has led to a surge in the demand for advanced wound care solutions.
LONDON, Jan. 17, 2024 /PRNewswire/ --
Global Advanced Wound Care Market Overview
The global advanced wound care market is growing exponentially; it is estimated to be worth USD 11.06 billion in 2023 and is anticipated to reach USD 20.21 billion by 2035. It is expected to grow at a compounded annual growth rate (CAGR) of 5.15% during the forecast period from 2023 to 2035.
Advanced wound care solutions refer to a class of products that helps expedite wound healing and prevent infection. Advanced wound care dressing products have gained substantial attention due to their ability to heal and reduce infection. Several disease conditions, such as diabetes and vascular diseases, may result in chronic wounds that require advanced solutions for healing. According to recent medicare data, in the United States, close to 8 million people have suffered from different types of chronic and non-healing complex wounds, such as diabetic foot ulcers, pressure ulcers, venous leg ulcers, and thermal wounds. In the United States, Medicare beneficiaries have spent more than $50 billion annually to treat chronic wounds. The high medicare spending can be anticipated due to the increasing burden of chronic diseases and the geriatric population who are vulnerable to chronic diseases and wounds. The factors above have contributed to the demand for advanced wound products for efficient wound care management. It is interesting to note here that close to 180 players in this domain provide wound care dressing products, bioengineering skins, and dermal substitutes. Several stakeholders emphasize integrating AI-powered technologies increases the adoption of these products globally. The ongoing practices for developing advanced wound care products are poised to grow the market significantly during the forecast period.
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Advanced Wound Care Market Report Scope:
Report Coverage | Details |
Market Revenue in 2023 | USD 11.06 billion |
Estimated value by 2035 | USD 20.21 billion |
Growth rate | CAGR of 5.15% |
Forecast Period | 2023 to 2035 |
Segments Covered | Distribution by Type, Type, Type of Wound Treated, End User |
Geographies Covered | North America, Europe, Asia-Pacific and Rest of the World |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, Drivers, Restraints and Trends |
Market Drivers
The advanced wound care market is mainly driven by the increase in chronic diseases that result in chronic wounds. The advanced wound care market is also propelled by the aging populations across the globe that are at greater risk of chronic diseases and wounds. During old age, the wound healing power is reduced, and individuals may experience delayed wound healing. Hence, advanced wound care products are crucial for managing their conditions, leading to a surge in demand for advanced wound dressing to enhance the healing process. Patients suffering from chronic diseases such as diabetes may result in neuropathy (weakness, numbness and nerve damage) that slows down the wound healing process. In such circumstances, a diabetic patient may be required to undergo amputation surgery to avoid spreading of infection in other parts. Hence, the growing awareness amongst healthcare professionals and patients about the consequences of wounds has led to the adoption of advanced wound care products, further driving the market.
Market Restraints
Several factors that restrict the growth of the market include the high cost associated with the development of advanced wound care products. In various healthcare systems, reimbursement policies do not adequately cover the cost of advanced wound care procedures and products. This becomes a significant barrier that limits the adoption of advanced wound care products on a large scale. Furthermore, advanced wound care solutions must follow complex regulatory guidelines that delay the approval process and availability of the products in the market.
Growth Factors
Despite the market restraint, the advanced wound care market witnesses steady growth. Some of the promising factors include technological advancements and patients' preferences for non-invasive wound care treatment. The ongoing innovations in wound care technologies, such as dressings, grafts, and medical devices, have contributed to the growth of the advanced wound care market. Moreover, emerging economies, government support, and increased healthcare expenditure to develop advanced wound care products have become the promising growth factors driving the market during the forecast period.
Recent Developments in Advanced Wound Care Market
It is interesting to note here that the advanced wound care market witnesses several collaborations and development activities, some of which are listed below:
In August 2023, McGill University Health Center's researchers developed Swift Ray 1 (an advanced wound-healing medical device) that can be connected to a smartphone and wound care software in order to obtain infrared thermographic and bacterial fluorescence images of wounds.
In June 2023, the University of Birmingham's researchers developed an antimicrobial wound care dressing infused with bioactive glass to improve its efficiency in wound healing.
In April 2023, researchers at Linköping University, Sweden, developed an advanced nanocellulose-based wound care dressing that has the potential to detect the early stages of infection.
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Advanced Wound Care Market Segments
Based on the type of advanced wound care dressing form, the advanced wound care market is segmented into foam dressings, hydrogel dressings, alginate dressings, hydrocolloid dressings, composite dressings, antimicrobial dressings, and others.
Foam dressing will dominate the advanced wound care market and is estimated to capture 31% of the revenue share by 2035.
In the long run, composite dressings will grow at a higher CAGR of 4.1% during the forecast period.
Based on the type of bioengineered skin and dermal substitute, the advanced wound care market is segmented into Allografts, Autografts, Extracellular matrices, and growth factors.
Allografts will dominate the advanced wound care market and are poised to hold 51% of the revenue share by 2035.
The extracellular matrices show the greatest potential to grow at the highest CAGR of 11.9% during the forecast period.
Based on wound healing medical devices, the advanced wound care market is segmented into negative pressure wound therapy, hyperbaric oxygen therapy, topical oxygen therapy, hydrotherapy, electric stimulation, skin closure systems / adhesives, and others.
Based on the wound healing medical device, the advanced wound care market is dominated by negative pressure wound therapy, capturing 47% of the overall market share by 2035.
Topical oxygen therapy will grow at a higher CAGR of 9.1% during the forecast period.
Based on the type of wound, the advanced wound care market is segmented into acute and chronic wounds.
Based on the type of wounds, chronic wounds will dominate the market, and it is anticipated to capture 80% of the overall revenue share by 2035.
Acute wounds will grow at a higher CAGR of 5.9% during the forecast period.
Based on the type of acute wound treated, the advanced wound care market is segmented into surgical wounds, burns, and other acute wounds.
Based on the type of acute wound treated, surgical wounds will dominate the market, capturing 50% of the market share by 2035.
Burns will grow at a higher compounded annual growth rate (CAGR) of 6.7% during the forecast period.
Based on the type of end users, the advanced wound care market is segmented into hospital care, home care / door-to-door services, and other types of end users.
Based on the type of end users, hospital care will dominate the market, holding a significant share of 50% by 2035.
Hospital care will grow at a higher compounded annual rate (CAGR) of 7.5% during the forecast period.
Based on the type of chronic wound treated, the advanced wound care market is segmented into diabetic ulcers, pressure ulcers, venous ulcers, and other chronic wounds.
Based on the type of chronic wound treated, the advanced wound care market will be dominated by venous ulcers, capturing 40% of the market share by 2035.
Pressure ulcers will grow at a higher compounded annual growth rate of 6.4% during the forecast period.
Based on the key geographical region, the Advanced Wound Care Market is segmented into North America, Europe, Asia-Pacific, Israel, and the rest of the world.
Based on the key geographical region, the biologics Advanced Wound Care Market will be dominated by North America, holding 45% of the revenue share by 2035.
In Israel, the Market will grow at a higher compounded annual growth rate of 12.1% during the forecast period.
Key Companies Profiled
The advanced wound care market report also includes detailed profiles of key players (listed below) that provide cell line development services solutions.
3M
Arthrex
Advanced Medical Solutions
Cardinal Health
Coloplast
Convatec
DeRoyal
Ethicon
Essity
Fidia Farmaceutici
Integra Life Sciences
Medline Industries
Molnlycke Healthcare
Organogenesis
RTI Surgical
Smith+Nephew
Zimmer Biomet
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Key Benefits of Buying this Report
The report offers market leaders and newcomers valuable insights into revenue estimations for both the overall market and its sub-segments.
Stakeholders can utilize the report to enhance their understanding of the competitive landscape, allowing for improved business positioning and more effective go-to-market strategies.
The report provides stakeholders with a pulse on the advanced wound care market, furnishing them with essential information on significant market drivers, barriers, opportunities, and challenges.
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