The global wound care solutions market is estimated to garner $30.5 billion in revenue by 2026 at a compound annual growth rate of 6.7%, finds Frost & Sullivan
SAN ANTONIO, Oct. 18, 2021 /PRNewswire/ -- Frost & Sullivan's recent analysis, Global Wound Care Solutions and New-age Technology Growth Opportunities, finds that participants in the wound care industry are investing heavily in technologies and solutions that require minimal/no medical intervention and can be used by patients, family and care providers. Primarily contributed by basic and advanced wound care solutions product types, the global wound care solutions market is estimated to garner $30.5 billion in revenue by 2026 from $20 billion in 2020, an uptick at a compound annual growth rate (CAGR) of 6.7%.
With technological advancements and a diverse array of traditional and advanced wound care solutions comprising apps, software, services, devices, and wearables, North America will dominate the wound care market by 2026. Also, the European wound care market will witness stable growth as the market becomes saturated due to technological advancements. Asia-Pacific will see a maximum growth rate as countries across the region adopt wound care solutions rapidly. Similarly, a surge in demand for faster wound recovery and advanced wound dressings in the Middle East and Latin America, respectively, will drive the wound care solutions market in the rest of the world over the forecast period.
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"The requirement for faster, less-invasive wound healing is boosting the demand for advanced wound care solutions," said Suchismita Das, Healthcare & Life Sciences Research Analyst at Frost & Sullivan. "Additionally, the resumption of elective surgeries that were placed on hold during the pandemic will further boost the post-pandemic demand for surgical wound care solutions."
Das added: "As end-users increasingly prefer 'at-home' solutions, simple and effective wound monitoring devices and solutions that require less intervention from clinicians are gaining traction. Further, the artificial intelligence (AI)-enabled solutions, sensor-based devices/wearables, and wound assessment devices aid care providers with clinical decision support (CDS) for faster diagnosis of complex wounds, leading to effective care pathways."
Government and corporate funding for developing next-gen wound care solutions that primarily enable early wound detection and prevention is set to increase, presenting the following growth opportunities for market participants:
Increased government recommendations for preventive solutions: The need to address the current and future threats of microbial infections and healthcare-acquired pressure injuries (HAPI) will benefit healthcare information technology (HIT) companies. They must invest in developing technologically advanced solutions.
AI-enabled wound care solutions for faster and accurate diagnosis: HIT companies can leverage AI for innovative, next-gen solutions through partnerships or mergers and acquisitions.
Flexible smart bandage with embedded sensors to enable real-time data on healing and medicine delivery: Vendors can partner with or acquire start-ups actively researching and developing such solutions.
The use of chitosan can be a game-changer in the wound-healing space: Market participants must broaden their chitosan-based wound care product portfolio because of its quick-healing features for all wound types.
Global Wound Care Solutions and New-age Technology Growth Opportunities is the latest addition to Frost & Sullivan's Healthcare & Life Sciences research and analyses available through the Frost & Sullivan Leadership Council, which helps organizations identify a continuous flow of growth opportunities to succeed in an unpredictable future.
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Global Wound Care Solutions and New-age Technology Growth Opportunities
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SOURCE Frost & Sullivan