Advanced Wound Care Management is Estimated to Witness Moderate Growth Owing to Increasing Incidence of Chronic Wounds

 

Advanced Wound Care Management Market

Advanced wound care management is the application of biotechnology in treating acute, chronic, and surgical wounds. It includes wound dressings, bioactive agents, wound healing devices such as growth factors, cellular components, and wound therapies to optimize the wound environment through debridement and moisture balance. Advanced wound care products are used in hospitals and specialty clinics to manage chronic and acute wounds including diabetic foot ulcers, pressure ulcers, venous ulcers, burn wounds and surgical wounds.

 

The global advanced wound care management market is estimated to be valued at US$ 15.4 Bn in 2023 and is expected to exhibit a CAGR of 2.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

 

Market Dynamics

 

Increasing geriatric populationis one of the major drivers estimated to drive the growth of the global advanced wound care management market over the forecast period. Geriatric population is more prone to chronic conditions like diabetes and pressure ulcers due to reduced immunity. According to the World Health Organization (WHO), the number of people aged 65 years and above is projected to reach 1.5 billion by 2050 from 703 million in 2019 across the globe. This growing geriatric population has contributed towards increased incidences of hard-to-heal wounds, thereby boosting demand for advanced wound care products worldwide. Furthermore, increasing prevalenceof diabetes and obesity, growing incidence of chronic wounds, and increasing traumatic injuries are also expected to fuel advanced wound care management market growth during the forecast period.

 

SWOT Analysis

Strength: Advanced wound care products are effective at promoting wound healing and help prevent infections. They maintain a moist wound environment that supports wound healing processes. Their adherence to the wound surface protects it from trauma.

Weakness: Advanced wound care products may be more expensive than traditional dressing options. Some wound types may not benefit from advanced products and simpler options suffice.

Opportunity: Rising incidence of chronic wounds worldwide due to an aging population and lifestyle diseases provides growth opportunities. Increasing awareness about benefits of advanced wound care will boost demand.

Threats: Development of substitute wound care technologies can emerge as threats. Economic slowdowns can affect healthcare budgets and spending on wound management.

 

Key Takeaways

The global advanced wound care management market is expected to witness high growth. It was valued at USD 8.5 billion in 2023 and is forecast to reach USD 11 billion by 2030, expanding at a CAGR of 2.7% during the forecast period.

North America currently dominates the market with the highest revenue share of 40% in 2024 owing to rapid uptake of new products and favourable reimbursement policies. However, Asia Pacific is likely to emerge as the fastest growing regional market at a CAGR of 4.2% during the forecast period due to growing medical tourism, rising diabetic population and improving access to healthcare.

 

Key players operating in the advanced wound care management market are Smith & Nephew, Molnlycke Health Care, ConvaTec Group, Coloplast, Integra LifeSciences, 3M, Organogenesis, Medline Industries, Mimedx Group. These companies have a strong geographic presence and offer a wide range of advanced wound care products like foam dressings, hydrocolloid dressings, alginate dressings, hydrogel dressings, film dressings, wound contact layers and NPWT devices. Their focus on new product development supports market growth.


Get More Insights Here

https://www.newsstatix.com/advanced-wound-care-management-market-size-share-growth-outlook-2023/

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