For a long time, the cure for diabetes type 1 and type 2 has relied on agonizing insulin shots for patients or insulin infusion via mechanical pumps. Regarding this, experts have been creating artificial pancreatic beta cells with the he…
Product Overview
Healthcare professionals use specialized wound care devices. It is a clinical technique to facilitate an efficient method of wound healing. Advanced treatment for wound care uses moisture therapy, which offers a moist micro-environment that promotes the process of natural healing. Film and foam dressings, hydrogels, alginates, and hydrocolloids are the materials used in wet wound care. In addition to maintaining a hydrated environment, this therapy also maintains the temperature constant, facilitates air supply, eliminates dead tissue, protects the site from exogenous infection, and relieves the pain associated with changes in dressing. In contrast to conventional wound care products, advanced wound care products have a higher absorption ability, such as gauze, sponge, plaster, and wadding, which is necessary to avoid wound infiltration. They also allow the exchange of oxygen and block the entry of microbes into the wounds at the same time, maintain moisture, and help build new tissue tissues.
Market Highlights
Global Advanced Wound Care Market is expected to project a notable CAGR of 5.8% in 2030.
Global Advanced Wound Care Market to surpass USD 17.65 by 2030 from USD 10.3 billion in 2020 at a CAGR of 5.8% throughout the forecast period, i.e., 2021-30. The advanced wound care market is growing due to the increasing geriatric population, burn cases across the globe, the volume of surgeries, cases of diabetes and obesity, the incidence of chronic wounds, and a number of road accidents. Furthermore, technological advancements and rising awareness on the same, leading to the heavy use of advanced wound care products, are also leading to the growth of the market.
Global Advanced Wound Care Market: Segments
Advanced wound dressings Segment to grow with the highest CAGR during 2020-30
Global Advanced Wound Care Market is segmented by type into a wound therapy device, advanced wound dressing, and active wound care product. The greater market share in 2019 was accounted for the advanced wound dressings segment and is expected to see the highest growth during the forecast period. The increasing incidence of diabetes-related ulcers, pressure ulcers, aging population, and venous leg ulcers and the need for inventive and innovative wound dressings for the treatment of such wounds have resulted in the most rapid growth of advanced wounds over the historical period, which is also expected to continue over the forecast era. Furthermore, the advanced segment is further divided into foams, films, hydrogels, hydrocolloids, superabsorbents, contact layers for wounds, alginates, collagen, and Hydrofiber. The foam segment accounted for the largest share of the whole advanced segment and is projected to expand at the fastest pace on the market.
Surgical Wound segment to grow with the highest CAGR during 2020-30
Global Advanced Wound Care Market is segmented by application into ulcers, burns, and surgical and chronic wounds. The surgical and chronic wound is expected to hold a major market share of XX% in 2019 due to the growing aging population, cases of diabetes and obesity, and road injury accidents. In addition, the high prevalence of pressure ulcers and venous leg ulcers in the geriatric population can be due to the increasing incidence of diabetes and diabetic foot ulcers. Adoption of advanced dressings is increased by benefits such as moisture wound healing, non-adherent design, and bacterial barrier. In addition, new product launches and new dressing developments are reinforcing segment growth over the forecast period.
Hospitals segment to grow with the highest CAGR during 2020-30
Global Advanced Wound Care Market is segmented by End-User into hospitals and Homecare. The hospital category accounted for the largest size in 2019 of Global Advanced Wound Care Market. Factors such as the increasing prevalence of surgical and chronic wounds; the increasing incidence of associated SSIs and HAIs; and the increasing incidence of burn injuries can be due to the significant share of this category. The rising incidence of wound ulcers and surgical wounds has led to increased demand for advanced wound care products for wound management and decreased hospital stay time.
Global Advanced Wound Care Market: Market Dynamics
Drivers
Increasing prevalence of surgical and chronic wounds
The main factors that influence the growth of the global advanced wound car are increasing geriatric population, increasing number of diabetes patients worldwide, increasing incidence of wound ulcer and surgical wounds, increasing research and development activities, the launch of new advanced wound therapies, favourable reimbursement scenario, and technological innovation in advanced wound care products The increasing implementation of evidence-based treatment for chronic wounds, increasing healthcare spending and awareness campaigns for advanced wound care and management are some of the other primary factors driving the growth of the advanced wound care market.
Initiative taken by authorities and governments to improve healthcare systems
Rising expansion strategies by market players are expected to enhance the advanced growth of the wound care management market over the forecast period. The advanced demand for wound care is mainly driven by scientific advances, aging populations, problems related to insufficient traditional wound healing methods, government initiatives, and the urgent need for quicker and safer treatment of chronic wounds.
Restrain
High cost of advanced wound care products
The high cost of treating chronic wounds and advanced wound care products can have a negative impact on their adoption, especially in cost-sensitive markets such as Asia and other developing countries. In these countries, patients and doctors are opting for advanced wound care products that are less expensive. Although there are many bio-engineered dressings available in these markets, due to differences in low prices, doctors and patients prefer to opt for conventional and simple wound care products.
Global Advanced Wound Care Market: Key Players
3M Company
Company Overview
Business Strategy
Key Product Offerings
Financial Performance
Key Performance Indicators
Risk Analysis
Recent Development
Regional Presence
SWOT Analysis
Acelity L.P. Inc. (Kinetic Concepts, Inc.)
B. Braun Melsungen AG
Cardinal Health, Inc
Coloplast A/S
ConvaTec Group Plc
Integra Lifesciences
Molnlycke Health Care
Medtronic PLC
Paul Hartmann AG
Smith & Nephew
Global Advanced Wound Care Market: Regions
Global Advanced Wound Care Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, APAC, and MENA.
Global Advanced Wound Care Market in North America held the largest market share of XX.X% in the year 2018 because of the rising number of global players tapping into the region. In the Asia-Pacific region, the advanced wound care market consisting of rapidly developing economies has remained largely untapped. The advanced market for wound care management is expanding rapidly and has provided ample opportunities for new products to be introduced. The Asia-Pacific advanced wound care treatment market is expected to see the highest growth in terms of prospective growth opportunities in the global market.
Competitive Landscape:
Global Advanced Wound Care market, which is highly competitive, consists of several major players. Companies, such as Convatec, Integra, Smith and Nephew Hartmann and Coloplast, hold a substantial market share in the Global Advanced Wound Care market. Other players analyzed in this report are 3M Company, Smith & Nephew, Medtronic Plc., Mölnlycke Healthcare (A Part of Investor AB), Paul Hartmann, Cardinal Health, B. Braun, Mimedx Group, Convatec Group, Integra Lifesciences Holdings Corp., and Acelity L.P. Inc among others
Recently, various developments have been taking place in the market. For instance, In June 2018, Acelity L.P. Inc., acquired Crawford Healthcare, to expand its product portfolio of advanced wound dressings.
Global Advanced Wound Care Market is further segmented by region into:
North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR - United States and Canada
Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR - Mexico, Argentina, Brazil and Rest of Latin America
Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR - United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey and Rest of Europe
APAC Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR - India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC
MENA Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR - North Africa, Israel, GCC, South Africa and Rest of MENA
Global Advanced Wound Care Market report also contains analysis on:
Global Advanced Wound Care Market Segments:
By Type:
Advanced Wound Dressing
Foam
Hydrocolloid
Alginate
Film
Wound Therapy Device
Active Wound Care
By Application:
Surgical
Traumatic
Ulcers
Burns
By End User:
Hospital
Homecare
Advanced Wound Care Market Dynamics
Advanced Wound Care Market Size
Supply & Demand
Current Trends/Issues/Challenges
Competition & Companies Involved in the Market
Value Chain of the Market
Market Drivers and Restraints