Staff Report
A report on the “Advanced Wound Care Market” from ResearchAndMarkets.com‘s offering predicts growth in coming years.
The global advanced wound care market size is estimated to grow from $11.06 billion in 2023 to $20.21 billion by 2035, representing a CAGR of 5.15% during the forecast period 2023-2035.
According oGlobal Newswire, one of the key objectives of the market report was to estimate the current opportunity and future growth potential for the advanced wound care market over the forecast period. The analyst has provided informed estimates on the likely evolution of the market for the forecast period, 2023-2035.
Over the past decade, wound care management has emerged as a significant contributor in medicare spending, resulting in a substantial financial burden on the health care sector. According to the recent Medicare data, over 8 million people suffer from various chronic and non-healing complex wounds (such as diabetic foot ulcers, pressure ulcers, venous leg ulcers, infections arising from surgical procedures and thermal wounds) in the U.S. alone; this accounts for 2% of the entire population of the US.
The U.S. Medicare beneficiaries spend over $ 50 billion, annually, for the treatment of chronic wounds. The significant Medicare cost can be attributed to the growing burden of chronic diseases, rise in the global geriatric population who are prone to chronic diseases and wounds, and the rising number of surgeries (by ~20%) post the pandemic. These factors have, subsequently, prompted the innovators to develop innovative and technologically advanced wound care products for effective wound care management.
Advanced wound care products/advanced wound care management solutions refer to a group of products that can be utilized by health care professionals to expedite the healing process of a wound. It is worth noting that over 180 players in this domain offer products in the form of advanced wound care dressings, bioengineered skins and dermal substitutes, and wound healing medical devices. In order to increase the adoption of advanced wound care products, stakeholders are focused on integrating these products with AI technology and machine learning, leading to the development of smart bandages and wound care products that can be operated through mobile app.
It is also worth highlighting that close to 30% of the companies working in the advanced wound care market were established before 1990, including 3M, B. Braun, Becton Dickinson, Cardinal Health, Coloplast, Cook Medical, and Ethicon. Recently, in April 2023, Convatec acquired the assets of 30 Technology in order to expand its product portfolio of wound care. In the future, more collaborations are anticipated to take place to expand the existing expertise of the stakeholders.
Presently, more than 40% of the advanced wound care market is captured by companies based in North America. The market size for advanced wound care in North America is anticipated to grow at a CAGR of 4.59%, during the forecast period (2023-2035). Several factors contribute to the region’s dominance in this domain, including the presence of big pharma companies with well-established research and development divisions that foster innovation and drive the demand for advanced wound care products and the rising prevalence of chronic disease conditions within this geographical region.
Moreover, the experts believe that integration of wound care with AI technology has significant revenue generation potential in the near future. Such developments are further supported by the growing partnership activity in this domain. Notably, over the past three years, close to 100 partnerships have been established by stakeholders in advanced wound care market.
With the rising popularity of such solutions in the health care industry and the ongoing efforts of stakeholders to further improve/expand their respective offerings, the advanced wound care market is likely to witness a steady growth during the forecast period.
Grand View Research reports that the global wound care market size was estimated at $22.25 billion in 2023 and is projected to grow at a CAGR of 4.17% from 2024 to 2030.
MarketsandMarkets reports that the global wound care market was estimated to be worth $21.5 billion in 2023 and “is poised to reach $28.6 billion by 2028.”
