Fortune Business Insights report is one of several predicting growth in the global wound care market over the next few years.
“The global wound care market is projected to grow from $18.51 billion in 2022 to $28.23 billion by 2029, exhibiting a CAGR of 6.2 percent,” according to the report.
According to a market research report published by P&S Intelligence, the advanced wound care market was worth around $8.05 billion, and it is predicted to advance at a 5.8 percent CAGR from 2021 to 2030, to hit $13.4 billion. This is because of the surging count of injuries due to surgery and other reasons including increasing cases of diabetes.
Advanced wound dressing accounts for the largest share, owing to the growing incidence of healthcare-related infections and surging awareness among the population of their effects. Moreover, the growing incidence of pressure ulcers, venous ulcers and diabetic ulcers is escalating the growth of the category.
The acute wounds category holds an over 55 percent share of the market, owing to the snowballing incidence of road accidents. Additionally, the number of non-fatal injuries requiring appropriate medical care has increased recently around the world.
Further, because of the increasing prevalence of venous pressure ulcers and diabetic foot ulcers, the chronic wounds category is projected to grow at a higher CAGR, of around 5.9 percent, in the coming years. For instance, more than 2 million diabetics have foot ulcers in the U.S. annually.
With a market share exceeding 40 percent, hospitals led the market in 2021. This was because of the comprehensive care that patients with wounds receive from trained personnel in inpatient hospital facilities.
Moreover, due to the trend of home isolation brought on by the COVID-19 pandemic and surge in the senior population, the home healthcare category is predicted to register the highest rate of growth, of more than 6 percent, in the future.
In the past, North America held an over 43 percent share in the global advanced wound care market, driven by the growing elderly population and rising rates of obesity, diabetes, burns and motor vehicle accidents.
Halfway across earth, the aging population, growing diabetes prevalence and rising burn cases are set to drive the product demand in APAC at the highest CAGR. In addition, the increase in the chronic illness prevalence brought on by the changing lifestyles is driving this growth in the region.
The “Advanced Wound Care Management Market – Growth, Trends, COVID-19 Impact, and Forecasts (2022 – 2027)” report from ResearchAndMarkets.com states that the advanced wound care management market is mainly driven by technological advances, ageing population, problems associated with ineffective traditional wound healing methods, initiatives taken by the government, and a pressing need for swift and safer treatment of chronic wounds.
In addition, benefits such as shorter hospital stays in order to reduce the surgical health care expenses and the growing inclination toward products that enhance therapeutic outcomes are also driving the demand for the advanced wound care management market. However, the high cost associated with the treatment and reimbursement issues for the new technologies serve as factors which hinder the market.
