A report from ResearchAndMarkets.com’s states that the global traditional wound management market is expected to reach $7.7 billion by 2028 and is expected to expand at a CAGR of 3.7% from 2021 to 2028.
The rising incidence of chronic diseases, increasing number of accidents and rising number of ambulatory surgery centers (ASCs) are key factors driving for the market.
The global increase in the incidence of chronic diseases such as diabetes, cancer and other autoimmune diseases is one of the key factors for market growth. Factors such as the adoption of unhealthy and sedentary lifestyles, alcohol consumption and smoking are contributing to the rise in the prevalence of non-communicable diseases. Cancer has been a global health care burden as it is one of the leading causes of death. Most surgical wounds post-cancer surgery are relatively large in size and deep, producing exudate that requires regular care.
The wound care products such as bandages, medical tapes and gauze help to manage large wounds, significantly reducing the risk of further infection. According to the estimates from the WHO, in 2018, one in five men and one in six women globally develop cancer during their lifetime.
Moreover, as per reports published by WHO, 18.1 million new cancer cases have been reported in 2018, globally. In addition, it also reported that over 70.0% of cancer-related deaths typically occur in middle- and low-income countries. Furthermore, the rising prevalence of chronic conditions and the number of surgeries being performed have also increased globally. These factors are anticipated to positively impact market growth over the forecast period.
According to ResearchAndMarkets.com, in terms of revenue, the acute wounds segment held the largest revenue share in 2020 owing to the rising cases of accidents and trauma globally. The gauze segment held the largest share in 2020 owing to its wide range of applicability in various types of injuries and availability of numerous products. The hospital segment dominated the market and held the largest revenue share in 2020 due to the rising cases of burns and surgeries. In Asia Pacific, the market is expected to witness the fastest growth rate over the forecast period owing to the rising number of diabetic patients in this region.
A report from ResearchAndMarkets.com states that the global wound care market size is expected to reach $27.21 billion by 2028 registering a CAGR of 4.1%. A rising prevalence of chronic diseases and growing geriatric population are key factors driving the global market. An increasing number of ambulatory surgical centers (ASCs) across the globe is also anticipated to boost market growth over the forecast period. Ambulatory surgical centers offer a variety of services, such as surgical care, diagnostics and preventive procedures.
Surgeries for pain management, urology, orthopedics, restorative and gastro-intestinal (GI)-related surgeries are also performed in ASCs. Earlier, ASCs were only capable of performing GI-related minor surgeries; however, with the rising demand for minimally invasive surgical procedures, services offered by ASCs expanded and grew exponentially. In addition, ASCs are highly cost-effective as favorable reimbursement coverages are provided for ASC services. The chances of contracting post-surgical, hospital-related infections are also reduced.
ASCs provide specific instructions to patients regarding post-surgical homecare. According to the U.S. Department of Health and Human Services (HHS) data records of 2014, there were 17.2 million hospital visits. These included invasive, therapeutic surgeries, and ambulatory surgeries. Around 9.94 million (57.8%) of these surgeries occurred in hospital-owned ambulatory surgery settings and the remaining 7.26 million surgeries (42.2%) were conducted in hospitals.
In terms of revenue, the advanced wound dressing segment held the largest share in 2020 owing to the increasing cases of chronic diseases and rising adoption of advanced wound care products, according to the report.
The acute wounds application segment held the largest revenue share in 2020 owing to the increased number of surgeries and burn cases, the report added.
The Asia Pacific region is expected to be the fastest-growing regional market over the forecast period owing to the increasing number of surgeries and burns cases in this region, the report stated.
