Market Overview
The global advanced wound care market is estimated to reach a market value of USD YY million by 2027 from an initial market value of USD YY million in 2019. The market is forecasted to grow at a CAGR of 4.92% in the period 2022-2029.
Increasing ageing population, advancements in technologies, rising prevalence of diabetics, increasing patient awareness, raising patient healthcare expenditure are the major factors driving the growth of the market
The growing prevalence of diabetic patients with ulcer and wound disorders and an increasing number of traumatic injuries, especially severe burn injuries, led to the significant requirement of hydrogel dressings for wound care. In addition, increasing acceptance of hydrogel dressings as a substitute for conventional gauze for advanced wound care is one of the key drivers of the market.
Advanced Wound Care is a consolidated market with the top four companies, Acelity, Smith & Nephew, Molnlycke, and ConvaTec are the major companies in the industry.
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Market Dynamics
The growing incidence of chronic ailments such as diabetes is driving the growth of the global advanced wound care market.
Diabetic patients exhibit a documented impairment in the healing of acute wounds. This may lead to severe wound infections. The diabetic population is prone to develop chronic non-healing diabetic foot ulcers (DFUs), which are estimated to occur in 15% of all persons with diabetes
The rise in life expectancy in developed countries will increase the demand for wound care devices in the next few years.
Thus, as a consequence, the prevalence of diabetes and conditions affecting wound-healing capabilities are expected to increase over the forecast period (2022-2029), leading to a rising in demand for wound care products.
Industry Forces – Epidemiology
A diabetic foot ulcer is the most common diabetic complication. It is also a leading cause of non-traumatic lower extremity amputations in the U.S., and approximately 15 to 25% of patients with diabetes who develop a foot ulcer will require an amputation.
COVID-19 Analysis
The COVID-19 outbreak will impact the advanced wound care market in the initial phase of the forecast period. Due to nationwide lockdowns, denied wound care services and cancelled or postponed elective surgeries, the advanced wound care market is expected to register a certain decline during the forecast period.
Many companies in the advanced wound care market are forced to halt their manufacturing and production operations, owing to spread of the virus. Moreover, business operations have been paused, owing to new government rulings, which directly influences revenue drift of the advanced wound care market.
Market Segmentation
- By Product
- By Wound Type
- By Region
By Product – Foam
Foam dressings are extremely penetrable, polyurethane-based dressings, available as cavity, pad and sheet dressings. Foams are used in a wide variety of injuries such as ulcers, sutures, minor burns, surgical insertions and heavily draining wounds.
The adoption of foam dressings is anticipated to rise regardless of their higher costs owing to ease of application and their flexibility in maintaining a moist atmosphere for a diverse range of wound types.
Prominent players in the foam wound dressing segment include 3M Company, Smith & Nephew plc, ConvaTec, Inc. Acelity, Molnlycke Healthcare, Medline Industries, Hollister, Hartmann Paul, Derma Sciences, and Coloplast among the others.
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Geographical Analysis
Europe is expected to grow at a significant growth rate owing to the rising prevalence of pressure ulcers diabetic foot ulcers, and government initiatives for wound management.
The rising prevalence of pressure ulcers in the region is expected to boost the market. In the UK, recent research from the NHS Improvement showed that treating pressure ulcers costs the NHS more than £XY per day and around 1700- 2000 patients per month develop pressure ulcers.
In June 2018, Smith & Nephew announced that the UK’s National Institute for Health and Care Excellence (NICE) has issued a Medtech innovation briefing (MIB) on the use of PICO single use Negative Pressure Wound Therapy (sNPWT).
The MIB reported the prophylactic use of the PICO as a more effective alternative to the standard surgical dressings in the prevention of surgical site complications (SSCs). According to them, this is the first and the only MIB published by the NICE on an NPWT device for preventing SSCs.
A major reason for the slowing growth in the European advanced wound care market has been stringent regulatory requirements for biological products.
Moreover, the effects of unfavourable reimbursement prices for NPWT devices have also shown a negative impact on the growth rate.
Competitive Landscape
Increasing research in the field of advanced wound care and the growing popularity of active wound care products will further provide opportunities in the wound care industry. Developing economies are expected to offer a wide range of growth opportunities for players in the market. The key players are adopting various strategies such as product launches, mergers & acquisitions, partnerships, and collaborations, which are contributing to the growth of the derma cosmetics market globally.
Trending Topic’s
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