Advanced Wound Management Market Projected to Grow at a CAGR of 9.3% During the Forecast Period 2021-2026

Advanced Wound Management Market Projected to Grow at a CAGR of 9.3% During the Forecast Period 2021-2026

Advanced Wound Management Market
Demand for Advanced Wound Management Market Is Expected to Rise as the Number of Chronic Diseases Is Also Increasing Worldwide

Advanced Wound Management Market size is estimated at $10.2 billion in 2020, projected to grow at a CAGR of 9.3% during the forecast period 2021-2026. Advanced Wound Management assists in the treatment of acute and chronic wounds with specialized wound dressings. Foam dressings and hydrogels, pressure ulcers are types of these products. Hydrogels are a natural healing process that aids in wound healing and protect against the elements. The therapy devices are segmented into Hyperbaric Oxygen Equipment, Pressure Relief Devices, Electromagnetic Therapy Devices and others. Alginates dressings are usually used to treat releasing wounds and other treatments such as negative pressure wound treatment, which help to clear infection from wounds. The major factor driving the growth of this market is the increasing prevalence of chronic and surgical wounds, as well as technological advancements. Furthermore, an increase in the number of cases of skin burns is expected to boost the overall market demand for Advanced Wound Management market. Advanced wound care solutions for pressure ulcers are cutting-edge products that have been introduced to help patients with wound-related issues like ulcers and diabetes. The increase in diseases that take a long time to heal necessitates the development of innovative wound care solutions for better treatment. According to the International Diabetes Federation (IDF), there are currently over 460 million people aged 20 to 79 living with diabetes worldwide, with this figure predicted to grow to 700 million by 2045 driving the demand for Advanced Wound Management Demand Forecast.

Advanced Wound Management Market Segment Analysis – By Wound Type

Based on Product Type, Advanced Wound Management market is segmented into Chronic Wound – Diabetic Foot Ulcer, Pressure Ulcer, Arterial and Venous Ulcer and Other Chronic Wound, Acute Wound – Surgical Wounds, Burns and Other Acute Wounds. Chronic Wound accounted for the largest revenue market share in 2020. Chronic wounds are infections that haven’t responded well to treatment during the healing process. The costs of treating untreated wounds are significantly higher than the costs of treating a normal illness. Chronic wound diseases affected about 5.7 million people in the United States in 2018, according to data released by the US National Library of Medicine. Owing to the disease’s high prevalence, there will be many opportunities for companies in the industry to expand. The high priority placed on early diagnosis and treatment of chronic diseases would also aid in the Advanced Wound Management market expansion. Acute Wound segment is anticipated to grow with the fastest CAGR of 9.9% in the forecast period 2021-2026. This is attributed to the rise in the geriatric population, R&D in acute wound care goods, an increase in support for wound care studies, and the expansion of wound care awareness programs. As a result, there is a strong demand for Acute Advanced Wound Management products among healthcare providers and patients, which drives the Advanced Wound Management market.

Advanced Wound Management Market Segment Analysis – By Product Type

Based on Application, Advanced Wound Management Market is segmented into Active Wound Care – Skin Substitutes and Growth Factors, Wound Dressings – Film Dressings, Foams Dressings, Hydrogel Dressings and Collagen Dressings, Therapy Devices – Negative Pressure Wound Therapy, Pressure Relief Devices, Hyperbaric Oxygen Equipment, Electromagnetic Therapy Devices, Compression Therapy and Others. Active Wound Care accounted for the largest revenue market share in 2020. To facilitate skin wound healing, active wound care is used to remove devitalized and/or necrotic tissue. When an extensive cleaning of a wound is necessary prior to the application of dressings or skin replacements over or onto a wound that is attached with dressings, these services are billed. Burns and wound cases are expected to increase in the United States, propelling the segment forward. According to the American Burn Association (ABA), about 486,000 people in the United States received medical attention for burn injuries in 2016. In addition, infection complications were found to be the most common in burn patients, according to the report. Over the forecast period, the growing number of diabetes cases around the world is expected to drive segment growth. According to the CDC, approximately 5.7 percent of people in the United States were diagnosed with Type 1 diabetes in 2018, and approximately 15.8 percent of this diabetic population has diabetic wounds or diabetic ulcers compact Advanced Wound Management market. Therapy Devices segment is anticipated to grow with the fastest CAGR of 9.6% during the forecast period 2021-2026. This is to an increase in the incidence of chronic diseases such as diabetes and obesity, as well as a rise in demand for innovative in products for pressure ulcers, Hyperbaric Oxygen Equipment and advanced wound care products, thereby, expanding the Advanced Wound Management Demand Forecast Market.

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Advanced Wound Management Market Segment Analysis – By Geography

Based on Geography, North America Advanced Wound Management Market is accounted for the 37% revenue share in 2020 owing towards the rising road accidents, sports injuries, and the presence of several key players in the region. The high prevalence of chronic diseases, especially in the United States, will provide numerous opportunities for companies operating in this region to expand their business capabilities. Furthermore, the presence of appropriate insurance reimbursement programs in this region will contribute to a greater acceptance of chronic wound care. The rising prevalence of chronic diseases, especially diabetes, and the country’s aging population are the primary drivers of segment development. According to the United States Census Bureau, the population of people aged 65 and up increased by 1.6 million from 2016 to 2017 is accelerating market expansion across the region. Industry growth would be fueled by rising adoption of technologically advanced products like pressure ulcers and Hyperbaric Oxygen Equipment and rising disposable income in emerging economies aiding towards the Advanced Wound Management market. Asia-Pacific is predicted to be the fastest growing region during the forecast period owing towards the government initiatives in cardiac imaging and an increase in the number of research partnerships. Furthermore, the rapidly developing medical tourism industry in these countries can be blamed for the rise in demand for advanced wound management in this region. According to the Directorate-General of Commercial Intelligence and Statistics of India’s study on Export Health Services, India had 58,300 medical tourists on medical visas in 2017-2018 driving the market growth.

Advanced Wound Management Market Drivers

The Increasing Product Launches Along With Research And Development Activities

The advanced wound management market is anticipated to develop novel wound care management products worldwide over the forecast period. In February 2019, Axio Biosolutions, an Indian medtech firm, launched MaxioCel, a chitosan-based next-generation wound care dressing, in New Delhi, India. Patients with chronic wounds such as pressure ulcers, diabetic foot ulcers, venous leg ulcers, cavity wounds, skin abrasions, and post-operative surgical wounds should find relief and faster healing with this medication and therapeutic devices like Hyperbaric Oxygen Equipment. For instance, the Indian Institute of Technology (IIT) Ropar’s biomedical engineering department, in collaboration with Ohio State University in the United States, created a potential targeted therapeutic technique that could help diabetic patients undergoing surgical procedures for chronic or acute injuries. Researchers indicated that new-age technology, which has shown promising results in small animals like rats, may be beneficial to millions of diabetic patients and help medical professionals provide better care. The technique is currently undergoing clinical trials, aiding growth towards the Advanced Wound Management Demand Forecast Market.

Advanced Wound Management Market Challenges

Decline In The Number Of Healthcare Employees

The market’s development is also projected to be hampered by a shortage of doctors and nurses. For instance, the World Health Organization (WHO) estimates that India is short 600,000 doctors and 2 million nurses. In India in 2019, there was only one government doctor for every 10,189 residents. Furthermore, a large portion of the population in middle-income countries lives in rural areas. In rural areas, healthcare services like Hyperbaric Oxygen Equipment for wounds are not readily accessible. People living in many rural areas lack access to basic healthcare restraining the market growth. Strict regulatory requirements and a shortage of standardization resources in some developed and developing countries are two major factors that are expected hinder Advanced Wound Management market growth. Furthermore, although various bio-engineered dressings are available, physicians prefer conventional and simple wound care products for pressure ulcers owing to low cost, which is expected to pose a challenge to the Advanced Wound Management.

Advanced Wound Management Market Landscape

Product launches, mergers and acquisitions, joint ventures and geographical expansions are key strategies adopted by players in the Advanced Wound Management Market. The market’s top 10 companies are GEMCO Medical, Baxter International Inc., Coloplast A/S, The 3M Company, Johnson & Johnson, Medtronic plc, Kinetic Concepts, Inc., Smith & Nephew plc, Mölnlycke Health Care, Acelity L.P. Inc., and Derma Sciences.

Acquisitions/Product Launches

In October 2020, Johnson & Johnson acquired Momenta Pharmaceuticals, a corporation that discovers and creates new therapies for immune-mediated diseases for $6.5 billion in cash. This acquisition will have a positive impact on the company’s growth.

In March 2020, Smith & Nephew plc launched PICO 14 Single Use Negative Pressure Wound Therapy System (sNPWT), which has a pump life of up to 14 days. The new pump incorporates the functionality and benefits of previous PICO sNPWT models, as well as an improved pump that needs less user interaction. This cutting-edge framework incorporates additional design enhancements that aid in patient management and health-care professional performance.

Key Takeaways

The demand for Advanced Wound Management market is expected to rise as the number of chronic diseases is also increasing worldwide.

Geographically, North America Advanced Wound Management Market held the largest revenue share of 37% in 2020 owing to the involvement of potential players who are developing innovative products and more government schemes and investments in healthcare. In the final report, the scope of the Advanced Wound Management Market for various regions will be given.

The authorities and governments take more steps to strengthen healthcare services and raise awareness about the benefits of advanced wound care products like pressure ulcers, thereby driving the Advanced Wound Management Demand Forecast Industry.

Detailed analysis on the Strength, Weakness and Opportunities of the prominent players operating in the market is provided in the Advanced Wound Management Demand Forecast Market.

Related Reports :

A. Wound Care Treatment and Management Market

B. Medical Dressings Market

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