Global Advanced Wound Care Market is set to exceed USD 13 billion by 2024; according to a new research report by Global Market Insights. Rising geriatric population base that are at high risk of developing chronic wounds will support the demand of advanced wound care products. Rising patient pool suffering from chronic wounds causes significant cost burden on healthcare systems across the globe. The existing and rising cost burden of these chronic wounds is predicted to drive the investments in advance wound care technology rendering significant positive impact on industry growth. However, prohibitive cost of advance wound care products that often undermines treatment affordability will impede the Advanced Wound Care Market growth in foreseeable future.
Increasing incidences of chronic diseases such as diabetes, obesity and consequent rise in incidences of chronic wounds will drive the market over the forecast period. Impaired or delayed wound healing in chronic diseases as well as after surgical procedures poses serious threat to patients and put them at risk of infection, amputation and even death. As a result, unmet need of superior healing technologies that enable rapid healing is prevailing in the global Advanced Wound Care Market.
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Wound dressing segment accounted for highest revenue share in 2018 and is estimated to show 4.9% CAGR during the forecast period. Wound dressings can be used for several types wounds like burns, necrotic wounds, venous ulcers, stalled wounds, open wounds as well as broken areas of skin. Such wide range of applications contributes to high demand over the forecast timeframe. Advanced wound dressings such as low trauma hydrocolloidal dressings promote oxygen circulation around the wound, promoting wound healing. Hydrocolloidal dressings are latex free and biocompatible with the patient’s body. Such advantages of advanced wound dressings will further contribute to segment growth.
Surgical wounds segment dominates the advanced wound care market with revenue USD 3.1 billion in 2018 and the scenario is likely to remain so over the analysis period. Segmental growth is attributable to rise in number of surgical procedures owing to rising incidence of chronic and infectious diseases worldwide. Rising number of surgical procedures and consequent increase in incidences of surgical wounds and infections will boost the segment growth.
A pivotal factor that would contribute substantially to the demand for advanced wound care is the increasing rate of the geriatric population around the world. According to the World Population Prospects, the number of older adults aged 60 years and above is expected to double by 2050 from 962 million in 2017 to 2.1 billion in 2050. Likewise, the American Diabetes Association (ADA) claims that over 25% of the population aged 65 within the United States suffer from diabetics. The geriatric population is invariably linked to reduced functional status and high risk of institutionalization, and they are also more receptive to complications including both chronic microvascular and cardiovascular complications.
The report by ADA further suggested that older adults with diabetes have the highest rates of lower limb amputations along with other complications that include visual impairment, myocardial, and end-stage renal disease. The overall elderly population base susceptible to chronic wounds will thus lead to increased cost burden on the healthcare systems throughout the world, which is estimated to direct investments in developing advanced wound care technology. This would quite overtly, have a transformational impact on the remuneration portfolio of the global advanced wound care market.
U.S. advanced wound care market accounted for USD 3.7 billion in 2018 and is estimated to show lucrative growth over the forecast period due to rising number of surgical procedures and high awareness about wound care. Increasing incidences of chronic diseases such as diabetes and consequent foot ulcers will drive the regional demand. Unhealthy eating habits, sedentary lifestyle further expected to boost prevalence of chronic diseases rendering positive impact on industry growth in coming years.
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Some of the prominent players involved in advanced wound care market are Medtronic, Smith and Nephew, 3M, Derma Sciences, Acelity, Mölnlycke, Integra LifeSciences Corporation, Organogenesis, MPM Medical, Human Biosciences, Hollister Incorporated, Beiersdorf global, HARTMANN International, and Medline Industries. These firms are adopting strategies like mergers and acquisitions, geographical expansion and new product launch to reap benefits in advanced wound care industry.