Advanced wound care management involves specialized medical products such as growth factors, skin grafts, and healing devices used for treating complicated or chronic wounds. Different types of wounds treated using advanced wound care products include pressure ulcers, venous ulcers, diabetic ulcers, and surgical wounds. Advanced wound care products are used in hospitals, specialty wound care clinics, and long-term care facilities. These products assist in faster healing of complicated wounds that are not treatable with traditional gauze and tape dressings.
The global advanced wound care management market is estimated to be valued at US$ 14095 million in 2024 and is expected to exhibit a CAGR of 2.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
Increased incidence of chronic wounds: According to the estimates provided by the National Institutes of Health (NIH), chronic wounds affect over 6.5 million patients in the US annually. Factors such as aging population, diabetes, obesity, and lifestyle-related illnesses have increased the prevalence of chronic wounds globally. Advanced wound care products play a major role in effective management of chronic wounds which do not heal naturally and that too are expected to be flourished by this driver. These products help in faster healing of pressure ulcers, venous ulcers, and diabetic foot ulcers.
Segment Analysis
The advanced wound care management market size can be segmented into chronic wounds and acute wounds. Chronic wounds dominating the market and accounts for over 70% share majorly owing to increasing prevalence of diabetic foot ulcers, pressure ulcers and venous ulcers. Within chronic wounds, diabetic foot ulcers are the largest segment given the rising cases of diabetes across globe.
PEST Analysis
Political: Governments across regions are focusing on improving healthcare facilities and introducing favorable reimbursement policies for advanced wound care products. This is positively impacting market growth.
Economic: Rising per capita healthcare spends coupled with economic growth in emerging economies is fueling the demand. However, high costs of advanced wound care products remains a challenge.
Social: Growing geriatric population which is more prone to chronic wounds and awareness about availability of advanced treatment options is driving the social factors.
Technological: Developments in wound dressing materials, skin grafts and substitutes along with focus on developing affordable options are helping expand market reach.
Key Takeaways
The global advanced wound care management market is expected to witness high growth over the forecast period of 2023 to 2030. The global advanced wound care management market is estimated to be valued at US$ 14095 million in 2024 and is expected to exhibit a CAGR of 2.7% over the forecast period 2023 to 2030.
Regional analysis: North America dominates currently owing to developments in technologies and healthcare infrastructure in the region. However, Asia Pacific is poised to grow at the fastest pace led by China and India on account of rising medical tourism and focus on improving healthcare.
Key players operating in the advanced wound care management market are Smith & Nephew, Mölnlycke Health Care AB, ConvaTec Group Plc, Coloplast Corp, 3M, Integra LifeSciences Holdings Corporation. Some other major companies offering advanced wound care products include B. Braun Melsungen AG, Baxter International Inc., Derma Sciences Inc., and Medline Industries.
