USD 6.7 billion
Advanced Wound Care Market Size, Share, Growth Analysis, By Product (Dressings, Devices & Accessories, Grafts & Matrices, Topical Agents), By Wound Type (Surgical & Traumatic Wounds, Diabetic Foot Ulcers, Pressure Ulcers, Venous Leg Ulcers), By End User (Hospital, ASCs and Wound Care Centers, Home Care, Other), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG35D2182 |
Region:
Global |
Published Date: August, 2024
Pages:
157
|Tables:
96
|Figures:
76
Advanced Wound Care Market Insights
Global Advanced Wound Care Market Size was valued at USD 6.7 Billion in 2022 and is poised to grow from USD 7 Billion in 2023 to USD 10.8 Billion by 2031, at a CAGR of 5.4% over the forecast period (2024–2031).
The advanced wound care market is driven by several factors including the increasing senior population that is more prone to chronic conditions and wounds like pressure sores, diabetic ulcers, and more. Moreover, highly prevalent conditions like venous insufficiency, diabetes, and peripheral artery disease are increasing, resulting in rising cases of chronic wounds that need advanced care. These are some of the major factors driving the advanced wound care market. However, the high cost of advanced wound care therapies and products might negatively impact the market growth. High prices of these products could restrain their accessibility in underdeveloped economies or for individuals without insurance coverage. Nonetheless, the expansion of emerging markets like Latin America, and Asia Pacific offers major growth potential for these products.
Market Snapshot - 2024–2031
Global Market Size
Largest Segment
Surgical
Fastest Growth
Traumatic
Growth Rate
5.4% CAGR
Global Advanced Wound Care Market ($ Bn)
Country Share for North America Region (%)
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Advanced Wound Care Market Segmental Analysis
The Global Advanced Wound Care Market is segmented by Product, Wound Type, End User, and Region. Based on Product, the market is segmented into Dressings, Devices & Accessories, Grafts & Matrices, and Topical Agents. Based on Wound Type, the market is segmented into Surgical & Traumatic Wounds, Diabetic Foot Ulcers, Pressure Ulcers, Venous Leg Ulcers, and Burn & Other Wound. Based on End User, the market is segmented into Hospital, ASCs and Wound Care Centers, Home Care, and Other. By Region, the market is segmented into North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America.
Advanced Wound Care Market Analysis by Wound Type
Based on wound type, the diabetic foot ulcers segment is projected to witness maximum growth over the forecast period owing to the rising prevalence of diabetes and growing elderly population. The segment is gaining popularity due to the increasing number of diabetic patients that demand better care. Diabetic foot ulcers are widespread complication of diabetes and are challenging to manage, hence impacting the segment growth.
On the other hand, the pressure ulcers segment is expected to grow at a considerable rate since these types of wounds are more prevalent in individuals with limited mobility. Also, the growing senior population and increasing awareness about pressure ulcers are propelling the popularity of this segment.
Advanced Wound Care Market Analysis by End-User
Based on end user, the hospital segment is anticipated to hold a major share of the advanced wound care market since hospitals have many admissions of patients suffering from severe or complex wounds comprising traumatic wounds, surgical wounds, chronic wounds, and pressure ulcers. Such high patient volume is majorly demanding advanced wound care services in hospitals.
On the other hand, the home care segment will lead the market in the coming years owing to the growing preference for home-based care. Patients are increasingly choosing home-based care as compared to hospital stays owing to the convenience offered and cost-effectiveness. Patients who need long-term care and chronic wounds mostly choose home care instead of hospital care. This preference is significantly impacting the growth of home care segment.
Global Advanced Wound Care Market Size By Wound Type
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Advanced Wound Care Market Regional Insights
Geographically, North America is dominating the advanced wound care market share due to reasons like advanced healthcare infrastructure and growing cases of chronic diseases. Nations like Canada and the United States hold well-developed healthcare facilities comprising advanced medical technologies and services, supporting the regional growth. Moreover, the rising cases of chronic diseases like diabetes that lead to complicated wounds are prevalent in North America. Therefore, the need to manage these conditions is fueling the market in the region. The leading players operating in North America include Smith & Nephew, Baxter International, Medtronic, 3M, and more.
The advanced wound care market share in Asia-Pacific is progressing at a speedy rate owing to better economic growth and rising healthcare infrastructure. Countries like India, China, and Southeast Asian countries are witnessing speedy economic growth. This development is aiding enhance healthcare infrastructure and spending on improved medical technologies like wound care services. Also, the modernization of healthcare infrastructure in the region is supporting the increased use of advanced wound care services. New clinics, hospitals, and better facilities of healthcare are being added with advanced wound care therapies and products.
Global Advanced Wound Care Market Size By Geography
- Largest
- Fastest
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Advanced Wound Care Market Dynamics
Advanced Wound Care Market Drivers
Advances in Technologies and Improving Healthcare Infrastructure
- Improvements and innovations in wound care products like (NPWT) negative pressure wound therapy, advanced dressings, and bioengineered tissues are increasing treatment alternatives and enhancing outcomes. Advancements in healthcare infrastructure and rising investments in facilities on the global scale improve the availability and the application of advanced wound care treatments. These factors are propelling the advanced wound care market growth.
Growing Number of Surgical Procedures and Focus on Cost-Efficient Solutions
- The growth of surgical procedures comprising emergency and elective surgeries results in growing cases of surgical complications and wounds, thus impacting the demand for advanced wound care services. Moreover, these products mostly decrease healing time and avoid complications. This leads to reduced overall healthcare prices that encourage adoption.
Advanced Wound Care Market Restraints
Challenges Associated with Reimbursements
- Inconsistent reimbursement policies for advanced wound care treatments might hamper the use and patient access. Fluctuations in reimbursements rates and insurance coverage impact the advanced wound care market growth.
Regulatory Challenges and Low Awareness
- Regulatory approval procedure for fresh wound care products may be costly and lengthy. Regulatory requirements in different regions might delay market entry and product availability. Furthermore, lack of awareness in the unexplored regions might lessen the utilization of these products, technologies, and treatments.
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Advanced Wound Care Market Competitive Landscape
Advanced Wound Care Market providers need to focus on maximizing their business scope by reaching into new markets and developing advanced wound care for different industrial and personal uses. Raising new capital to fund their R&D and business expansion efforts will be essential for new advanced wound care companies going forward. The development of custom robots for specific applications across different industry verticals will also help companies expand their sales potential in the future.
Top Player’s Company Profiles in Advanced Wound Care Industry
- Smith & Nephewplc (UK)
- Molnlycke Health Care AB (Sweden)
- Coloplast A/S (Denmark)
- 3M Company (US)
- ConvaTec Group Plc (UK)
- Medtronic plc (US)
- Integra LifeSciences Corporation (US)
- Cardinal Health, Inc. (US)
- B. Braun Melsungen AG (Germany)
- Organogenesis Inc. (US)
- Hollister Incorporated (US)
- Ethicon Inc. (Johnson & Johnson) (US)
- Argentum Medical LLC (US)
- Medline Industries, Inc. (US)
- PAUL HARTMANN AG (Germany)
- Baxter (US)
- Urgo Medical (US)
- MiMedx (US)
- HAROMED B.V. (Belgium)
- PENSAR MEDICAL, LLC (US)
Recent Developments in Advanced Wound Care Industry
-
In April 2023, 3M’s modernized 3M™ Veraflo™ Therapy, got its first FDA clearance for hydromechanical elimination of infectious materials, wound debris, and non-variable tissue, which decreases the amount of surgical debridement needed, while helping granulation tissue formation, making a wound healing environment.
-
In July 2023, Coloplast signed a contract to purchase Kerecis, an emerging biologic wound care company for USD 1.3 billion. With this acquisition, Coloplast will increase its presence in the market with the help of Kerecis by entering high-growth, United States-centric biologics segment.
-
In May 2024, Convatec declared clinical study results from the latest multinational RCT (randomised controlled trial) presenting notable improvements in venous leg ulcers healing using AQUACEL® Ag+ Extra™ in comparison with the conventional dressing care.
Advanced Wound Care Key Market Trends
Smart Wound Sensors and Dressings:
- Advanced wound care enterprises are emphasizing on incorporating AI-based electronic devices and advanced sensors to monitor different parameters like moisture, pH level, temperature, and bacterial presence at the wound area.
Advanced Wound Care Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, geriatric population and rising cases of chronic diseases are propelling the advanced wound care market. However, complexity of treatments and low awareness and education in the unexplored areas are expected to hamper the growth of the advanced wound care market. North America is dominating the market due to the growing number of innovations and research, advanced healthcare infrastructure, and heavy spending in healthcare. Furthermore, the growth of personalized medicine and growing adoption of digital health services are creating opportunities for the market's growth.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 6.7 Billion |
| Market size value in 2031 | USD 10.8 Billion |
| Growth Rate | 5.4% |
| Base year | 2023 |
| Forecast period | 2024–2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Advanced Wound Care Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Advanced Wound Care Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Advanced Wound Care Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Advanced Wound Care Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Advanced Wound Care Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Advanced Wound Care Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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