Advanced Wound Care Market

Advanced Wound Care Market Analysis by Application (Chronic, Acute Wounds); by Indication (Diabetic Foot Ulcers, Pressure Ulcers, Surgical Wounds, and Others); by Product Type (Advanced Wound Dressings, Wound Care Devices, Active Wound Care, Exudate Management, and Infection Management); and by End-User (Hospitals, Specialty Clinics, and Home Healthcare) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2033

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Report ID: 2509 | Published On: Feb 07, 2023

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Despite Inflation & Recession News, Businesses Across the Globe Expected to Do Better in 2023

In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.


In The News

  • Arch Therapeutics, Inc. declared the first shipments of AC5 advanced wound system under its new reimbursement program. AC5 was a synthetic self-assembling wound care product that allowed clinicians with multimodal support in all stages of the wound healing process.

  • Convatec Group PLC entered into an agreement to acquire Triad Life Sciences Inc which develops biologically derived innovative products to meet the requirements in surgical and chronic wounds and burns.


Global Advanced Wound Care Market Definition

Advanced wound care involves treating chronic or complex wounds with products that are not readily available without a prescription. Wound-care techniques can be categorized into general wound care and advanced wound care. Advanced wound care is a type of wound care that treats complicated wounds with medications that are more difficult to obtain than basic wound care, which treats simple wounds with readily available medications. To receive advanced wound care, patients usually need to seek treatment from a doctor or hospital equipped with an advanced wound care clinic.

Advanced wound care solutions are used to treat a variety of wound types, including surgical wounds, venous leg ulcers, pressure ulcers, and diabetic foot ulcers. These items are made to meet certain wound care requirements, such as creating a moist wound environment, getting rid of dead tissue, and encouraging the development of new tissue. The increased incidence of chronic diseases such as diabetes and obesity, which raise the chance of developing wounds, is what is increasing the demand for improved wound care. Furthermore, an older population and improvements in medical technology have increased surgical operations, which has increased the need for cutting-edge wound care solutions.

Specialized dressings, negative pressure therapy, and growth factor therapies are examples of advanced wound care products. Products for active wound treatment include tissue engineering products and biologically active wound care products. Moreover, there has been increase in the consumer demand and improvements in medical technology.


Global Advanced Wound Care Market: Key Insights

Base Year

2022

Forecast Year

2023-2033

CAGR

~7%

Base Year Market Size (2022)

~ USD 11 Billion

Forecast Year Market Size (2033)

~ USD 16 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)


Global Advanced Wound Care Market Size, Forecast, and Trend Highlights Over 2023 - 2033

The global advanced wound care market is estimated to garner a revenue of ~USD 16 Billion by the end of 2033 by growing at a CAGR of ~7% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of ~USD 11 Billion in the year 2022. Increasing disorders among people across the globe that take a long time to heal, such as anemia, cancer, and diabetes, are fueling the market’s growth. Chronic diseases, lifestyle disorders, and other autoimmune conditions can cause wounds and injuries sustained to not heal properly or at all. For instance, anemia is a disorder in which the body does not produce enough healthy red blood cells. This can cause slower healing of wounds, as its red blood cells are in charge of transporting oxygen throughout the body, and a shortage of oxygen can hamper the healing process.  As per the Centers for Disease Control and Prevention, the number of deaths per 100,000 population from anemia in the U.S in 2020 was 1.7 people.

Advanced-Wound-Care-scope.  The advanced wound care is used to heal the infection at a faster rate, as there is a high requirement to pay close attention to wounds arrived owing to diabetes. Therefore, rising cases of diabetes across the world are estimated to fuel the global advanced wound care market’s growth during the forecast period. In America, nearly 38 million people have diabetes as of 2021 as per the Centers for Disease Control and Prevention.


Advanced-Wound-Care-scope.
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Global Advanced Wound Care Market: Growth Drivers and Challenges

Growth Drivers

  • Growing Adoption of Technological Advancements such as Hydrocolloids, Hydrogels, Alginates, and Others – Conventional wound dressings can repair acute wounds in two to three months based on the area spread and depth of the skin tissue damaged. On the other hand, the chronic wounds may include bacterial infections, inflammation, ulcers, and diabetes. To heal such wounds significant care and implementation of complex wound-healing therapy are required. Some of these advanced wound healing methods are hydrocolloids, hydrogels, and duo-dermal patches, and are estimated to have a positive impact on the market growth.  According to observations, 97% of people around the globe preferred using hydrocolloid dressing compared to conventional daily dressing owing to its convenience, intrinsic healing properties, and lack of infections.

  • Elevating Zinc Deficiency in Diet – Zinc is a necessary mineral that is important for numerous body processes, including the healing of wounds. A zinc shortage can result in slower wound healing and a higher risk of infection. As per the estimations, 18% of the global population is at risk of zinc deficiency on account of an imbalanced diet.

  • Rising Number of Wound Healing Disorders, Such as Circulatory Deficiency, Malnutrition, and Sepsis – Poor blood flow to the wound site, or circulatory insufficiency, can cause a wound to heal slowly and risk infection. Diabetes, peripheral artery disease, and venous insufficiency are also a few possible causes of slow-healing wounds. Moreover, slow wound healing is also frequently brought on by malnutrition, and it is expected to increase the market’s growth in the upcoming years. The mortality rate of sepsis in adults in 2019 was 201,000 in the U.S. as observed.

  • Increasing Prevalence of Vitamin D Deficiency – The immune system's correct operation as well as the preservation of strong bones, muscles, and skin depend on vitamin D. Poor wound healing is one of the health issues caused by a vitamin D deficiency. As per the survey, 1 in 6 adults in the UK suffers from vitamin D deficiency as of 2021.

  • Growing Surgical Procedures Around the World – The number of patients needing post-operative wound care rises along with the frequency of surgical operations. The quantity and complexity of surgeries have increased as a result of developments in medical technology. According to the data available, the number of major surgical procedures performed worldwide each year was ~230 million.

Challenges

  • Expensive Nature of Wound Care Products - Advanced wound care products are highly expensive compared to general wound care products, which prevents their adoption in developing economies. The majority of patients and doctors in such economies opt for wound care treatments that are less expensive. Hence, the factor is projected to hinder market growth in the coming years.
  • Declining Patient Visits for Wound Care
  • High Risks Associated with the Usage of Advanced Wound Care Products


Global Advanced Wound Care Market Segmentation

The global advanced wound care market is also segmented and analyzed for demand and supply by end-user into hospitals, specialty clinics, and home healthcare. Out of these, the hospital segment is anticipated to hold the largest market size by the end of 2033. This can be attributed to the large number of patients who require sophisticated wound care, and/or are admitted to hospitals, either for surgery or the treatment of chronic illnesses such as diabetes or pressure ulcers. Hospitals also have the equipment and people needed to offer sophisticated wound care, such as growth factor treatments and negative pressure wound therapy. It was found, for instance, that there are about 6,100 hospitals in the United States in 2022.

The global advanced wound care market is segmented and analyzed for demand and supply by application into chronic wounds, and active wounds. Out of these, chronic wounds are anticipated to hold the largest market size by the end of 2033 on account of the increasing prevalence of chronic wounds as in the case of diabetes, pressure ulcers, and other diseases. The incidence of chronic ulcers in 2018 was over 2 people per 1000 population and for chronic leg ulcers, it ranges at 1 person per 1000 people.

Our in-depth analysis of the global advanced wound care market includes the following segments:

            By Application

  • Chronic Wounds
  • Acute Wounds

 

             By Indication

  • Diabetic Foot Ulcers
  • Pressure Ulcers
  • Surgical Wounds
  • Others

             By Product Type

  • Advanced Wound Dressings
  • Wound Care Devices
  • Active Wound Care
  • Exudate Management
  • Infection Management

             By End-User

  • Hospitals
  • Specialty Clinics
  • Home Healthcare
 


Global Advanced Wound Care Market Regional Synopsis

The North America advanced wound care market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2033. A strong healthcare infrastructure and an increase in surgical operations are anticipated to rise the market’s growth in the region. Thus, the adoption of advanced wound care treatments to stop surgical site infections is growing. The market is also expected to be driven by an increase in the frequency of incidents such as traffic accidents, burns, and trauma events worldwide. Additionally, rising disposable income to spend on facial corrections and growing awareness among people regarding advanced wound healing are estimated to propel the market’s growth during the forecast period. In 2019, about a 2% increase is observed in per capita disposable income in the North America region, as per the estimations. Furthermore, the expansion of the global market in this region is being aided by the rising number of acquisitions made by renowned businesses based in North America. The growth is also supported by demographic shifts, rising patient awareness, and a highly developed market for wound care products.

Advanced-Wound-Care-regional.
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Top Featured Companies Dominating the Global Advanced Wound Care Market

    • Smith & Nephew
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Molnlycke Health Care AB
    • Convatec Group PLC
    • Baxter International, Inc.
    • SteadMed Medical, LLC
    • Coloplast Corp.
    • Medtronic plc
    • 3M
    • Integra LifeSciences Corporation
    • Medline Industries, LP.

Key Questions Answered in the Report

1) What are the major factors driving the growth of the advanced wound care market?

Ans: Increasing zinc and vitamin D deficiency in diet are the major factors driving the growth of the advanced wound care market.

2) What would be the CAGR of advanced wound care market over the forecast period?

Ans: The market is anticipated to attain a CAGR of ~7% over the forecast period, i.e., 2023 – 2033.

3) What are the challenges affecting the advanced wound care market growth?

Ans: Lack of reimbursement policies and the expensive nature of wound care products are the challenges affecting the market growth.

4) Which region will provide more business opportunities for growth of advanced wound care market in future?

Ans: The market in the North America region is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.

5) Who are the major players dominating the advanced wound care market?

Ans: The major players in the market are Smith & Nephew, Molnlycke Health Care AB, Convatec Group PLC, Baxter International, Inc., SteadMed Medical, LLC, Coloplast Corp., Medtronic plc, 3M, Integra LifeSciences Corporation, Medline Industries, LP.

6) How are the company profiles selected?

Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.

7) What are the segments in the advanced wound care market?

Ans: The market is segmented by application, indication, product type, end-user, and by region.

8) Which segment captures the largest market size in application in the advanced wound care market?

Ans: The chronic wounds segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.

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