New York, United States
Advanced Wound Care Market to Exhibit a CAGR of 5.1% by 2027; Rising Prevalence of Chronic Wounds to Promote Business
The global advanced wound care market size is expected to reach USD 15.59 billion by 2027, exhibiting a CAGR of 5.1% during the forecast period. The increasing cases of chronic wounds such as foot ulcers, pressure ulcers, and venous ulcers around the world can be a vital factor in bolstering the growth of the market. Moreover, the growing treatment of acute wounds in the developing nations will promote the growth of the market in the forthcoming years. “Advanced Wound Care Market Size, Share & Industry Analysis, By Product (Advanced Wound Dressings, Wound Care Devices, Active Wound Care), By Indication (Diabetic Foot Ulcers, Pressure Ulcers, Surgical Wounds, and Others), By End, User (Hospitals, Clinics, Homecare Settings, and Others), and Regional Forecast, 2020-2027” the market size stood at USD 10.43 billion in 2019. The advancement in treatment methods of wounds will create lucrative business openings for the market.
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
Instigation of Effective Therapies to Facilitate Colossal Development
The growing need for effective and proficient treatment of chronic wounds among patients will impel companies to introduce innovative therapies. The rising unmet patient needs is a critical factor expected to fuel demand for novel treatment options for patients in developing nations. The release of effective therapies for hard-to-heal chronic wounds by pre-eminent organizations will support the growth of the market. For instance, MTF Biologics, a global nonprofit organization innovating in tissue and organ donation for safe and sound healing, unveiled AminoBand viable membrane at the Wound Healing Society (WHS) conference in the U.S. Similarly, the constant R&D activities for the improvement in collagen dressings, skin grafts, and effective healing therapies will aid massive growth of the market in the foreseeable future. According to the National Institute of Health, diabetic foot ulcers cost an estimated USD 9 to USD 13 billion for treatment in the U.S. alone each year. In addition, the rising efforts of companies to reduce the treatment cost of acute and chronic wounds will subsequently enhance the market potential.
High-priced Therapies to Constrict Market Expansion
The high-cost associated with superior wound products will be a restricting factor for the growth of the market. The unfavorable reimbursement policies pertaining to wound care products such as negative pressure wound therapy, and skin grafts in emerging nations will further dwindle the growth of the market during the forecast period. The lack of awareness regarding the effective therapies and devices in various regions will further limit the adoption of wound care products in the foreseeable future. The inclination towards conventional treatment options in developing countries will aggravate the adoption of innovative therapies, which in turn, will retard the growth of the market.
Developing Healthcare Infrastructure to Favor Growth in Asia Pacific
The market size in North America stood generated a revenue of USD 4.35 billion in 2019 and is likely to remain dominant during the forecast period owing to the rising cases of chronic and acute wounds. The rising patent pool for diabetic foot ulcers and surgical wounds will further promote the growth of the market. The market in Asia Pacific is likely to rise tremendously during the forecast period due to the developing healthcare infrastructure. The evolving facilities in hospitals and a surge in healthcare spending by the government will have a significant impact on the market during the forecast period. The growing demand for advanced therapies and active R&D activities by key players will influence growth in the region. Nonetheless, the lack of knowledge regarding novel products and devices in remote areas will restrict the growth in Asia Pacific.
February 2019: Axio Biosolutions Pvt. Ltd., a medtech R&D, and Manufacturing Company concentrated on surgical and wound care products announced the launch of MaxioCel, an advanced Ground-breaking wound care dressing made of chitosan.
The Report Lists the Key Players in the Advanced Wound Care Market:
• Smith & Nephew
• Coloplast Corp
• ConvaTec Inc.
• Tissue Regenix
• Derma Sciences Inc.
• Mölnlycke Health Care AB
• Organogenesis Inc.
• Other Players
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