Introduction
Advanced wound care comprises of products that are used to treat acute and chronic wounds, such as ulcers, burns, and post-operative wounds. The advanced wound care products, such as film and foam dressings, hydrogels, alginates, and hydrocolloids keep the wound hydrated to encourage healing without occluding the wound.
Growing geriatric population and increasing occurrence of chronic diseases such as obesity, and diabetes due to unhealthy lifestyle are major factor driving market growth whereas rising preference of advanced wound care over traditional wound care due to efficiency in management of wounds and faster healing will fuel market growth.
The COVID-19 pandemic has severely impacted healthcare industry. Along with this, the recovering manufacturing activities across the globe from the beginning of 2021 is expected to mitigate to numerous potential negative impacts caused during COVID-19 and maximize their opportunities in future
Table of Contents
Market Overview
The global advanced wound care market is expected to grow to $16.60 billion by 2025
Growth momentum is expected to accelerate during the forecast period with a 9.80% CAGR.
The increasing prevalence of chronic injuries, rising number of surgeries, demand for reducing hospital stay, and growing number of ambulatory surgical centers are expected to fuel the market demand.
North America was dominating the advanced wound care market in 2020.
Key Trends
Increase in initiatives undertaken by authorities and governments to improve healthcare systems and spread awareness regarding benefits of advanced wound care products are also expected to boost growth of the market.
The rising number of road accidents across the globe is also anticipated to drive the market for advanced wound care over the forecast period.
Key Market Players
Some of the key players in the market are Smith & Nephew, Molnlycke Health Care, Acelity, ConvaTec Group, Baxter, Coloplast Corporation
The key players are dominating the market by adopting modern and innovative technologies to customize the product, enhance its properties, and differentiate the final product from its competitors..
Companies are also adopting certain strategic initiatives, M&A activities to increase their production capacity and to enhance their product portfolio to cater to the growing demand, particularly in the developing regions..
Growth Drivers and Challenges
Growing prevalence of chronic and Surgical wounds is key driving factor of the market
Increasing geriatric populations with respiratory problems is also driving the market growth
Risks associated with wound care products are hindering the market growth
High cost of advanced wound care products is also restraining the market growth.